Long-Range Fiscal Plan (LRFP)
The City of Vaughan is one of the fastest-growing cities in Canada. Over the past 10 years, the City’s population has increased by almost 18 per cent and population forecasts suggest a further increase of 21 per cent by 2030. Like most high growth municipalities, Vaughan is experiencing the challenges associated with increasing service demands, infrastructure renewal and replacement, and changing regulations. Of particular concern is how to manage future obligations around Vaughan’s significant asset repair and replacement investment decisions to ensure they remain operational.
The Long-Range Fiscal Plan (LRFP) does not replace the annual budget process but compliments it by providing a longer-term view. The LRFP was developed through the efforts of the Financial Planning and Development Finance Department and with the assistance and cooperation of other departments. The LRFP articulates Vaughan’s long-term operational and capital trends and funding requirements, identifies fiscal pressures before they occur allowing staff to proactively manage them to keep tax rates affordable and informs Council on the health of Vaughan’s resources in the future and strategies to maintain financial sustainability.
The key findings of the LRFP are forecasted from a Fiscal Impact Model. Although not a precise science, the Model identifies and consolidates key future financial trends and the long-term implications on debt service levels, reserves, and the tax rate, enabling staff to identify issues and test a variety of financial approaches. It also provides a framework in which to develop progressive fiscally prudent policies and strategies, which compliment Vaughan’s strategic objectives and initiatives, and guide important financial decisions. This information plays an important role in forward planning and is a significant step in managing Vaughan’s future.
This final LRFP report excludes inflationary impact and the impact of recent economic policies still unfolding, such as Bill 23, More Homes Built Faster Act, 2022.
Below are links to the agenda item and final report presented to the 2022 – 2026 term of Council.
December 7, 2022 | LRFP Committee of the Whole Report and Presentation by Hemson Consulting Ltd.
April 18, 2023 | LRFP Final Report by Hemson Consulting Ltd.