Strategic Financial Plan Services

The vendor is required to provide to lead the preparation of a long-term strategic financial plan (LTSFP).
• Achieving financial sustainability: establish a robust financial framework that addresses critical challenges such as funding gaps, asset renewal, growth demands, service optimization, and reserve management. 
• Aligning with strategic goals: ensure the LTSFP integrates seamlessly with the town’s vision, mission, community-based strategic plan (CBSP), and legislative requirements, reflecting a shared commitment to long-term success. 
• Enhancing decision-making tools: deliver actionable insights, metrics, and forecasts to prioritize investments, allocate resources efficiently, and monitor financial performance over time. 
• The plan should be built upon a renewable model which gives municipal staff and council the ability to make amendments and adjustments as they arise throughout the ten-year period.
- Components
• Financial planning is multi-faceted, and the town seeks to develop a plan that considers and incorporates capital and operating planning and expenses, staffing levels, revenue sources, population growth, development projections, building and utilization of reserves, debt projections, and taxation revenues.
• The LTSFP is to include the financial forecasts for the potential construction of a multi-use recreation center to replace the town’s existing arena, community center and curling club.
- Capital planning
• Drawing from the existing plans, the development charges background study, and the asset management plan, develop a 10-year budget for each department considering financing options, development charge applicability, reserves and reserve funds, and required tax revenue.
- Operating planning
• Considering historical operating expenditures and future planning related to information technology, administrative and community needs, develop a 10-year operating budget for each department considering growth, inflation, revenue opportunities, and required tax revenue 
• Identify and recommend administrative efficiencies and key performance indicators to ensure value for money and continued attention to operating capacity in relation to need for services and programs.
- Staffing 
• Considering strategic planning, population growth, master plan activities, and benchmarking data, develop a 10-year staffing budget for each department considering growth, inflation, revenue opportunities, and required tax revenue.
- Revenue sources and funding strategies 
• Considering different models and mechanisms for revenue generation, and what would be feasible and reasonable for the town given relevant legislation, population and activity levels, and staffing constraints.
- Reserves and reserve funds 
• Considering the planning for capital and operating expenses, staffing, and revenue sources, develop a 10-year plan for contributions to and draws from reserves and reserve funds to meet objectives set out in the plan.
- Asset management and renewal of existing assets 
• Considering the town’s asset management plan and related policies, identify capital projects that need to be included in the 10+year capital plan and LTSFP and recommend funding mechanisms to address the funding gap.
- Overall assessment of the town’s fiscal health
• Financial sustainability
• Financial vulnerability
• Financial flexibility.
- Contract Period/Term: 10 years
- Questions/Inquires Deadline: July 21, 2025