Report titled “Enterprise Risk Management (ERM) Risk Register Update”, dated July 7, 2026, be received.

1:59:35And to kick us off. I'm going to turn things over to our deputy CAO mr. O'Brien to introduce the topic

1:59:44Thank you so much chair goller and good afternoon to our community members that are in attendance and

1:59:48members of council and staff that are also in attendance

1:59:51Really happy to introduce this year's enterprise risk management update report

1:59:55actually coming off the heels of mr. McMahon's presentation in terms of

1:59:59Accountability and transparency. I think this is a really good example of us living that sort of model and approach

2:00:06To some of the things that mr. McMahon teased out

2:00:08So this is the second annual update to council regarding this topic

2:00:11And it reflects our continued effort to mature erm as we call it enterprise risk management as a practical

2:00:18Organization wide discipline that supports better decision making stronger oversight and more resilient municipal service delivery at its core

2:00:25ERM helps the city understand uncertainty in our operating environment

2:00:30And evaluates the impacts of that uncertainty in relations to council's objectives staff objectives and the goals of the community that we are working towards

2:00:38It collectively gives council and staff a structured way to identify

2:00:42Assess prioritize and respond to risks that could affect our ability to deliver city services and council's priorities as I mentioned

2:00:49It plays a role in planning for and supporting service delivery

2:00:53Safeguarding public resources and meeting the expectations of the community

2:00:57What's important to note with the erm is it's not about seeking to fully eliminate risk

2:01:03Um, in some cases the city is not responsible positioned or resourced to completely mitigate risk or eliminate risk

2:01:11Rather it is about ensuring we take risks knowingly

2:01:14We manage them appropriately and we have clear visibility into the issues that could affect strategy

2:01:19operations projects finances reputation

2:01:23compliance and service continuity

2:01:25ERM also helps connect risk information across the organization

2:01:29So instead of viewing risks in isolation it allows council and senior leadership to see common themes

2:01:34Emerging pressures and interdependencies across departments. This strengthens planning resource allocation

2:01:40internal controls and accountability

2:01:43For council the important piece here is the strategic benefit of is that erm provides a view of the organization's readiness

2:01:50And resilience it supports again as I spoke to and and sort of some of the the salient points that mr. McMahon teased out

2:01:57It supports transparency informed governance and confidence

2:02:02That risks are being actively monitored and managed in support of the city's goals

2:02:07Today's report provides an update on the progress made over the past year

2:02:10The continued development of our risk management practices and and the next steps as we further embed erm

2:02:17Into the way the city plans decides and delivers services

2:02:20And so with that i'm happy to turn it over to mr. Jelastic so he can highlight a few key aspects covered in the report and the risk register

2:02:27Thank you. Thank you. Mr. Robryan

2:02:38And good afternoon council

2:02:41Today I am presenting the annual update to the city's enterprise risk management or erm risk register

2:02:48The purpose of our erm program is to support better decision making across the organization by identifying assessing and responding to risks

2:02:56That could impact the city's strategic objective services finances

2:03:00regulatory obligations and public trust

2:03:03The program provides a consistent approach to risk management across all departments and helps ensure that risk considerations

2:03:10Are incorporated into planning budgeting and operational decisions

2:03:16This is the second annual update since council received the city's erm framework and policy in 2024

2:03:22And the first enterprise risk register in 2025

2:03:26Over the past year a cross-functional risk management working group

2:03:30Reviewed and reassessed the city's key enterprise risks updated mitigation

2:03:34Measures and identified opportunities for further risk treatment

2:03:39One new risk category was added this year that being civic environment and health and safety

2:03:45The overall conclusion is that the city's highest rated risks remain largely unchanged and are consistent

2:03:54With challenges being experienced by municipalities across ontario

2:03:58While several risk scores risk score high on our risk assessment matrix

2:04:03They remain manageable due to the extensive controls planning processes and mitigation measures already in place

2:04:10The highest rated risk continues to be economic uncertainty with a score of 25

2:04:15This reflects the potential for reduced revenues inflationary pressures

2:04:20Rising costs and broader economic volatility that could affect service delivery staffing and capital projects

2:04:28To mitigate this risk the city continues to pursue pursue government advocacy

2:04:33explore new revenue opportunities

2:04:35Strengthen budget monitoring rebuild contingency reserves and advance economic development initiatives

2:04:42The second highest risk is aging infrastructure scoring 20

2:04:46As our community continues to grow maintaining and renewing critical infrastructure remains a significant challenge

