The City of Port Moody’s current finances are on solid ground and have been for many years. Although, the City is in solid financial shape, revenue opportunities, expense pressures, and service demands will not be the same in the future as it has been in the past. The scope and level of service demanded by citizens from their local government is greater than ever as residents and businesses struggle in the ever changing and competitive world we now live in. The City cannot be certain of the same level of financial support from senior levels of government enjoyed in the past as the provincial and federal governments have their own budget challenges.. As we move forward, it will be critical that the City start to plan to live within its means, and determine what it can and cannot afford given the new realities. Future revenue opportunities, changes, and patterns will need to be carefully weighed against the level and variety of services delivered, and the scope and range of assets obtained or constructed.
Financial stability is fundamental to the health of the community – only with stable and sufficient revenues, and careful planning of expenditures, is the City in a position to provide important services its residents need and enjoy. Financial sustainability is about being mindful of the financial well-being of future generations. To be financially sustainable, local governments need to be strategic thinkers and planners, and City Councils need to provide direction in the form of approved long term strategic plans. When an entity embraces strategic planning it gives the community confidence that decisions are well thought out and sustainable over the long term. While the Strategic Plan sets out the goals and objectives of Council, Council acknowledges they cannot be achieved at all costs. Financial sustainability is a primary goal of City Council, and City Council recognizes that its goals and objectives must be balanced with its ability to pay, and the impact they will have on the long term financial sustainability of the City. This document itemizes a number of financial management principles that will help guide the City towards a financially sustainable future, ensuring that the City of Port Moody is well managed, affordable, and sustainable over the long term.
View the Long Term Strategic Financial Framework (LTSFF) Framework
Last updated: 17/10/2014 10:07:14 AM