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11 months ago

Long Range Financial Plan

KEY CHALLENGES AND

KEY CHALLENGES AND TRENDS 11

Key Challenges & Trends Although the City’s current financial position is sound, there are many issues which could threaten its stability in the future. Despite strong commitment to fiscal responsibility, the City of Mississauga is experiencing challenges in delivering certain services that residents have become accustomed to. While the City is well-positioned to deal with most of these issues; some are larger and require assistance. For these, the City will continue to seek innovative solutions and assistance from other levels of government. The City will also endeavour to find new innovative sources of financing and new sources of revenue to ensure taxes remain as low as possible. More specifically, the LRFP is designed to help the City deal with the following challenges: Impacts of the Canadian and Global Economy as a Whole Aging Infrastructure – Addressing the Infrastructure Gap Resistance to Tax Increases and User Fees Financial Support from Senior Levels of Government, and Climate Change, Emergency Situations and Dealing with the Unknown Impacts of the Canadian and Global Economy as a Whole At 292.4 km 2 , Mississauga’s total land area is larger than that of Paris, Boston or Seattle. This represents a significant portion of the Greater Toronto Area (the “GTA”). As a result, Mississauga has significant economic influence. The community’s ability to pay for public services or a need to shift priorities based on demographic changes or changes in economic conditions has a considerable influence on local municipalities. Similar to other North American cities, the population in Mississauga is aging. It has also benefitted from sustained growth in immigration. These demographic changes are exerting pressure on the City to provide different services that reflect the changing needs while still keeping taxes affordable. 12