A new financial framework that will help guide The City in making decisions about its finances was approved by City Council on June 12.
The framework, which outlines criteria for financial decision making across the organization, will enable The City to explore more innovative service delivery options, provide financial information in more accessible and understandable ways and ensure the financial decisions, both big and small, are made with an understanding of the full range of options available.
“Making sound and sustainable financial decisions has always been a priority for The City of Red Deer; this framework is one more mechanism we can use to ensure we manage our financial resources wisely, with a focus on being accountable and transparent,” said Paul Goranson, Director of Corporate Services.
The framework will be implemented over the next several years, and The City will report back to the community as it is put into effect.
“The benefit of this framework is two-fold. It will certainly serve us in making sound financial decisions and recommendations to City Council,” said Goranson. “But it will also result in improved financial reporting and communication with citizens and our community.”
Approval of the Financial Leadership Framework came on the heels of City Council’s Strategic Direction 2015-2018, which called for The City to explore financial sustainability in a new way.
“The Financial Leadership Framework is part of Council’s Strategic Plan which identifies financial sustainability as a priority”, said Mayor Tara Veer, “Creating a solid financial base allows us to continue to responsibly invest in our infrastructure; build strong community relationships through our commitment to transparency and accountability; and provide quality of life opportunities for citizens.”
Financial Leadership is one of the three themes identified in City Councils Strategic Direction 2015-2018. To learn more about the Strategic Plan visit www.reddeer.ca
For more information, view the QA Backgrounder Financial Sustainability Framework (pdf) or please contact:
Director of Corporate Services
The City of Red Deer
Communications & Strategic Planning
The City of Red Deer