3 months ago

Long Range Financial Plan

Financial Goals, Strategies & Policies As described by the Chartered Professional Accountants of Canada (the “CPA”), municipalities are required to balance a number of principles including sustainability, flexibility, and minimizing vulnerability. These principles can be addressed through a variety of recommended financial strategies, identified here and discussed in detail throughout this document. Ensuring Adequate Funding for Planned Expenditures The linkages between the City’s strategic plan and business planning and budget development ensure that the City is identifying adequate funding for approved programs and projects. Proposed new projects require thorough justification and cost estimate analysis to ensure that decisions are made based on evidence-based information. The City’s four-year operating budget and ten-year capital budget ensure decisions that are made today consider long-term implications. Planning for Future Liabilities and Providing for Contingencies Identifying future liabilities and risks, and maintaining sufficient reserves and reserve funds to ensure these liabilities and risks can be addressed if required, are a key component of the City’s long-term planning strategies. 9

Strategic Use of Debt The issuance of debt is a critical component in financing future infrastructure for the City of Mississauga. The City has strong debt-issuance policies and is careful to apply stringent debt-level limits. Maximizing Non-Tax Revenues to Support Growth The City’s ability to generate non-tax revenues is limited. Nevertheless, every effort is made to ensure that all sources of revenues are maximized and potential new opportunities are explored such as securing government grant opportunities and partnership opportunities with private and public sectors. 10