2:04:53Key mitigation efforts include ongoing asset management improvements

2:04:57strategic capital investment planning

2:04:59implementation of modern asset management technology and consideration of innovative funding approaches

2:05:05There are three additional risks from the next year of enterprise risks. I want to highlight

2:05:11First being strategic relationships stakes holders and right holders, which recognizes the importance

2:05:17of maintaining strong relationships with community partners indigenous communities and development stakeholders

2:05:24cybersecurity

2:05:26reflecting the increase in complexity of protecting municipal systems data and services from cyber threats

2:05:33And lastly changes to government legislation and funding

2:05:36Recognizing the impact provincial and federal decisions can have on municipal operations and priorities

2:05:42Each of these risks is being actively managed through targeted strategies such as stakeholder engagement enhanced cybersecurity

2:05:50investments advocacy efforts

2:05:52monitoring of legislative changes and ongoing staff and council education

2:05:56A notable addition this year is the new risk category civic environment and health and safety

2:06:03This risk reflects growing concerns regarding deteriorating public

2:06:07civility threats and inappropriate conduct

2:06:11directed toward staff

2:06:13or elected officials

2:06:15Mitigation measures include security reviews de-escalation training incident response procedures

2:06:22psychological safety supports and coordination with policing and security partners

2:06:28From a financial perspective the ERM program supports long-term financial sustainability

2:06:33by helping the city

2:06:35identify emerging risks early and integrate risk considerations into budget planning and capital investment decisions

2:06:42The report also highlights the importance of maintaining strong contingency reserves to improve resilience and respond to unforeseen events

2:06:50Councils continued commitment to rebuilding reserves remains an important mitigation strategy

2:06:56Looking ahead management will continue integrating risk management into departmental business planning and operational risk assessments

2:07:03The enterprise risk register will continue to be reviewed with senior leadership throughout the year

2:07:07With a formal update brought back to council annually

2:07:11In closing the 2026 risk register

2:07:14risk register demonstrates that the city has developed a mature and structured approach to identifying and managing risk

2:07:20While significant external pressures remain the organization is actively monitoring their risks

2:07:25And has numerous controls and mitigation strategies in place to support continued service delivery

2:07:30financial sustainability and achievement of council's strategic priorities

2:07:35Thank you very much, and I'd be pleased to answer any questions you might have

2:07:39Thank you very much for that presentation. Mr. Jalasek. I really appreciate all the work that your team is doing on this

2:07:44I look to my council colleagues

2:07:47Excellent, so we'll start with councillor old and then councillor run and then councillor downer. Thank you very much chair Goller

2:07:56Mr. Jalasek, I appreciate the presentation and the warnings that you've provided us

2:08:00I might have either see a

2:08:04O Baker or our treasurer

2:08:07Mizzow Dwyer also asked these the issue of aging infrastructure has been a concern of mine for 12 years and we have

2:08:14Continually reduced what we've been putting into aging infrastructure

2:08:20so with that

2:08:22I read as a subtext that

2:08:25Because we have aging infrastructure

2:08:27There is a need perhaps to enhance budget. Maybe I could ask you to

2:08:32Perhaps start with that and perhaps ask the treasurer and ceo to respond as well

2:08:40Through the through chair Goller to councillor Allt

2:08:42Uh, yeah, absolutely. Um

2:08:46I think this is an area that is continuing to require attention. Um, but one that certainly is not mismanaged

2:08:53The city's asset asset management program capital forecasting investment prioritization process and technology improvements are all

2:09:00Intended to proactively address infrastructure renewal needs. Um

2:09:05The risk reading really reflects the magnitude of the city's infrastructure portfolio and the growth pressures that we're seeing

2:09:13So do you want to provide some more insight?

