Financial Policies

Several policies guide the City's financial planning and investment processes.

The following is a summary of these policies.

Financial Sustainability Policy
Purpose
The purpose of the Financial Sustainability Policy is to guide the City’s financial planning to meet financial obligations while providing high quality services.

Primary Objective
The policies shall be designed and structured to develop principles that guide, support and respect the direction of the community so that tax payers can benefit from stable, equitable and affordable property taxation.

Reserve Fund Policy
Purpose
The purpose of the Reserve Fund Policy is to provide guidance with respect to the development, maintenance, and use of City Reserve Funds.

Revenue and Tax Policy
Purpose
The purpose of the Revenue and Tax Policy is to outline the proportions of revenue sources, the distribution of property taxes among property classes and the use of permissive property tax exemptions.

Primary Objectives
To provide tax payers with stable, equitable and affordable property taxation while at the same time providing high quality services. To support the Official Community Plan and other City plans, as well as complement the Regional Context Statement.

Investment Policy
The City is obligated to invest in a fiscally prudent and responsible manner, and in accordance with provincial legislation. As such, investments must be secured as noted below. The City does not have its own investment funds but rather invests through the Municipal Finance Authority (MFA) in their pooled funds and through brokers with credit unions and banks who offer investments such as government bonds, GICs, Bankers Acceptance and Bankers Deposit Notes.

The City has no ability to invest in securities other than through the MFA, those of Canada or a province, or those secured by a government. The City must adhere to the following legislation:

Section 183 of the Community Charter - Investment of municipal funds

Money held by a municipality that is not immediately required may only be invested or reinvested in one or more of the following:

(a) securities of the Municipal Finance Authority;

(b) pooled investment funds under section 16 of the Municipal Finance Authority Act;

(c) securities of Canada or of a province;

(d) securities guaranteed for principal and interest by Canada or by a province;

(e) securities of a municipality, regional district or greater board;

(f) investments guaranteed by a chartered bank;

(g) deposits in a savings institution, or non-equity or membership shares of a credit union;

(h) other investments specifically authorized under this or another Act.