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At the Special Meeting on Wednesday, July 24th, 2024, South Stormont Council received and approved a 10-year Long-Term Financial Plan (LTFP) for the Corporation.

“The Long-Term Financial Plan will help not only this Council, but future Councils in the budget process and ensure we are able to provide the necessary services to our community over the next 10 years,” said Mayor Bryan McGillis.

The LTFP, developed in association with Watson & Associates Economists, Ltd., assesses the municipality’s overall financial condition. Factored into the plan are community growth, operations costs, capital maintenance, upgrades and construction. Existing financial policies were reviewed, as were various studies and plans associated with assets, services and growth. The go-forward Plan includes policy recommendations and outlines 4 fiscal approaches based on growth and grant opportunities.

Utilizing key assumptions and information, the financial impacts were assessed using 4 approaches that assess the impact of growth and grants:

  1. Base Scenario A – full growth forecast, approval of grant funding
  2. Base Scenario B – full growth forecast, lower grant funding
  3. Deferred Growth A – slower growth projected, approval of grant funding
  4. Deferred Growth B – slower growth projected, lower grant funding

The LTFP model was developed with functionality that will allow administration to update the model annually or when necessary.

The full LTFP Report can be viewed here.