Report to/Rapport au :

 

Corporate Services and Economic Development Committee

Comité des services organisationnels et du développement économique

 

and Council / et au Conseil

 

 14 December 2006 / le  14 décembre 2006

 

Submitted by/Soumis par : Greg Geddes, Chief Corporate Services Officer/Chef des Services généraux

 

Contact Person/Personne ressource : Marian Simulik, Director, Financial Services and City Treasurer/ Directrice des services financiers et tresoriere municipale

Financial Services/Services financiers

(613) 580-2424 x 14159, Marian.Simulik

 

City Wide

Ref N°: ACS2006-CRS-CSO-0007

 

 

SUBJECT:

LONG RANGE FINANCIAL PLAN III (Part 2)

 

 

OBJET :

PLAN FINANCIER À LONG TERME III (PARTIE 2)

 

 

REPORT RECOMMENDATION

 

That Council receive and table the Long Range Financial Plan III (Part 2) at its meeting on December 14, 2006 for subsequent approval by Council at its meeting on January 11, 2007.  

 

RECOMMANDATION DU RAPPORT

 

Que le Conseil municipal prenne connaissance du Plan financier à long terme III (Partie 2) et le dépose à sa réunion du 14 décembre 2006 afin qu’il l’approuve ultérieurement à sa réunion du 11 janvier 2007.

 

BACKGROUND

 

As continual corporations, municipalities keep and manage community wealth in the form of assets for generations. They plan for population growth, asset maintenance, demographic changes, emergency preparedness, and a host of other eventualities that affect residents’ quality of life. As such, they need a longer-term focus than most companies or other organizations.  Since amalgamation, Ottawa City Council has recognized the benefits of long-term planning and incorporated this approach into the decision-making process by creating the Long-Range Financial Plans (LRFP) I and II.

 

The first and second LRFPs focused exclusively on planning capital spending. This third edition of the City’s Long-Range Financial Plan (LRFP III) Part 2 is a consolidated financial document.  It features the operating and capital expenditures outlinded in Part 1, including an overview of the City’s assets and liabilities, along with providing the forecast of financial pressures facing the City's operations over the next four years, and the funding challenges to address the capital requirements over the 2007 to 2016 time period.  The focus in the third LRFP (Part 2) is on improving the City’s financial sustainability, including the strategies and policies that need to be implemented to achieve long-term stability.  LRFP III Part 2 will be received and tabled at the Council meeting of December 14, 2006.

 

CONSULTATION

 

No Consultation of LRFP III Part 2 is required.

 

FINANCIAL IMPLICATIONS

 

The financial implications are identified within the report.

 

SUPPORTING DOCUMENTATION

 

Appendix A – Long Range Financial Plan III Part 2

 

DISPOSITION

 

Upon approval of this report,  the LRFP III Part 2 will be presented to the Committee of the Whole on January 10, 2007, and considered for approval by Council on January 11, 2007.