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data which allows departments to analyze financial performance.

C. Commitment to Long-Term Financial Planning

The LTFP process evaluates known internal and external issues impacting the
City’s financial condition. Such issues are identified, presented, and mitigated
when and where possible. The process begins by identifying critical areas which
have, or are expected to have, an impact on the financial condition of the City over
the next five years. Once the issues are identified, specific goals and objectives are
developed for each structural deficiency. The LTFP is a constantly changing and
evolving plan, which will be routinely updated and presented on an ongoing five-
year rolling basis. The LTFP will be incorporated into the City’s Business Planning
Process and presented to the City Council and staff throughout the formulation of
the annual financial plan and budget. The LTFP is intended to help the City
achieve the following:

1. Ensure the City can attain and maintain financial sustainability;

2. Ensure the City has sufficient long-term information to guide financial
decisions;

3. Ensure the City has sufficient resources to provide programs and services
for the stakeholders;

4. Ensure potential risks to on-going operations are identified in the long-
term financial planning process and communicated on a regular basis;

5. Establish mechanisms to identify early warning indicators; and

6. Identify changes in expenditure/expense or revenue structures needed to
deliver services or to meet the goals adopted by the City Council.

D. Scope of the Plan

1. Time Horizon- The LTFP will forecast revenues, expenses or expenditures (as
applicable), and financial position including Reserves for at least five years into
the future or longer where specific issues call for a longer time horizon.

2. Comprehensive Analysis- The LTFP will provide meaningful analysis of key
trends and conditions, including but not limited to;

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