Financial Policies Update

On June 3, 2024, the General Government Committee approved several updates to the municipality's financial policies as outlined in Report FSD-027-24. The following changes were made: the Draft 'Financial Management Policy' was approved; the Revised 'Multi-Year Budget Policy' was approved; the Revised 'Development Charges Interest Policy' (formerly G17) was approved; and the Revised 'Strategic Asset Management Policy' was approved. Additionally, the committee rescinded the following policies: G5 'Capital Project Overexpenditure', G15 'Surplus/Deficit Allocation Policy', G16 'Bank Signing Authority', and 'Debt Management Policy'. Furthermore, By-law 97-203, related to TR-86-97 'Accounts Receivable Collections Policy (Overdue Accounts)', was repealed. These updates are expected to enhance the municipality's financial management and budgeting processes, ensuring more effective oversight of municipal funds.