TOWNSHIP OF ESQUIMALT MEMORANDUM
MEETING DATE: April 13, 2026 Report No. FIN-26-008
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: 2026 Financial Plan Policies and Objectives
INFORMATION:
The annual financial plan is required by the Community Charter to cover a five-year period, and it must set out the policies and objectives for the planning period. In 2024, Council Policy FIN-23 Financial Sustainability, Revenue and Tax was approved by Council and forms part of the adopted financial plan. Each year, this Policy is bought forward for review by Council to ensure it reflects its expectations regarding the Township’s financial obligations while delivering on desired service levels.
ANALYSIS:
During its 2026 budget deliberations, Council expressed a desire to include policy wording about increasing the annual infrastructure reserve contributions. Within the Council Policy attached to this memorandum, clause 5.2 has been amended to reflect Council’s direction that 3% be added annually to the financial plan for the purposes of increasing long term infrastructure reserves. This represents an increase from the 1% figure that was included in the previous version of the policy. The remainder of the document remains unchanged.
RECOMMENDATION:
Recommendation
That Council approve Council Policy FIN-23 Financial Sustainability, Revenue and Tax as amended and direct staff to attach the document to the 2026-2030 Financial Plan Bylaw.
Body
REVIEWED BY:
1. Deb Hopkins, Director of Corporate Services, Reviewed
2. Dan Horan, Chief Administrative Officer, Concurrence
LIST OF ATTACHMENTS:
1. Council Policy FIN-23 Financial Sustainability, Revenue and Tax
2. 2026 Financial Plan Policies Presentation.