Financial Management

Strategic Action

Goal

Initiative


7. Burlington will continue to be a fiscally responsible city reflecting competitive property tax rates, sensible infrastructure management and planning practices, increased capital financing capacity and sustainable reserve fund balances in conformity with excellent accounting and auditing practices. 7.1 The city portion of the overall tax rate change will maintain service levels and address the demands of growth, infrastructure requirements, and service level enhancements. 7.1.A Complete a detailed analysis of the financial implications of residential greenfield build-out that integrates current and capital budget needs.
7.1.B Enhance funding to stabilization and infrastructure renewal reserve funds to mitigate the impact of economic changes on the tax rate.
7.1.C Develop a multi-year capital (10 years) and operating (4 years) budgets for approval by council.
7.1.D Ensure that the Parks and Recreation Rates and Fees Study is sensitive to the accessibility of city leisure facilities, programs and services.

7.2 Burlington will be recognized as a centre of excellence in service and operational management to ensure fiscally responsible service delivery. 7.2.A Conduct a comprehensive review of the organization, services and operating costs that includes working with Halton Region and our area municipalities to investigate the possibility of shared administrative services.
7.2.B Benchmark Burlington services, financial position and taxes in comparison to other similar municipalities as determined by council.
7.2 C Work with Halton Region and other area municipalities to achieve greater efficiency and effectiveness in the delivery of emergency services.

7.3 Burlington’s capital financing capacity will be increased and the infrastructure renewal deficit will be reduced. 7.3.A Prepare a comprehensive long-term capital-financing plan that combines tax-supported, non tax-supported and pay-as-you-go capital financing. New initiatives will be prioritized against existing infrastructure renewal needs.
7.3.B As part of the new Public Sector Accounting Board reporting requirements, develop a long-range financial plan to maintain, renew and replace infrastructure based on life-cycle costing principles, which effectively reduce the infrastructure funding deficit over time.
7.3.C Ensure that growth-related services and infrastructure are paid for by development, as permitted by legislation, and support the Fairness for Halton Campaign.
7.3.D Continue to pursue a new deal for our municipality with senior levels of government and Halton Region on financial opportunities such as Gas Tax funding, GTA Pooling and Roads Rationalization.
7.3.E Review the governance and other strategic shareholder matters relating to Burlington Hydro Inc. and maximize opportunities with Burlington Hydro Inc. on environmental and community focused initiatives.
7.3.F Continue to consider both long term operating and maintenance costs for all capital projects.
7.3.G Support the completion of the Halton Roads Rationalization Study prior to 2009 and pursue additional road infrastructure funding from other levels of government.

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