TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: March 11, 2024 Report No. FIN-24-006
TO: Committee of the Whole
FROM: Ian Irvine, Director of Financial Services
SUBJECT: 2024 Financial Plan Policies and Objectives
RECOMMENDATION:
Recommendation
That the Committee of the Whole consider options in the attached policy document and as outlined in Staff Report No. FIN-24-006 and recommend that Council direct staff to include the Committee's identified changes in an updated Revenue, Tax, and Financial Sustainability Policy document and a separate Reserve Fund Policy for Council's approval.
Body
EXECUTIVE SUMMARY:
The purpose of this report is to advise the Committee regarding financial and tax policies and determine whether any changes are required to the existing document and format.
BACKGROUND:
The Community Charter Section 165 states that the Financial Plan must set out the policies and objectives of the municipality for the planning period. Specifically, the documentation must discuss sources of funding, property tax distribution and permissive exemptions. The Township's 2023 Revenue, Tax, Budget and Financial Sustainability Policies and Objectives discusses these and other areas such as growth and revitalization strategies, fees and charges, and financial sustainability.
The policies and objectives in this document are those of Council and will provide staff with direction regarding the financial plan execution. During recent years, Council has made very few changes to the document. However, it is important for review to occur annually to ensure Council's desired approach in each area is accurately reflected.
ANALYSIS:
While there are content requirements, there is no prescribed format for the financial plan policies and objectives documentation. The Township has historically consolidated all information within a single document but the potential exists to create one or more additional documents focused specifically on certain topic areas su...
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