City of Guelph sets financial direction to be future ready

Guelph, Ont., January 24, 2020—The City of Guelph’s proposed Long-term Financial Framework is the foundation on which Council and staff will build and deliver services and programs that reflect the community’s priorities.

“The Long-term Financial Framework is a collection of work, including financial policies, that will guide decision making for the City of Guelph,” explains Tara Baker, general manager of Finance and City treasurer. “Implementing the framework will ensure we deliver on the priorities that our residents told us are important.”  

The Long-term Financial Framework is a positive step towards financial maturity and will position the City to tackle the financial challenges of aging infrastructure, population growth, an aging population and legislative changes.

To set the foundation of future-planning, staff committed to an external financial condition assessment with each term of Council. The results of this assessment, conducted by BMA Consulting in 2019, showed an overall financial condition improvement since 2015, as indicated by Guelph’s ability to increase contributions to reserve funds, and retain a solid credit rating score of AA+.

BMA Consulting used three measures to evaluate the City’s financial health, and the City has adopted those measurements in its Long-term Financial Framework to gauge and balance the corporation’s financial progress:

  1. Sustainability—the ability to maintain City services over the long-term.
  2. Vulnerability—the level of resilience to mitigate unexpected negative impacts.
  3. Flexibility—the ability to adapt to changes.

The Long-term Financial Framework is one of the key deliverables coming out of the City’s Strategic Plan, specifically meeting the priority of working together for our future.

The proposed Long-term Financial Framework, findings from the 2019 financial condition assessment and the 2020 Debt Management Policy Update will be presented to Committee of the Whole on February 3.

Resources

Media contact

Tara Baker, City Treasurer and General Manager of Finance
Finance
City of Guelph
519-822-1260 extension 2084
tara.baker@guelph.ca