9 months ago

Long Range Financial Plan

Financial Condition Assessment The first step in the preparation of the LRFP is to assess the current financial condition of the municipality, to evaluate a municipality’s financial outlook and performance. This information forms the foundation for the establishment of a long-range financial plan. Excerpts from CPA Canada Regarding a Financial Condition Assessment BMA Management Consulting Inc. (“BMA”) was retained by the City of Mississauga to undertake a Financial Condition Assessment. The following pages summarize BMA findings. The report was completed at the end of 2014. As a result, the majority of the data in this section reflects information up to 2013 or 2014. Updated information has been provided where available. Key financial and socio-economic indicators have been included to help evaluate the City’s existing financial condition and to identify future challenges and opportunities. Industry-recognized indicators that are used by credit rating agencies and/or recommended by the Government Finance Officers’ Association (the “GFOA”) have been included. Peer analysis has been included to gain perspective on the City’s financial health compared to other municipalities. Figure 2 summarizes the peer municipalities selected (in some cases, the GTA average is included). Figure 2 - Peer Municipal Comparator Group 17

This chapter includes detail on growth and socio-economic indicators, as well as information on property taxes and affordability indicators. It also provides a summary of the City’s current financial information to help understand the context within which the plan has been developed. The following chapter discusses linkages to other City planning work with a fulsome discussion on specific City financial position indicators, such as Reserves and Reserve Fund Management, Debt Management and Asset Management. 18