The Local Government Act requires the City of Coquitlam to complete a Five-Year Financial Plan and Budget each year. The Financial Plan ensures responsible money management and relates directly to the priorities identified by the community.
Why does the City prepare a Financial Plan?
- The Financial Plan provides City staff with clear direction on spending levels for each defined priority and the authority to pay for services for Coquitlam residents.
- Ensures that City staff are accountable to the residents.
How does the City develop a Financial Plan?
The Financial Plan development process begins with strategic planning and includes public consultation, extensive background briefings for Council and comprehensive discussion sessions that culminate in a proposed Five-Year Financial Plan for Council approval. It also includes a number of key budget assumptions. Using this as a basis, work plans are developed for each department, with resource needs identified. Together with the Strategic Plan and Business Plan, this approach to financial planning provides for a thorough, strategic focus in the budget deliberations.
Where can I get more information about the City’s Financial Plan?