Financial Sustainability

Fostering a balanced and sustainable local economy achieved by expanding and diversifying the types of industries and businesses operating within the community. This involves attracting new businesses, supporting existing initiatives, and spurring innovation and entrepreneurship.

Objectives

  • Ensure responsible financial management and sustainable fiscal practices.
  • Improve financial analysis, forecasting, and strategic decision-making processes.
  • Introduce automated systems to improve accuracy, reduce administrative costs, and promote an enhanced user experience for residents.
  • Implement corporate-wide asset management policies and plans to ensure the sustainability of our assets and infrastructure.
  • Optimize the use of City assets across the corporation and generate additional revenue streams.   

Actions

Budget Control Policy

Budgeting
75% Complete
On Track
Key Accomplishment(s)
  • Completed the Draft Policy for final review.
Next Milestone(s)
  • Budget Control Policy is on track for approval in 2024.

Financial Analyst Model

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100% Complete
Completed
Key Accomplishment(s)
  • Completed re-organization to shift from a function-based to a portfolio-based model, assigning departments to analysts for support. 
  • Model well-received by departments and has allowed finance to build stronger relationships with the user groups.
Next Milestone(s)
  • Continued refinement over time as new Enterprise Resource Planning rolls out and existing roles and responsibilities transform.

10-Year Capital Plan

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75% Complete
On Track
Key Accomplishment(s)
  • Presented the City's First 10-year Capital Plan to Council on November 28, 2023, as part of the 2024 Mayor's Proposed Capital Budget.
  • Limited Growth information to be included after Development Charges Background Study Complete.
Next Milestone(s)
  • Staff to present a more comprehensive 10-year Capital Plan to Council alongside the 2025 Capital Budget, including growth-related projects.

Review of Rates & Fees

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100% Complete
Completed
Key Accomplishment(s)
  • Reviewed and increased Recreation & Culture rates and fees.
Next Milestone(s)
  • Monitor and review annually to ensure fees keep pace with inflation and focus on maximizing cost recovery via rates and fees, wherever possible.

Asset Management Plan

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75% Complete
On Track
Key Accomplishment(s)
  • Completed Non-Core Asset Management Plan, which Council passed on May 28, 2024.
Next Milestone(s)
  • Establish Levels of Service by July 2025.

Automated Metering Infrastructure

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50% Complete
Ahead of Schedule
Key Accomplishment(s)
  • Completed the radio signal propagation study. 
Next Milestone(s)
  • Form an agreement with Metrolinx for a new antenna license on Stanley Avenue tower.

Modernization of Parking Programs

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75% Complete
On Track
Key Accomplishment(s)
  • Parking Strategic Plan completed.
Next Milestone(s)
  • Create an Implementation Plan for recommendations.

New Corporate Sponsorship and Advertising Policies

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75% Complete
On Track
Key Accomplishment(s)
  • New policies for Corporate Sponsorship & Naming Rights and Advertising have been developed.
Next Milestone(s)
  • Policies will proceed to Council in Fall of 2024. To highlight these opportunities, a new section on the City website will be developed. 

New Enterprise Resource Planning (ERP) System

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<25% Complete
On Track
Key Accomplishment(s)
  • Completed the Request For Proposal (RFP) process. 
  • Executed the contract with the software provider and implementation partner.
  • Completed the Project Launch.
  • Phase One training and design sessions are underway.
Next Milestone(s)
  • Finalization of the design.
  • Integrations and security.
  • Validation and testing.
  • Organization-wide training.

New e-Permitting and Planning Application Software

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75% Complete
On Track
Key Accomplishment(s)
  • Implementation of Phase One of the project is near completion, with a few items that require attention.
  • Planning staff are utilizing the system and have been continually testing the online application portion of the solution.
Next Milestone(s)
  • Identify and resolve any outstanding errors within the system. 
  • Update the system with possible changes with the development of electronic reports. 
  • Review all items that have been considered as out of scope to determine if additional costs are required.