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2012 Business Plan: Finance, Facilities, and Strategic Initiatives Overview

This 2012 Business Plan outlines the financial strategies and facility management actions undertaken to ensure long-term stability and efficiency for the City and PMEDC. Key activities include year-end financial reporting, property tax management, new financial services hiring, and significant facility upgrades, including kitchen refurbishments and library space planning. The plan emphasizes proactive risk management and the development of policies for long-term financial health, aiming to address budget volatility while enhancing organizational capacity and service delivery.

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2012 Business Plan: Finance, Facilities, and Strategic Initiatives Overview

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  1. 2012 Business Plan Finance and Facilities

  2. 2011 Successes - Finance • Ongoing Activities: • Year end reporting and audit for the City and PMEDC • Property Tax Time • Budget and Business Planning • Projects and Initiatives: • Hiring of new Manager of Financial Services • Implementation of “CityWide” for accounting for the City’s tangible capital assets • Progress on Water Billing processes, with Development Services • Complete insurance recovery for Struthers House and Wharf repair • Implementation of payroll services for Paid on Call firefighters • Arena • Borrowing process for the completion of the renovation • Direct payment of trades, contractors & professionals • Grant reporting and claims • Support process and implementation of agreement with long term operator • Review of operator statements and billings

  3. 2011 Successes - Facilities • Ongoing Activities: • Preventative maintenance coordination • Tenant/User relations • Projects and Initiatives: • Commenced Parkade operations • Refurbishment of Fire Hall kitchen • Exterior Painting of the Tourism/PMEDC Building • Interior Painting of the Community Policing Office • Struthers House perimeter drainage • Electrical and code upgrades at Masson House • New Library space planning • Risk Management training

  4. Significant Issues & Trends • Long term financial stability and sustainability • Demands for information/service • Public • Vendors • Departments • Proactive risk management • Efficient building operations • Workspace

  5. 2012 Actions • Long Term Financial Planning – Why? • Manage Financial Stress • Long term approach to issues • Counteract multi-year budget volatility • Financial strategies for capital projects • Policies to achieve those desired outcomes

  6. 2012 Actions (cntd.) • Long Term Financial Planning – How? • Basic Process: • Mobilization • Analysis • Decision • Execution • Role of Council • Role of Public • Thorough, time consuming process, likely into 2013

  7. 2012 Actions (cntd.) • Other Actions: • Review Permissive Exemption Policy • Develop Policy for Alternate Bill Payments by Customers • Update of Water System Accounting and Billing Processes • Review Third Party Services for RFP’s – Banking, Audit, Investment

  8. 2012 Actions (cntd.) • Review Vendor Payment Strategies for Optimization • Participate in needs analysis/strategy for budget and related financial processing and information systems • Continue to Enhance Organizational Capacity for Risk Management • Update Risk Management Policy • With ODS, Develop Automated Building Inspection Checklist • Support Construction for the New Library • Support Redevelopment of Existing Library Building

  9. Proposed Operating Budget

  10. Proposed Capital Budget • Total of $813,000 and is summarized in the Capital Assets Business Plan. • $300,000 to carry forward for the completion of the new Library space • $413,000 for renovations and upgrades to the old library building • Minor life cycle projects in facilities

  11. Discussion

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