Smooth Operator
Costs to deliver existing approved services year-over-year. Annually this is approved as part of a four year plan, although only the upcoming budget year is technically approved by Council.
What is an operating budget?
The capital forecast extends over this many years. The upcoming (first year) is technically only approved by Council, but the plan accounts for this many years.
What is 10 years?
Annual process to submit report & appendices of recommended charges to user groups.
What are fees and charges?
Budget Committee/Council.
Who has final approval of the annual budget?
Our corporate finance analyst who supports the operating budget.
Who is Lilian Chan?
This is the account number we use to determine where something should be charged - to what area (i.e. forestry operations, parking planning, etc.).
What is a cost centre?
For a project to be considered in this stage in the capital budget it is fully funded within the 10-year capital plan.
What is Committed?
Benchmarking or Cost Recovery Analysis.
What are one of the ways we determine fees?
These are used for new FTE requests, new capital initiatives if there is an operating impact and new, increased or decreased service levels.
What is a budget request?
Our corporate finance analyst who supports the capital budget.
Tarndeep Dhesi
This type of number is used to allocate the type of expense to help us understand and report on our budgets overall. These can include contractor costs, materials costs, communication costs, etc. They are aka. cost elements.
What is a GL (or General Ledger)?
This prioritization category is required to maintain our current assets in good working order. This category encompasses maintenance, replacement and enhancement of existing capital assets.
What is State of Good Repair?
3% in 2024.
What is the inflationary increase being added to all fees for 2024?
The increased cost to maintain current approved services that have existing budgets.
What is a BAU (business as usual or maintain current service levels)?
This is the amount by which spending exceeds budget over a particular period of time - the City had $61.8M of this at the end of 2022.
What is a deficit?
This is a type of budget which includes recoveries, fees paid to the City and can include grant money received. These offset operating costs and for allocation purposes always start with 525***.
What is revenues?
This category of prioritization is for projects that provide a new level of service to the City or additional capacity due to growth.
What is an improve project?
A fee requiring approval outside of the regular fees & charges cycle in order to provide customer service and continue to enable users to deliver services.
What is an in-year approval?
Opportunities within the budget to return funding no longer needed. There is no 1% target this year, but we are expected to still review our budgets.
What is an efficiency?
These forecasted losses continue in 2023 and 2024, over $25M impact on City revenues due to the impact of Covid on airports and travel.
What are the GTAA PILT losses?
How we choose to assign our spending in order to analyze and align future budgets with spending.
What is allocation (or budget allocation)?
A capital project which is growth related and is required to maintain past service levels to meet future demand. The 5 year future directions update reviews service provisions and recommends when and where new facilities are required to guide when this funding source can be used.
What is DC Eligible projects?
Fees and Charges is part of this process because we assess revenue impacts on operating budgets and submit those changes annually.
What is Business Planning?
These should be limited to the Term of Council Priorities and Responses to new federal or provincial legislation for 2024.
What is LT Direction for new BRs for 2024?
To support the business unit in corporate financial submissions including the quarterly monitoring report, WIP report and budget submission for Council.
What is the role of Community Services finance in PFE?