2:09:16Sure. And so through chair Goller to councillor Allt

2:09:20um

2:09:21Over the last several years

2:09:23council and or through the budget process

2:09:25Infrastructure renewal funding has continued to increase

2:09:29Just not as fast as the expenditures and the inflationary impacts in that program have increased and so that um

2:09:38Funding gap has continued to grow and as you've seen through successive asset management plan updates that uh,

2:09:45That infrastructure renewal gap

2:09:47Has increased in the backlog of assets requiring renewal and so we've continued to

2:09:53highlight that risk and prioritize

2:09:56the capital funding um using that prioritization criteria

2:10:00Toward the highest priority needs and we'll continue to refine that and make recommendations year after year

2:10:06We also

2:10:08Will be back to you through the 20 to 31 strategic plan and multi-year budget cycle with recommendations

2:10:15and information

2:10:17related to increasing that capital transfer

2:10:21Thank you. Um, I don't miss bakers. Is there anything you wish to add to that or maybe you've mr. Gayman

2:10:27Yeah, I was going to ask mr. Gayman if you just wanted to to talk a little bit about the asset management and the new dashboard and

2:10:33And uh transparency on some of that that asset management information. That's just recently gone public

2:10:40So through the uh chair to councillor Allt and thank you for the question

2:10:43It's always a great opportunity to plug our asset management work

2:10:46I do think you know by and large the city has worked to advance its maturity and asset management

2:10:51We've come a long way from the infancy of that program

2:10:54Nearly a decade ago at this point in time the city has a substantial

2:10:58Um

2:10:59asset portfolio up in the seven billion dollar range as as council is aware and we're working really hard to best manage those things

2:11:05And that's what you're seeing reflected in the report here as those mitigation strategies go into it

2:11:10But as you know, there is a backlog and we are working

2:11:13Very diligently to make sure we're making the right prioritization decisions

2:11:17And the way that we're doing that is through maturity of our data set and the ongoing work throughout the departments at the city

2:11:22To really make sure that the information that goes into that program

2:11:26Is helping us make the best decisions possible and to miss baker's point now. We have created an online dashboard

2:11:31That's recently been released that data is

2:11:34um, uh public

2:11:36Publicly available data set now and we'll continue to leverage that and grow it over the course of time

2:11:40We're modernizing our tools there as well as we make

2:11:43As many integrated decisions as possible. Where can we work on life cycle improvements? Where can we make things last longer?

2:11:49Maybe without full

2:11:51Habilitation or full reconstruction of things and so that's the type of work we're doing to help best management at this risk

2:11:58And thank you very much. Just uh, because it is uh, germane to this

2:12:03We are in a position where we are being encouraged to uh,

2:12:07develop brownfields and to uh, continue to to build up and out

2:12:13Uh, I was wondering if anybody could please comment on the the capacity that we

2:12:18Have and what are the limitations on the possibilities of uh, of addressing some of our brownfield and other concerns if we don't do this

2:12:29So through the chair, maybe I'll start and if others want to jump in but the city does have a containment site program of work

2:12:35And there's a city-owned um brownfields to to use your language council are all and so we have a team that is working

2:12:41Um in a sort of systematic way to help minimize and reduce the risk and then create the opportunities for those

2:12:48Properties to come back to useful beneficial

2:12:51life and so that's the opportunity in the future where

2:12:54Maybe you can get back to building something and manage the risks from an environmental perspective that

2:13:00May still remain on a site or perhaps the full cleanup is is part of the strategy

2:13:04And it would be case by case in terms of how we do that

2:13:07We've been working to reduce the city's containment site liability

2:13:11for the better part of 10 years here in terms of

2:13:14Sort of what's reported through our finance team and the the p-sab reporting and

2:13:18Accounting liabilities and so we do do all of that work

2:13:21Our in our 200 Beverly site is a great example of the found street parking laws another example

2:13:27The baker library is a final example of the types of things that are

2:13:30Happening of the city that do move to that productive use and that's just one way that we are managing

2:13:35Sort of that overall environmental risk as well as just sort of how we would do that work through each of our individual

2:13:42Infrastructure projects water resource projects those types of things

2:13:46And thank you very much for that

2:13:48To switch gears. I've got a couple of gears here that I'm switching to

2:13:52Reference was made mr. Jelacic to budget planning and contingency reserves, I believe

2:13:58And I don't know whether it's you or whether it's

2:14:01Treasure or Dwyer or a cao baker that can respond to this can we publicly

2:14:07state

2:14:08What the status of our reserves are and what the how significant are the concerns?

