Understanding municipal finances is fundamental to the job of an elected official. Municipal councils are expected to plan, govern and set policy for the best interests of their community. Sound financial planning and management is key to supporting a healthy municipality that can ensure that its current and future service commitments are funded in a sustainable manner.
It is important that elected officials understand how financial planning and monitoring align with the municipality’s business cycle, including strategic planning, business planning and performance measurement. Elected officials need to understand their role in establishing and prioritizing competing service level demands on behalf of citizens and then determine strategies to fund those service level commitments.
Module 1: Setting the Strategic Context
After completing this module, participants will be able to:
- Understand what the elected official’s role is in the strategic planning process, citizen participation and risk management
Module 2: Financial Planning Overview
After completing this module, participants will be able to:
- Understand service levels and performance measures
- Feel comfortable with the annual budget process
- Ask good questions regarding their operating budget and capital planning
- Identify the contents of a capital budget and understand multi-year financial and capital plans
Module 3: Revenue and Funding
After completing this module, participants will be able to:
- Understand property tax
- Identify debt versus reserves
- Have an understanding about debt servicing, grants and transfers
Module 4: Monitoring and Evaluation
After completing this module, participants will be able to:
- Identify the segregation of duties
- Understand cashflow and investments
- Understand accounting systems, records and internal controls
- Read financial statements