Long-Range Financial Plan: First StepsWe all know Ottawa is a wonderful place to live. Over the past 20 years the city's population has increased more than 40 per cent. Economic growth in cities drives the success of the national economy and creates significant tax revenue for both the federal and provincial governments. But for Ottawa, and other large cities in Canada, growth brings new challenges - the need for expanded road, water and sewer infrastructure, demand for new cultural and recreational facilities, desire for improved transit, and so on. Right now, cities pay over 80 per cent of the costs of growth infrastructure and receive only 7 per cent of the revenue generated from this growth. Economic and policy experts agree: property taxes can no longer fund the bulk of services that municipalities deliver and, unless stable, long-term funding is secured from the federal and provincial governments, severe limitations will exist on its ability to manage growth. City Council recognizes the importance of finding innovative ways to improve services and reduce costs, while at the same time, carefully examining and cultivating new sources of revenue. They asked City staff to prepare a Long-Range Financial Plan (LRFP) - a document intended to address these challenges and set out the City's financial outlook over the next ten years. The first part of the LRFP - Long-Range Financial Plan: First Steps - was approved by City Council on October 23, 2002. As outlined in its executive summary, this document is intended to increase understanding of the challenges the City faces as it grows and provide Council with a number of approaches to consider as they decide how to manage growth and continue to provide high quality services to residents. The second part of the LRFP will provide a more detailed ten-year forecast. This document will be submitted to Council in late 2003, along with the 2004 draft budget. Citizens have an important role to play in the discussion of these issues that affect you, your family and your community. So get involved, tell us what you think about the options and alternatives, and have your say. Links |
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