Deputy Mayor Maggie Horsfield, also the budget chief, would be appointed as the chair of the Long-Term Financial Plan Committee with council approval of a motion on Tuesday’s agenda
If passed during Tuesday’s regular meeting, a motion from Deputy Mayor Maggie Horsfield, seconded by Councillor Mac Bain would establish the North Bay City Council’s Long-Term Financial Plan Committee.
According to the motion, the committee would consist of five appointed councillors and would have staff resources provided by the Chief Administrative Officer and Chief Financial Officer.
Horsfield, who also served as the budget chief, would be appointed as the Chair of the Long-Term Financial Plan Committee.
“Leading up to the 2023 budget deliberations, it was recognized that there is a desire around the council table to do a review of the financial policies of the City,” Horsfield says. “Some policies are due to be reviewed, some require updates to reflect changes to the organizational structure of the City, and other policies need to be updated to reflect efficiencies to better conduct business.
“During the 2023 Budget deliberations, the CFO received direction from the Council to commence a review of the City’s Long-Term Financial Plan and Policies with the goal that the review would be completed before commencing the 2024 Budget cycle. The review of the financial policies and procedures aligns with some of the Council’s goals for this term. Alongside the Organization Review and Enterprise Resource Planning (ERP), reviewing the financial policies will ensure that efficiencies are being recognized and implemented.”
If approved, the committee will review policies and report to the council with its recommendations by September 5.