Under the provisions of the Local Government Act, the municipality must have an annually adopted financial plan before May 15, when the annual property tax bylaw must be adopted. The planning period is five years, covering the current year plus the next four years.
Council must undertake a process of public consultation regarding the proposed financial plan before it is adopted. This is normally done in the early part of the year by way of a public meeting. Notice of the meeting is placed in the local papers.