HomeMy WebLinkAboutFIN-2023-511 - 2024 Capital Budget and 10 Year Forecast
Financial Services Department www.kitchener.ca
REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: November 27, 2023
SUBMITTED BY: Ryan Hagey, Director of Financial Planning & Asset Management,
519-741-2200 ext. 7353
PREPARED BY: Ryan Hagey, Director of Financial Planning & Asset Management,
519-741-2200 ext. 7353
WARD(S) INVOLVED: All
DATE OF REPORT: November 9, 2023
REPORT NO.: FIN-2023-511
SUBJECT: 2024 Capital Budget and 10 Year Forecast
RECOMMENDATION:
For discussion.
REPORT HIGHLIGHTS:
The purpose of this report is to introduce the 2024 capital budget and 10 year forecast
This report supports the delivery of core services.
BACKGROUND:
The 2024 budget process includes a series of meetings to discuss and potentially make
amendments to the 2024 budget. Council has approved a schedule that includes meetings on
the following dates:
November 20 Operating Budget presentation by staff
November 27 Capital Budget presentation by staff
December 4 Mayor proposes 2024 budget
December 14 Council votes on budget amendments/Mayor decides on amendment via
veto
REPORT:
infrastructure (assets) that offer a long-term
benefit to the community. Examples include parks, roads, and sanitary sewers. The projects
included in the Capital Budget often take a number of years to complete, either creating new
assets or renewing existing assets. The term of the budget is 10 years, which helps establish
capital priorities for both the near future and the medium-term.
th
November 17.
STRATEGIC PLAN ALIGNMENT:
This report supports the delivery of core services.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
FINANCIAL IMPLICATIONS:
Financial impacts of the 2024 budget are outlined in the detailed budget information.
COMMUNITY ENGAGEMENT:
INFORM
council / committee meeting.
PREVIOUS REPORTS/AUTHORITIES:
FIN-2023-417 2024 Budget Process and Timelines
FIN-2023-510 2024 Operating Budget
APPROVED BY: Jonathan Lautenbach, Chief Financial Officer, Financial Services