RECO will maintain high standards of accountability and financial stewardship on behalf of the government and citizens of Ontario Allocate funds responsibly to support strategic and operational priorities and ensure the long-term financial stability and endurance of the organization Objectives for 2017–19 2017 Accomplishments Establishing strategic and operational priorities • Environmental scans, stakeholder interviews and other research will be conducted to inform the strategic planning discussions • RECO will undertake its strategic planning session to establish its 2018–2020 Strategic Business Plan • Operational plan(s) and the budget to support the new Strategic Business Plan will be developed in 2017 • In the absence of a CEO, the strategic planning session scheduled for May 2017 deferred to April 2018. Interim strategic business plan for 2018–2020 developed, focusing on excellence in real estate regulation • Operational plans to support the interim strategic business plan developed for each department; new and enhanced metrics for measuring performance identified Ensuring long-term financial stability • Continue to build reserves to an appropriate level to mitigate financial risk • Monitor long-term revenues and expenses using a variety of financial forecast models • Maintain funding for core business activities as a key priority • Ensure the organizational structure is flexible and responsive to changes in the external environment • Continued to invest in the accumulated fund balance and began a project to explore risks to RECO’s sustainability into the future, with a goal of mitigating any risk to financial sustainability • Increased the Operating Reserve by $4 million to $6 million • Initiated project to explore a 10-year horizon for forecasting revenues and expenses with view to identifying areas for cost savings and developing strategy for future revenue generation • Continued to leverage technology to gain processing efficiencies How we will measure success Measuring success • Available capacity and resources to achieve objectives set out in the business plan • Increased operating reserve to ensure capacity and resources are available 46/ RECO 2017 ANNUAL REPORT/REPORT ON OBJECTIVES