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Long range financial plan

The City of Calgary has a solid record of incorporating a longer-term view into its financial documents. The Long Range Financial Plan (LRFP) 2011 Update is yet another step in The City’s commitment to long-term financial management.

Long Range Financial Plan 2011 Update

The purpose of the  Long Range Financial Plan is to improve understanding of The City’s financial situation and favourably influence our long-term financial future.

The LRFP identifies systemic issues that have placed considerable pressure on the organization’s ability to provide services in a financially sustainable manner. It estimates that The City will face significant annual operating and capital budget funding shortfalls in the next decade, which cannot be addressed through projected levels of existing revenue sources.

Without action to address these issues, The City will become increasingly challenged to fulfill its municipal mandate and provide the services and infrastructure that citizens expect and value. Council recognizes that the status quo is not a viable option and that existing principles and practices governing municipal finance must change for Calgary to maintain its current financial position.

Consistent with Council’s Fiscal Plan 2012-2014, the LRFP is designed to encourage progress toward the organization’s long-term financial goal of sustainability and address five key financial goals through eight strategy areas. These strategies will guide actions to both change City approaches and maintain current beneficial financial practices:

  • Ensuring adequate funding
  • Achieving diverse sources of funding
  • Managing expenditures
  • Providing for contingencies
  • Using debt strategically
  • Operating with prudent foresight
  • Maintaining sufficient cash flow
  • Promoting and enabling integration

This update was presented to Council in November 2011 to set the financial context for other planning and budgeting efforts underway across the organization. Future LRFP updates will continue to provide Council with an ongoing, longer-term perspective on The City's financial prospects. The document will continue to be refined, its projections will build on more customized data and scenarios, and its strategies will continue to be tested by changing circumstance.