The City of Port Moody completes a five-year financial plan to address community priorities in a fiscally responsible manner. We update the financial plan every year.
How does the City develop its financial plan?
- City Council establishes a Strategic Plan outlining high level goals and objectives for the community.
- City management develops a Team Work Plan which is a business planning tool for staff to accomplish the goals and objectives of Council which is supported by the Financial Plan that allocates the funds and resources to complete the business plan tasks.
- City Council approves the preparation of the Five –Year Financial Plan by endorsing financial plan guidelines.
- City departments prepare the Financial Plan in accordance with the guidelines.
- The Financial Services Department coordinates and reviews department submissions.
- The City's Executive Leadership Team meets several times to finalize the proposed Financial Plan for the Finance Committee’s review.
- The proposed Financial Plan is presented to and deliberated over by the Finance Committee.
- Public consultation is undertaken, typically in form of a Budget Town Hall Meeting, resident surveys and other forms of public engagement.
- The proposed Five –Year Financial Plan is approved by Finance Committee and forwarded to Council for approval.
- Five – Year Financial Plan Bylaw is prepared according to Finance Committee decisions and presented to Council.
- Five –Year Financial Plan Bylaw is given three readings and adopted by Council.
City Council approves the preparation of the five-year financial plan.
Why does Port Moody prepare a financial plan?
It’s important to have a financial plan to properly manage the City’s finances and to:
- provide City staff with clear direction and the authority to pay for services for Port Moody residents
- ensure City staff are accountable to the residents
- meet the requirements of the Local Government Act.
2017-2021 Draft Financial Plan
Last updated: 17/02/2017 3:18:10 PM