2:14:17Through the chair our last budget update

2:14:21Was

2:14:22In may on the year end reserves and debt reporting and you're going to test my memory. I'll have to look the exact number

2:14:30But what I can say is the city's tax-supported contingency reserves are well below their target balance

2:14:37and council has

2:14:39prioritized rebuilding those reserves through

2:14:42The last two budget confirmation processes with by to

2:14:47Put any year-end surplus in those reserves to start to rebuild them

2:14:51However, those surpluses have not materialized. So we have not been able to make progress on that

2:14:57and through the 2026 budget confirmation process

2:15:01council endorsed a recommendation to bring back a strategy through the next multi-year budget cycle

2:15:09for consideration

2:15:10To rebuild those contingency reserve balances

2:15:14Thank you, and I don't know whether this is germane again

2:15:18or whether either miss baker or

2:15:20Ms. Odore can even answer but if I recollect

2:15:23We are well behind in our approvals for developments this year

2:15:28From where we've been in the past and that this has an impact because the money's just not coming in for

2:15:35Essentially development charges and so on and so is that correct?

2:15:40Through the chair, so the approval for development is maybe a bit of a different question

2:15:46That I would defer to DCA O. Gaiman, but what I could say tell you is that the first quarter of this year

2:15:53Building permits for units and for non residential were very low

2:15:58And our development charge collections were well below the forecast

2:16:02That has ticked up a little bit in the second quarter and we'll have a better more comprehensive update through our q2 budget monitoring report

2:16:10We're still behind our forecast for this year

2:16:14As of the end of may I don't have a june update

2:16:18At hand to give

2:16:20Okay, thank you very much. I might ask you later for any specific numbers that you can give us

2:16:25Last point that I have really is one that I just want confirmation. Mr. Jelasi

2:16:29You made reference to cyber security and other levels of government

2:16:33I presume that those are more elusive to address in terms of risk management

2:16:39I don't know how we deal with other levels of government giving that it would seem that

2:16:44Our expectations could change every day. Am I correct?

2:16:52Through the chair to you, uh, councillor Allt. Uh, yeah, absolutely. I mean, I think we have against some robust practices here where we

2:16:58advocate for the need for these fundings and also we have

2:17:03Departments and people responsible for making sure that we're fully capitalizing on any funding opportunities that are in place

2:17:09So I think from that perspective again from a risk perspective

2:17:13Feel like we have the right strategies in place to mitigate that risk and try to

2:17:18As steven said we can't eliminate it, but we can sort of understand it and make sure that we have

2:17:23The right sort of strategic initiatives and plans in place to take advantage of that

2:17:29Yeah, some of those external funding opportunities, you know, we we don't know the world that's going to happen in the future

2:17:34But we have to be ready to react to and we have to be ready to have proactive plans in place to do that

2:17:38And I feel like

2:17:40as a

2:17:41Sort of independent risk evaluator, I feel like we're doing that internally to make sure we have that as well as we have the risk treatment

2:17:48Sort of initiatives that were mentioned in the report to try and help us to

2:17:52Stay on top of that and make sure that we're

2:17:54I presume that that

2:17:56Also is for cyber security as well. We because it changes just so fluid

2:18:01Yeah, absolutely. And again, I think the one of the strengths of our it department is that they are

2:18:06Aware of of these types of risks and they're trying to stay on top of it and you're absolutely right

2:18:10It's a it's a concern for every organization, but I think again through

2:18:15I believe we have a number of investments planned in the cyber area that are going to help to

2:18:19Again, bring that risk to a to a more controlled level, which is the the hope and intent of risk management practices

2:18:26Thank you very much. I don't have any further questions if you need a mover

2:18:29move

2:18:32Thank you for that and so we'll be moved by um councilorals

2:18:35Sanctuary by councillor Klassen and we'll go now to councillor Caton. Go ahead

2:18:42Thank you through you mr. Chair

2:18:44Um, I really appreciate having the government grants listed as a high risk

2:18:50it's one of those things where it's both a benefit and a risk depending on the day and

2:18:55I was wondering if you could expand a little bit about grants because I think there's a misconception that

2:19:01um

2:19:02Once you get a grant you're good to go, but I know that there's a lot of stipulations and specifics that we have to

2:19:08Um meet in order to maintain a grant

2:19:12Sometimes they come in installments grants are not like a free-for-all where like here you go have some money

2:19:18Um, and I was just wondering if you could talk a little bit more about

2:19:22How those are risks?

2:19:27Through the chair to councillor Caton. Uh, I don't know if anybody else wants to assist with with that question. I don't

2:19:32Yeah, if you don't mind. Yeah, thank you. So, uh, thanks and to you councillor Caton

2:19:38um, yeah, I would say that over the past

2:19:41I I want to say three years now. We've really invested internally in terms of our process

2:19:47um

2:19:48regarding

2:19:50grant applications

2:19:52Understanding what's ahead. What are the commitments we're making?

