As part of its commitment to good governance, Guelph City Council met last night to learn more about the City’s Long Term Financial Plan and a new tool that will help prioritize capital projects, both of which will strengthen strategic and fiscal management for the City.
Guelph’s Long Term Financial Plan – a new approach to prioritizing capital projects – is intended to help the City set long-term priorities based on the community’s vision and strategic goals. To do that, Finance staff have developed a tool to help manage a balanced and integrated capital plan. Councillors got their first look at the tool last night, along with options for how Council and the public can contribute to the capital project prioritization process.
“The long term financial plan is designed to balance the City’s need to repair and replace existing infrastructure, while continuing to fund capital projects that maximize residents’ quality of life and Guelph’s economic growth potential,” says Guelph’s Chief Administrative Officer, Hans Loewig.
Both the Long Term Financial Plan and the City’s Capital Plan will help ensure affordability whereby costs and benefits are shared between existing and future ratepayers; help the City maintain existing infrastructure and afford new infrastructure to support new growth and economic development; address community health and safety, and environmental risks; and implement strategic initiatives and community priorities.
As part of the workshop, and tied to both the Long Term Financial Plan and the prioritization of capital projects, Council received a status overview of current Council priorities. Substantial progress has been achieved in support of the priorities, which were established in 2008. All of the initiatives are underway, six have been fully completed and six more have expected completion dates in 2009.