The Premier of Ontario has declared a province-wide state of emergency and issued a stay-at-home order in response to rising COVID-19 variant infection rates.
The Corporation of the Town of Oakville (Town) is committed to accountable and fiscally responsible financial management. Decisions made with regards to the operating budget , capital budget, staff complement and reserve management are consistent with the goals set out by Council in its Strategic Plan and ensure that budget plans support economic growth, maintain infrastructure, respond to changing needs and are fiscally responsible.
The purpose of this policy is to:
This policy applies to all town programs, services, boards and agencies.
The success of the town’s budget process rests on a solid foundation of budget principles. The town will maximize program efficiencies while maintaining program effectiveness by focusing on results and outcomes. The principles and strategies that the town utilizes in making decisions related to short and long term budgeting include:
Capital Budget means the annual Council approved plan for expenditures and financing sources to complete Capital Projects or one-time capital expenditures.
Capital Expenditure means an expenditure incurred to acquire, construct or improve land, buildings, engineering structures or machinery and equipment used in providing municipal services. Capital expenditures should provide benefits lasting beyond one year, and should result in the acquisition of, or extension of the normal useful life of a fixed asset.
Capital Program means a collection of similar Capital Projects that are summarized at a service area level for reporting purposes.
Capital Project means an undertaking in respect of which expenditures is incurred to acquire, improve or install land, buildings, engineering structures, machinery or equipment including the installation of computer software, and is the level at which Council approves funding and funds control in the Capital Budget.
Council means the Mayor and members of Council for the Town of Oakville.
Department Head means the head of any town Department.
Emergency means an unforeseen situation of an urgent nature, presenting an unacceptable risk to the health and safety of persons or to property, requiring an immediate expenditure of funds.
Financial Report means the summary of financial activities related to the operation of the Town of Oakville provided to Council by the Treasurer.
Operating Budget means the annual Council approved plan for expenditures, revenues, staffing levels and service levels for operations of the town taking place from January 1st to December 31st in a given year.
Program means any organizational unit that may encompass one or more related municipal services and is the level at which Council approved funding and fund control in the operating budget.
Program Services means the individual activities within a Program.
Treasurer means the employee designated as such by Council for the position. The Treasurer shall exercise all powers and duties of the Treasurer as set out in the Municipal Act.
Policy Number: F-FPC-006
Section: Financial Planning
Sub-Section: Financial Planning, Development and Investment
Author: Financial Planning department
Effective Date: 2016 Nov 14
Review by Date: 2021