A long-range financial plan is a multi-year projection of municipal revenues, expenditures, and financial position, typically covering 5-20 years. Unlike annual operating budgets that authorize spending for one year, long-range plans forecast trends, identify challenges, and guide strategic financial decisions. These plans consider population growth, infrastructure needs, debt capacity, reserve requirements, and service level expectations. Effective long-range planning helps municipalities prepare for major capital projects, manage debt sustainably, and maintain stable tax rates. Provincial legislation increasingly requires municipalities to prepare long-term financial plans as part of responsible fiscal management and transparent governance.