Business Plans & Budget
What is a Business Plan?
A Business Plan is a guide – a roadmap that outlines how the City's goals, as outlined in the Corporate Strategic Plan, are to be achieved.The Plan identifies the key activities to be undertaken by each Department and the resources (budget) required to deliver programs and services in support of Council's goals and objectives.
Business plans are approved by Council and are reviewed and revised annually to ensure they remain current and responsive to newly emerging issues/challenges and changing conditions.
Some of the issues/challenges affecting the municipality include:
Downloading of responsibilities from senior levels of government.
Stricter Provincial and Federal legislation.Increases in operating costs due to inflation in the cost of fuel, hydro, construction materials, and third party contract obligations, etc.
Limited sources of revenue.
The need for increased capital spending due to aging infrastructure.
Pressures resulting from growth, or in some cases, declining populations.
Changes in citizen expectations and values and demands for new services or increases in service levels from the community.
Increasing cost of regional and other level government services.
Resident and business demands to limit property tax increases.
Business Planning & Guidelines for 2015
How does the Business Plan relate to the Financial Plan?
The financial plan is a critical component of the annual review of business plans.Each year, City Council must adopt a five year financial plan that is informed by the development of annual business plans and ensures the resources needed to deliver the wide range of services to our citizens are balanced against the City's revenues or “ability to pay”.
Revenue sources include:
- property tax
- sale of services, including utility charges
- development cost charges
- transfers from other governments
The financial plan is updated every year, along with the Business Plan.