Coquitlam’s financial management is a key aspect of its livability and sustainable growth. The City operates on a multi-year financial plan, typically spanning five years, which outlines projected revenues, expenditures, and capital investments. This plan is reviewed and updated annually to reflect changing economic conditions, community needs, and strategic priorities. Transparency is emphasized, with budget documents and financial reports readily available to the public on the City’s website. The City’s revenue streams are diverse, including property taxes, fees and charges for services, grants from senior levels of government, and development cost charges. Property taxes form a significant portion of the revenue base and are carefully managed to balance affordability for residents and businesses with the need for essential services. The City actively seeks grant opportunities from provincial and federal governments to support capital projects and enhance service delivery. Development cost charges, levied on new development, contribute to funding infrastructure improvements necessary to accommodate growth. Expenditures are categorized across various departments, including public safety (police and fire), parks and recreation, engineering and public works, planning and development, and corporate services. A significant portion of the budget is allocated to providing core services such as water and sewer, garbage collection, and road maintenance. The City also invests heavily in community amenities, including parks, libraries, and community centres, recognizing their importance in enhancing quality of life. Capital projects, such as new infrastructure, building upgrades, and transportation improvements, are carefully planned and prioritized based on factors such as community needs, infrastructure condition, and alignment with the City’s strategic objectives. These projects are typically funded through a combination of sources, including debt financing, reserve funds, and grants. The City maintains a prudent approach to debt management, ensuring that borrowing is sustainable and aligned with its long-term financial goals. Sound financial management principles are central to Coquitlam’s approach. This includes maintaining a strong credit rating, which allows the City to access financing at competitive rates. Risk management is also a priority, with strategies in place to mitigate potential financial risks. The City’s finance department plays a crucial role in ensuring that financial resources are managed effectively and efficiently, and that the City’s financial position remains strong and sustainable. This includes regular monitoring of financial performance, implementation of internal controls, and compliance with relevant legislation and regulations. Through responsible financial stewardship, Coquitlam aims to provide high-quality services and a vibrant community for its residents and businesses, now and in the future.
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