Section 165 of the Community Charter requires a Five Year Financial Plan to be adopted annually. Each year Council reviews the priorities and goals for the upcoming year and directs Staff to prepare a comprehensive Five Year Plan.
The Plan sets out objectives and policies of the Village and includes funding sources, distribution of tax burden, use of permissive tax exemptions, proposed expenditures and proposed transfers between funds.
A Five Year Financial Plan fosters a long-range perspective for decision makers. It can be used as a tool to prevent financial challenges, encourage long-term and strategic thinking, give consensus on long-term financial direction, and is useful for communications with internal and external stakeholders.
The Five Year Financial Plan is updated each year to reflect changes that may have taken place as a result of the strategic priorities, new opportunities, or the adjustment of timing on projects and initiatives.