The Local Government Act requires the City of Coquitlam to complete a Five-Year Financial Plan and Budget each year. The Financial Plan ensures responsible money management and relates directly to the priorities identified by the community.
Purpose of the Financial Plan
The Financial Plan helps ensure that the City is accountable to Coquitlam’s taxpayers by providing City staff with clear direction on spending levels for each defined priority, and the authority to pay for services for Coquitlam residents.
How the City Develops a Financial Plan
Developing the Financial Plan is a complex, months-long process. It begins with strategic planning and includes public consultation, extensive background briefings for Council and comprehensive discussion sessions that culminates in a proposed Five-Year Financial Plan for Council approval.
Part of this process also includes City departments and cultural partner presentations to Council at a Finance Standing Committee Meeting on Oct. 24 and 25, 2023. These presentations can be viewed online at coquitlam.ca/webcasts.
Using this as a basis, work plans are developed for each department, with resource needs identified. Together with the Strategic Plan and Business Plan, this approach to financial planning provides for a thorough, strategic focus in the budget deliberations.
Public participation in the annual budget planning process helps to ensure the City’s budget reflects the community’s current wants and needs. It also helps inform the community on how city budgets are created, in addition to how property tax dollars are spent. Public feedback helps the City balance individual needs, alongside the needs of a growing community while delivering on key priorities and projects in a measured way, especially during times of economic uncertainty.
From September 5 to October 1, Coquitlam residents and businesses were able to participate in the budget planning process by visiting LetsTalkCoquitlam.ca/budget. Through a short online survey, participants had the opportunity to share whether the City is spending the right amount in areas that are important to them. Thank you to everyone who participated and shared their feedback. The results of the survey can be found in our 2024 Budget What We Heard Infographic (PDF).
Financial Plan Presentations to Council
Every year City departments and cultural partners present their budget requests to Council at a Finance Standing Committee Meeting. You can watch that meeting live on Oct. 24 and 25 at coquitlam.ca/webcasts, or review the highlight documents below.
Want to learn more about where your tax dollars go? The City of Coquitlam has made available a data visualization tool called Coquitlam OpenBook for the public to easily view information about City budgets and spending. Check the tool to view: