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 provides City staff with clear direction on spending levels for each defined priority and the authority to pay for services for Coquitlam residents.
The Financial Plan ensures that City staff are accountable to the residents.
How the City Develops a Financial Plan
The Financial Plan development process begins with strategic planning and includes public consultation, extensive background briefings for Council and comprehensive discussion sessions that culminate in a proposed Five-Year Financial Plan for Council approval. It also includes a number of key budget assumptions. 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.
Want to learn more about where your tax dollars go? The City of Coquitlam has made available a Data Visualization Tool for the public to easily view information about City budgets and spending. Check it out to view:
2018 Annual Expenses (the City’s most recent audited financial statement data)
Capital Budgets (breakdown of the 5-year capital budget down to the project level)
Operating Budgets (breakdown of the operating budget down to the business unit)
Project Explorer (a highlight of select new and ongoing projects)