COQUITLAM, B.C., July 18, 2023 – Coquitlam has released its 2023 – 2027 Financial Plan, entitled Building for the Future, a public-facing document that provides the details of the five-year financial plan adopted by Council, supports the City’s commitment to transparency, and holds the municipality accountable to the community it serves.
The Local Government Act requires all B.C. municipalities to complete a forward-looking Five-Year Financial Plan each year. Coquitlam’s Building for the Future public budget book reflects that fiscal responsibility is foundational to the City’s financial plan, which provides clear direction on spending levels for each defined priority to ensure that Coquitlam remains a desirable, well-managed city for future generations.
In addition to the public book, Coquitlam also provides a detailed overview of the City’s budgets and Financial Plan through OpenBook, the City’s data visualization tool, at coquitlam.openbook.questica.com.
Financial Goals Guided by Community Priorities and Integrated Planning Process
Coquitlam is dedicated to ensuring the priorities of its residents and businesses are reflected in the work undertaken across the organization. The Financial Plan aligns with Coquitlam's Business Plan, which, in turn, aligns with the City's Strategic Plan. The City's work for 2023 revolves around four overarching Business Plan themes: Balanced Growth and Livability, Resiliency, Reconciliation, and Equity, Diversity and Inclusion. These themes have been identified as critical within our community and, consequently, they guide our work, influence our spending decisions, and shape the programs and services the City delivers to our community.
Through the Financial Plan public book, the City aims to provide a clear understanding of the 2023 budget details, as well as the key financial goals and priorities that have been identified through the annual budget process, which includes input provided by members of the public. It also showcases Coquitlam’s integrated planning process, financial policies and strategies that serve as the City’s operating blueprint.
How the City Develops a Financial Plan
The development of the Financial Plan is a complex, months-long process that 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.
Using this as a base, work plans are developed for each department, with resource needs identified to maintain or improve civic services provided in the community. Together with the Strategic Plan and Business Plan, this approach to financial planning provides for a thorough, strategic focus in the budget deliberations to establish a budget that meets the community’s needs and priorities.
For more information, see coquitlam.ca/FinancialPlan.
Media Contact
Gorana Cabral
Director Finance
604-927-3030
FinancialPlanning@coquitlam.ca