Financial Sustainability

The Corporation of the Municipality of Chatham-Kent is financially sustainable.

Where we are

We are a young, single-tier government in a climate of decreasing population, shifting identities of rural communities and the unique fiscal challenges of being among the largest geographical municipalities in the province.

Where we want to be

We are committed to developing and enhancing policies that not only service the immediate needs of the municipality but also provide a strong foundation for future needs as well as the flexibility to meet unforeseen challenges and take advantage of opportunities as they arise.

Why it matters

Without a sound multi-year financial plan and the discipline to follow it, the municipality could be exposed to a situation of economic uncertainty in which it cannot meet its obligations or provide the support necessary for implementation of strategic plans.

How we will get there

We will achieve our goal through enhancement of infrastructure, promotion of natural resources, community education and development of business-friendly initiatives and investment.

We will develop a fiscal model which aligns budgets and strategic plans including indicators that touch an all aspects of financial management from infrastructure to reserves.

Financial sustainability is a necessity to allow all other aspects of municipal planning to flourish. It is both the glue that holds the municipality together and the grease which allows it to operate.

 

What are we going to work towards:  

  • Applying a disciplined and integrated financial planning approach
  • Identifying and managing risks to the Municipality’s long-term financial sustainability
  • Prioritizing the resources needed to achieve strategic objectives, asset management and support the cost-efficient delivery of Municipal services.
  • Provide meaningful information to support decision making and long-term financial planning.
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    How are we going to measure our progress:

     

    What the Corporation of the Municipality of Chatham-Kent is going to do to achieve this intent:  

    A.  Apply a disciplined and integrated financial planning approach

        ACTIONS:

    • The Corporation of the Municipality of Chatham-Kent adheres to the Long-Term Strategic Financial Plan              
    • Aligns budgets and business plans to CK Plan strategies
    • Respects the intent of reserve funds

     

    B.  Identify opportunities and manage risks to the Municipality’s long-term financial sustainability 

         ACTIONS:

    • Continue to explore opportunism to collaborate or partner with other service providers in order to provide for the most efficient means of service delivery.
    • Examine opportunities to maximize the usage of either new and/or existing public services facilities with multi-purpose functions in mind.              

     

    C.  Prioritizes the resources needed to achieve strategic objectives, asset management and supports the cost-efficient delivery of Municipal services.

           ACTIONS:

    • Maintains infrastructure funding at a sustainable level
    • Investments will be made in new technologies that result in reductions in capital and/or operating costs.
    • Ensure essential infrastructure funding remains at a sustainable level and continue to work with senior governments to encourage the implementation of long-term, sustainable infrastructure programs that will lessen the financial burden of asset management on municipalities

     

    D.   Provide meaningful information to support decision making and long-term financial planning.        

        ACTIONS:

    •  Specific action items in the development phase