Vaughan One of the First Municipalities to Create an Integrated Financial Master Plan
The City of Vaughan has introduced a detailed Financial Master Plan that focuses on financial sustainability as the key consideration in preserving the municipality’s strong fiscal position. The 165-page report will build awareness of the City’s strong financial situation as it identifies challenges and opportunities facing the municipal sector and makes specific recommendations for funding the delivery of municipal services in the future.
"Vaughan takes the management and stewardship of public funds very seriously and we continue to demonstrate financial leadership and discipline by ensuring residents receive value for their tax dollars,” said Mayor Maurizio Bevilacqua. “The Financial Master Plan is an important tool used to evaluate our progress towards achieving financial sustainability, encouraging long-term thinking on ways to continue delivering key municipal services and prosper as a City without burdening future generations of taxpayers.”
The Financial Master Plan highlights the need to constantly evaluate the effectiveness of current services, prioritize City projects and initiatives, and closely manage assets. It is intended to serve as a starting point for discussions on specific solutions to future challenges, building on the significant work that has been undertaken by the City over the past 15 years in financial and growth management.
“Vaughan is in an excellent financial position – we have a strong assessment base and a good balance between residential and non-residential development,” said City Manager Clayton Harris. “However there is an ongoing requirement to plan, manage costs and fund particularly in the area of infrastructure replacement, and the need to keep our roads, bridges and public facilities in good state of repair and safe for our residents.”
The Master Plan identifies an Infrastructure Funding Strategy as a priority, presenting several possible approaches including a special infrastructure levy and a recreation user fee surcharge. The options for implementing these approaches will be considered by Council in early 2013.
"Vaughan takes the management and stewardship of public funds very seriously and we continue to demonstrate financial leadership and discipline by ensuring residents receive value for their tax dollars,” said Mayor Maurizio Bevilacqua. “The Financial Master Plan is an important tool used to evaluate our progress towards achieving financial sustainability, encouraging long-term thinking on ways to continue delivering key municipal services and prosper as a City without burdening future generations of taxpayers.”
The Financial Master Plan highlights the need to constantly evaluate the effectiveness of current services, prioritize City projects and initiatives, and closely manage assets. It is intended to serve as a starting point for discussions on specific solutions to future challenges, building on the significant work that has been undertaken by the City over the past 15 years in financial and growth management.
“Vaughan is in an excellent financial position – we have a strong assessment base and a good balance between residential and non-residential development,” said City Manager Clayton Harris. “However there is an ongoing requirement to plan, manage costs and fund particularly in the area of infrastructure replacement, and the need to keep our roads, bridges and public facilities in good state of repair and safe for our residents.”
The Master Plan identifies an Infrastructure Funding Strategy as a priority, presenting several possible approaches including a special infrastructure levy and a recreation user fee surcharge. The options for implementing these approaches will be considered by Council in early 2013.