2:19:55um by

2:19:58By pursuing a grant opportunity to your point. There are sometimes

2:20:02Embedded commitments that that can actually add more cost to the administration and into the organization

2:20:09And so all of those things are are evaluated through we have a joint team between a number of well

2:20:17corporate departments, but then

2:20:19depending on the

2:20:21What the grant is the subject matter expert in the in the department?

2:20:25For that any that particular grant for example

2:20:28um, and so, uh, there's a lot of work that goes into that just to make sure that we're picking the right opportunities and we're

2:20:35We're prioritizing our kind of limited staff resources to the highest benefit of the the best grant opportunities that that

2:20:44Forg wealth and so um, and then usually

2:20:48After we submit then there's a process of evaluation and we work really closely with upper levels of government on

2:20:57understanding the commitments more and and uh, and then understanding the transfer payment agreement that ultimately if we're selected

2:21:04Then there's a there's an actual agreement process as well

2:21:07and then

2:21:08What comes from that depending on how long the project if the grant is a project based grant for example

2:21:15It could be many years of reporting requirements

2:21:18um, and not just financial reporting sometimes there are environmental reporting that comes with those grants

2:21:24and and and other maybe social or other kind of reporting requirements and so

2:21:31The the grant itself the access or the receipt of the money is usually

2:21:36happens

2:21:37in advance of a long runway of reporting that then happens over time and so

2:21:44Between the finance team our intergovernmental team

2:21:48Those are the kind of the primary teams that that manage that over the life of the grant

2:21:52I can add one more comment to chair Goller and to councillor kate's question

2:21:56Let me get another big piece for us from the risk readiness and the risk sort of posture

2:22:02In and around grants is that you know, I don't need to tell council that that the model financially for the municipality is such that

2:22:09significant portion driven by property tax

2:22:12um

2:22:13Mizzou Dwyer talked about the changing world of development charges and has been for some time with council grants represent another stream of revenue through which the city can access

2:22:22But those are very the risk

2:22:24Contemplations around that are linked to for example the the longevity of those grant programs

2:22:29How long are they going to be in place? Are they subject to changes in senior levels of government?

2:22:34um, and and will they change with sort of the socio-economic climate that the province or the or the or the country finds itself in or even globally

2:22:42We find ourselves and and so they they lack the ability I think for us to be really strong in the predictability of those things

2:22:49There are some grant streams that have stood good test of time

2:22:53But there are others that that ebb and flow with

2:22:56What's happening again socio economically? So that's the risk challenge

2:23:01And that's why we we we categorize it as a risk because we've got a monitor for that and do our best as miss baker said to sort of

2:23:07Leverage the expertise we have in advocacy

2:23:10Leverage the expertise we have in subject matter experts that have connectivity and with senior levels of government to be able to predict

2:23:16And hopefully sort of hypothesize when and how those grant programs will shift and change

2:23:22Thanks. I'm in software in my other life and I

2:23:27Much to my sugar in

2:23:28Everybody's moving to the subscription model because it's easier to plan when you know you have a

2:23:33Dedicated amount of money coming in every month. And so

2:23:36This is my urging to the government to please do that instead. Thank you

2:23:42Thank you, councillor kateson going over to councillor downer

2:23:46Thank you through you chair Goller

2:23:49um

2:23:50I don't see it here. I see it sort of later as a risk in the community safety and well-being plan but

2:23:57our relationship

2:24:00One of the biggest

2:24:02Impacts on the budget in this past cycle was has been

2:24:07From the county from the social services

2:24:10And I don't see that identified here. I mean we could put it under

2:24:14you know

2:24:16strategic relations stakeholders and but I don't see it listed

2:24:20um as something that identified and

2:24:24Is and it's not as it's not our particular service, but it certainly impacts us and the sort of the housing and

2:24:32homelessness and mental health and addictions file has certainly been a risk to the city

2:24:37um

2:24:39over the last number of years

2:24:41And

2:24:43And as has seems to be increasing for us

2:24:48So I don't know if this is the place like I said

2:24:50I see it later in the agenda and it's in another thing, but it's not identified in in this particular document

2:24:58Yeah, so uh through chair Goller to councillor downer. I we

2:25:03Item number three id risk number three the strategic relationships

2:25:07Stakeholders and rights holders was an all-encompassing. Um, it's we did not name particular partners or

2:25:16Relationships because I think they're actually quite vast

2:25:19They all have a bit of risk attached to them in different ways and so but this is the category that we had um had

