The Long Term Fiscal Plan Special Committee - 2004, formerly the Ad Hoc Committee on the Development of a Long-term Fiscal Plan, has completed its mandate and is no longer active. The following information is provided for archival purposes.

Contact: City Clerk's Office 12th floor, West Tower, City Hall 100 Queen Street West Toronto, ON  M5H 2N2 clerk@toronto.ca

The mandate of the Ad Hoc Committee was to develop an annual Five-Year Fiscal Plan for the City of Toronto, which was to be used as a blueprint for future financial planning and discussions with funding partners.

Although the City is currently in good financial condition, every year the City faces significantly increasing financial pressures, managed with short-term, one-time fixes. The Committee, together with CAO Shirley Hoy and CFO/Treasurer Joseph Pennachetti, developed a five-year financial blueprint for the City for presentation to Council in the spring 2004.

The five-year fiscal plan ensures fiscal sustainability by addressing three major components; asset and liability funding, expenditure strategies and revenue strategies. The Committee endorsed the following mandate:

Operating Budget Issues:

• Determining the priority programs/services within the mandate of the City
• Identifying transparent and predictable levels of service
• Project efficiencies and allocations of savings
• Further opportunities to enhance user fees and other revenues
• Forecast assessment growth and impacts of Bill 140 relative to its long-term impact on the City's ability to fully access its property tax base
• Achieve sustainable and targeted funding sources from senior levels of government

Capital Budget Issues:

• A long-term capital plan and financing strategies to provide sustainable sources of funding
• Sustainable and targeted funding sources from senior levels of government

Assets and Liabilities Issues:

• Long-term funding strategies for physical and financial assets and liabilities

For more information, please refer to the presentation made by the City's Chief Administrative Officer, Shirley Hoy, and the Chief Financial Officer and Treasurer, Joseph Pennachetti, at the inaugural meeting of the Five-Year Fiscal Plan Ad Hoc Committee on June 23, 2003.

Committee membership

The Ad Hoc Committee consisted of seven (7) members.