Looking at the results of a 2015 survey, the City of Campbell River, British Columbia, council saw a need to move past the city’s previous financial challenges. The instability of tax rates made it difficult for the city to plan for the future or to fund community needs. To promote responsible fiscal management, the city introduced its Financial Stability and Resiliency program and formalized it into policy in 2019.
The overall policy has two objectives: 1) Develop guiding principles so that residents can look forward to predictable and stable tax rate increases, and 2) Support and guide decision-making, continuity, and assurance in the city’s financial management.
Campbell River primarily made use of two GFOA Best Practices in winning GFOA's 2020 Award for Excellence in Governance Finance by creating its Financial Stability and Resiliency program: Adopting Financial Policies and Long-Term Financial Planning.
- Publication date: December 2020