2:25:27had that concerned part of uh of this uh

2:25:32This risk description and uh and the measures that are identified there

2:25:40Thank you for that. Uh councillor downer. I appreciate it. Uh, seeing no further comments

2:25:46I wanted to thank you so much for the work that you're doing. Uh, mr. Jelsik and your team and

2:25:52We'll move we'll move the vote anyone against

2:25:56the report recommendation

2:25:59Seeing none it passes unanimously. Thank you very much

2:26:04And now we're going to move on on our agenda next up. It's uh item

2:26:1114 so I will turn this over and

2:26:14Make it the chair

2:26:57The point of order point of privilege, uh, madam chair

2:27:01Um question that I have to ask of clerks

2:27:04I moved the motion, but then I had to go powder my nose and so I didn't vote can I either be

2:27:11Uh, could it be recorded that I was in favor or should I remove my

2:27:17Moving of the motion

2:27:21Through you madam chair to to councillor old

2:27:24I don't think there's any rule that says if you move in second you must be present for the vote

2:27:29I think you can move in second in some cases hours go by it's reasonable a mover or seconder may have left

2:27:34Thank you. Thank you. And

2:27:40That's it's a good reminder for me to say that I I'm not a madam chair

2:27:45I if you would like to use a prefix for me

2:27:47I use mix as in sir mix a lot imagine me in one of his fur coats

2:27:52And then that'll help. All right

2:27:56it is

2:27:58401

2:27:59And this is the corporate services and office of the c a o portion of the meeting

2:28:05We have two items on the agenda for today. First up is

2:28:09Item 14 one the finance policy updates and there's a staff presentation by justin way

2:28:16deputy treasurer manager and dylan prince the senior final analyst both from the finance department

2:28:24Good afternoon vice chair Caton and members of council

2:28:26The items before you for approval today are part of the city's long-term financial framework

2:28:31Which includes several key policies that help guide the financial sustainability of the city

2:28:36I'll be providing an overview of why this update is happening now

2:28:39Why it matters and then passing over to dylan prince who will walk through by policy what's changing

2:28:44How it's important for council as well as a quick snapshot of what we're working on next

2:28:50So some context on why we're doing this now

2:28:53From the timeline you can see on the rights

2:28:55The policies in our long-term financial framework have been developed developed over several years

2:28:59The focus on those years was getting these policies in place to build out the framework

2:29:03And that work has really built a strong foundation for the city's long-term financial sustainability structure

2:29:09However, the the fact that they're developed over time also means that there's overlapping inconsistencies that have naturally occurred

2:29:15For example, some terminology is no longer used and some processes didn't reference between policies properly

2:29:21And more importantly, several of these policies are simply out of date

2:29:25Legislation has changed and updates are needed

2:29:28So staff in collaboration with craig dire advisory services have completed a comprehensive

2:29:33Review for several of our policies covering budget debt reserves and user fees

2:29:38The updates in front of you today are our results of that review where we've consolidated updated and streamlined the policy framework

2:29:47So taking a step back, uh, these policies are important for the city as they support three foundational principles

2:29:53sustainability vulnerability and flexibility

2:29:56Sustainable financial practices as guided by our policies help the city maintain services infrastructure and financial commitments

2:30:03Needed to meet future current and future community needs without shifting an unfair cost burden to future generations

2:30:10Compromising service quality or risking fiscal instability

2:30:13One good example of this is the city has been able to provide a balanced 10-year capital plan over the past two budget confirmations

2:30:19All while communicating the tradeoffs and risks with respect to asset management plan

2:30:24infrastructure to support growth and development and comprehensive

2:30:27service delivery plans

2:30:29Moving down to the green vulnerability is the city's preparedness to respond to the unexpected

2:30:35Our policies need to provide the framework for ensuring that when something unplanned happens

2:30:39We can respond in an effective and timely manner

2:30:42The city has a robust understanding of risk the enterprise risk management program as well as numerous

2:30:47mitigation strategies in place for those identified risks

2:30:51However, not everything can be foreseen or eliminated and sound financial policies provide the foundation for the city to be well positioned

2:30:58to respond when necessary

2:31:00Thirdly the city's ability to pursue opportunities or phase in new impacts over multiple years is why flexibility in financial planning is so important

2:31:08The landscape that minis municipalities operate in is frequently changing and the availability of contingency reserves provides a necessary flexibility