The City of Saint John Long-Term Financial Plan, adopted by Common Council in December 2019, is a first of its kind for an Atlantic Canadian municipality, and is part of a broader financial strategy for the City to help address its financial challenges.
The plan was produced as a result of two years’ worth of collaboration and visioning from the Finance Committee, community and Common Council. The plan includes a comprehensive financial assessment of the City’s challenges and opportunities, a suite of best practice financial policies, the establishment of long-term financial targets, and a financial health scorecard that measures results and ensures strong fiscal management. The plan also outlines eight steps to keep the City focused and diligent about its finances: eliminate debt, reduce debt levels each year, fund reserves, follow financial policies, facilitate provincial reforms, focus on growth, diminish infrastructure debt, and monitor progress.
The City’s long-term financial plan and supporting policies will support the achievement of such a process in both the short and long term.