Guelph City Councillors met last night to discuss a new approach to the City’s annual budget and long term financial planning for capital projects in the city.
The new approach, in the works for 2010, would prioritize investments based on legislated requirements, capacity upgrades, repairs or improvements, environmental impacts and other strategic objectives. This priority listing will help the City manage growth pressures expected over the next two decades, while providing the services residents and businesses need and expect.
“The City of Guelph is developing a new policy for the annual budget and a long term financial plan for implementation with the 2010 budget,” says Margaret Neubauer, the City’s Director of Finance.
The City already has a number of guidelines for financing its day-to-day operations and its long term capital projects. Master Plans that address key issues, such as how Guelph will manage its water resources and solid waste over the next fifty years, already forecast costs and revenues for long-term strategies. The new financial planning approach will build on existing plans to provide a more integrated overall policy.
“This approach will help us to integrate decision-making, so that budget decisions are fully aligned with our Strategic Plan and Council’s priorities,” says Mayor Karen Farbridge. “It’s a best practice that we are pleased to be introducing in Guelph.”
“It’s about finding the balance between financial stability, affordability and meeting service demands,” says Neubauer. “Using a long term financial plan approach, we can have stable, affordable tax and user rates, predictable service planning and better asset management. We can also increase community involvement in the City’s financial planning process.”