Financial Policies Framework

Guiding Principles: ▪ Asset acquisitions and construction are subject to a cost and benefit analysis that considers initial and lifecycle expenditures and alternative financing arrangements ▪ The Development Charge (DC) Bylaw will be used to recover the costs of growth to the full extent permitted by legislation (thereby minimizing the financial burden of the costs of growth on existing residents). [...] ▪ The cost associated with development charge discounts will be identified and reported ▪ The cost impact of growth will be identified and quantified in the operating budget Accountability ▪ Status of Development Charge accounts reported by the Director of Finance annually to Council and the Province ▪ The cost of growth will be reported as part of the City’s Business Plan and Budget ▪ The Directo. [...] Guiding Principles ▪ Adhere to statutory requirements – this includes, but is not limited to requirements stipulated under the Municipal Act, such as long-term debt can only be used to finance capital assets; the term of the debt must be equal to or less than the life of the asset subject to a maximum of 40 years; and total annual financing charges cannot exceed the Annual Repayment Limit or Counc. [...] ▪ Budget documents and the Annual Staff Report associated with the Business Plan and Budget to reveal extent of Council control over various categories of expenses ▪ The Annual Staff Report associated with the Business Plan and Budget will include an analysis of budget to actual (operating and capital) as well as explanations for the differences Section: A09-Policies & Procedures Subject: Financia. [...] ▪ The City will not budget for non-recurring revenues except in the case of capital projects where there is reasonable expectation that the grant revenue will be realized and in these instances Council will be kept informed of the status of the grant.