City of Powell River Council has approved a 2020 budget timeline for preparation of the city’s five-year financial plan.
At the Thursday, November 7, council meeting, councillor Jim Palm said there are a lot of assumptions when putting together a five-year financial plan. Palm added that when assumptions are being made and the city is planning, there are all kinds of things that lead into that, in setting tax rates and talking about internal and external drivers of that process.
“That’s all to come forward as we move this process forward,” said Palm.
Council passed a recommendation that the budget timeline be approved as presented in a report from chief financial officer (CFO) Adam Langenmaier; that the 2020 public consultation process follow prior years’ method of the citizen budget, public input at budget presentation meetings and through the city’s website; and that the list of city services funded in 2019 form the basis for the services funded in 2020.
According to the timeline, at the November 29 finance committee meeting, the CFO will set tax rate direction and at the December 17 committee of the whole meeting, there will be a preliminary budget presentation.
On January 23, 2020, the first draft of the financial plan will be reviewed by the finance committee.
On February 18, at the committee of the whole meeting, there will be an update on the citizen budget. At the February 27, finance committee meeting, the second draft of the financial plan will be reviewed, there will be a discussion of proposed tax implications, and public input.
On March 26, the CFO will release the third draft financial plan at the finance committee meeting and there will be public input.
On April 23, there will be a financial plan presentation at the finance committee meeting.
At the May 5 special council meeting, there will be the first three readings of the five-year financial plan bylaw and tax rate bylaw. The five-year financial plan bylaw and tax rate bylaw will be adopted at the May 7 council meeting, in time for the May 14 deadline.