Capital Budget, Capital Accounting and Grants

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Capital Budget and Capital Accounting

Building a responsible capital budget for the City of Vaughan is a challenging process. Resources must be allocated in a way the balances needs and aspirations of the present while meeting the requirements of longer term financial sustainability. The pressures of new initiatives, maintaining existing infrastructure and growth requirements must be balanced against available funding, the impact on future operating budgets and the staff resources to undertake and manage capital projects. The Financial Planning & Development Finance department is responsible for the capital budget process, capital accounting, debt placement, the administration of trusts and reserves and the provision of internal and external financial reporting services in compliance with all provincial statutes, city by-laws and policies. Key functions related to the capital budget and capital accounting process include:

Capital Budgeting

· Develop and issue capital budget process timetables, instructions, guidelines and schedules

· Review departmental capital project submissions to ensure budget guideline and financial policy compliance

· Identify funding sources to minimize impact on the property tax levy

· Maximize grant opportunties through external funding through Provincial and Federal Government

· Forecast reserve revenues to assess the availability of funding throughout the forecast period

· Assess future operating budget impacts

· Provide interpretation, guidance and high level advices to Commissioners, Directors and staff during the development of the Capital Budget

· Prepare consolidated capital budget drafts, reports and presentations for SMT and Council review and adoption

· Prepare the approved Capital Budget document and distribute to Council, SMT and the public

· Prepare the Capital and Reserve Sections of the annual budget book that has received the GFOA (Government Finance Officers Association) Budget Presentation Award