2018-2022 Financial Plan

FINANCIAL POLICIES and FUND STRUCTURE

Budget Monitoring Maple Ridge monitors its financial performance as it relates to the budget through variance analysis. Each department reviews their revenues and expenditures with a representative from the Finance Department comparing actual performance to what was planned in the adopted budget. Regular reviews ensure significant variances are identified and addressed earlier. Long Range Financial Policies Based on Council’s strategic direction to make Maple Ridge among the most sustainable communities in the world, the Financial Sustainability Plan was developed and the policy adopted in 2004. This policy lays the groundwork for the continuance of high quality services and provides a legacy for future generations. It will po- sition Maple Ridge to meet financial obligations and take advantage of opportunities that arise; it will also mean that residents can look forward to equitable and affordable taxation. The result of this work was a series of financial sustainability policies that support and respect the direction of the community. The policies are a significant step toward achieving financial sustainability and ensuring municipal services and infrastructure continue to be provided for future generations. A full copy of the policy can be found in Appendix B on page 197. The Financial Planning policies include direction on addressing: • Growth in Tax Base • Service Demands Created by a Growing Community • Tax Increases • New Services and Major Enhancement to Existing Services • Efficiencies, Demand Management and Service Level Reductions • Alternative Revenues and External Funding • Infrastructure Maintenance and Replacement • Debt Management • Fees and Charges • Accumulated Surplus • Reserve Funds and Reserve Accounts • Capital Projects • Carry Forward Project (items that are not completed in the year they were funded)

FUND STRUCTURE The resources and operations for budgeting and accounting purposes are segregated into Operating and Capital Funds for General, Water and Sewer. Reserve Funds have also been created for specific purposes. Department Relationship to Funds The Sewer Fund relates only to the Sewer Utility section which is in the Operations Center on page 148. Similarly the Water Fund relates only to the Water Utility section, also in the Operations Center on page 149. All other sections are included in the General Fund. General Fund The General Fund is the primary fund for most municipal services (It excludes sewer and water services which are funded from specific utility funds). This Fund has a number of revenue sources—the largest of which is property taxation. This fund provides a number of services to the community including: • Bylaw Enforcement: Providing enforcement of the bylaws, maintaining business licences, process permits and applications, carrying out building inspections and providing parking enforcement. • Capital Projects: Constructing and rehabilitating roads, traffic intersections, neighbourhood improvements, parks, trails, recreational and leisure facilities, drainage requirements and public safety projects and investing in technology to better provide services. • Fire Services: Providing alarm response, fire suppression, rescue, hazardous material spills and response for medical aid. • Library and Arts & Cultural Services: Providing services through the Library, Maple Ridge Museum, The ACT Arts Centre and others. • Parks, Facilities & Open Space: Providing and maintaining parks, open space and trails as well as managing City-owned and leased buildings. • Planning: Providing development application management, policy review and development and environmental management.

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Maple Ridge  Financial Plan 2018-2022

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