The Municipality of Chatham-Kent will soon start taking a more long-term strategy with its finances.
Chatham-Kent council has decided to adopt a multi-year budget planning format beginning in 2024.
Councillors say the multi-year plan could see some cost savings as well as save some time.
Another positive is the alignment of council’s longer-term goals and objectives with longer-term funding plans.
Instead of annually spending several months of the year on the annual budget, administration and council will save time and resources with a four-year budget.
London, Ontario uses a multi-year financial plan, and their budget department has been giving feedback to Chatham-Kent administration about the various pros and cons.
Ward 5 Councillor Carmen McGregor proposed the discussion of multi-year budgets in March to explore the economic advantages connected to longer-term planning.
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