Controlling capital spending

Today members of the Finance, Administration and Corporate Services Committee recommended to City Council a new policy to manage spending on capital projects.

Our economy is changing.  If we want to continue to provide diverse opportunities and a good quality of life for our community, we must rebuild the backbone of our financial management system for the future.

This means doing business differently – substantially differently.

Over the last year or more, the downturn in the economy and increasing infrastructure needs have exposed several higher risk financial practices at City Hall that need to be corrected to protect the future prosperity of our City.  They old practices may have served us in the past.  These will change moving forward.

As a result, our Finance Department is recommending Council approve its first debt management policy and an updated reserve management policy to ensure we bring the necessary discipline to our budget decision making to preserve and strengthen our double A credit rating.

The new policies bring better transparency for the public, greater accountability for taxpayers and strengthen Council’s oversight role.  They will replace past practices with more prudent and long-term policies that will ensure our community remains affordable and we can continue to provide quality services to our residents and businesses. 

The new policies will drive a significant structural adjustment in our capital budget to ensure we live within our means.  The outline of the capital budget will be released at the end of October for public review and further deliberations by Council in December.

About Karen Farbridge

An unwavering change maker seeking a just, democratic and sustainable world.

View all posts by Karen Farbridge

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