Report
to/Rapport au :
Corporate Services and Economic Development Committee
Comité des services organisationnels
et du développement économique
and Council / et au Conseil
14
December 2006 / le 14 décembre 2006
Submitted by/Soumis par : Greg Geddes, Chief Corporate Services
Officer/Chef des Services généraux
Contact
Person/Personne ressource : Marian Simulik, Director, Financial Services and
City Treasurer/ Directrice des services financiers et tresoriere municipale
Financial Services/Services financiers
(613) 580-2424 x 14159, Marian.Simulik
SUBJECT: |
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OBJET : |
REPORT RECOMMENDATION
That Council receive and table the Long Range Financial Plan III (Part 2) at its meeting on December 14, 2006 for subsequent approval by Council at its meeting on January 11, 2007.
RECOMMANDATION DU
RAPPORT
Que le Conseil municipal prenne connaissance du
Plan financier à long terme III (Partie 2) et le dépose à sa réunion du 14
décembre 2006 afin qu’il l’approuve ultérieurement à sa réunion du 11 janvier
2007.
BACKGROUND
As
continual corporations, municipalities keep and manage community wealth in the
form of assets for generations. They plan for population growth, asset
maintenance, demographic changes, emergency preparedness, and a host of other
eventualities that affect residents’ quality of life. As such, they need a
longer-term focus than most companies or other organizations. Since amalgamation, Ottawa City Council has
recognized the benefits of long-term planning and incorporated this approach
into the decision-making process by creating the Long-Range Financial Plans
(LRFP) I and II.
The first and second LRFPs focused exclusively on planning capital spending. This third edition of the City’s Long-Range Financial Plan (LRFP III) Part 2 is a consolidated financial document. It features the operating and capital expenditures outlinded in Part 1, including an overview of the City’s assets and liabilities, along with providing the forecast of financial pressures facing the City's operations over the next four years, and the funding challenges to address the capital requirements over the 2007 to 2016 time period. The focus in the third LRFP (Part 2) is on improving the City’s financial sustainability, including the strategies and policies that need to be implemented to achieve long-term stability. LRFP III Part 2 will be received and tabled at the Council meeting of December 14, 2006.
CONSULTATION
No Consultation of LRFP III Part 2 is required.
FINANCIAL IMPLICATIONS
The financial implications are identified within the report.
SUPPORTING DOCUMENTATION
Appendix A – Long Range Financial Plan III Part 2
DISPOSITION
Upon approval of this report, the LRFP III Part 2 will be presented to the Committee of the Whole on January 10, 2007, and considered for approval by Council on January 11, 2007.