The budgeting process for a municipal government is a complex job completed on an annual basis for both an operating budget for the following year and a five-year capital plan.
But the capital needs – and especially repair, maintenance and replacement of capital assets – extend beyond the current five-year process council and administration undertake each year.
With that in mind, and with approved direction from council’s budget guidelines, manager of finance Katherine Van Kiempema was in front of elected officials earlier this month to ask for direction to proceed with a long-term financial planning process.
“By 2017, administration would like to have a long-term financial strategy in place,” she said.
Council attended a workshop in June on long-term financial planning, where a process and timeline was discussed and they approved it unanimously at their final council meeting before a summer break on July 7.
Van Kiempema said it is fiscally prudent to plan over a longer period of time and develop a fiscal policy framework within which to do so. That process, she said, begins with policy development, review and modification, followed by a review of master planning documents, asset needs assessments and asset condition reports to determine infrastructure needs over the long term. That process and the information it generates will be used to develop a long-term financial strategy.
Van Kiempema added the process will also generate direction for administration when it comes to taking out debt, using reserves and contributions to reserves.
“Those are the types of things I would like to start working on,” she said.
Mayor John Borrowman commended administration for working hard on the municipality’s financial strategy and yearly budget process.
“It is great to be involved with an administration that goes to these lengths to make sure we have our financial house in order,” he said. “It is one of the things that allows Canmore to do the things we do.”
