General Committee Update – Sept 21, 2021

I know that Asset Management is not the most exciting topic to talk about, but it is an important one when comes to ensuring effective municipal operations. Council and staff are in the midst of developing our second generation asset management plan (AMP). This work represents our town taking a massive step forward in modernizing our framework. We have been working hard implementing a fiscal strategy over the last few years and by continuing the work that Council and staff are doing we will be able to make sure that we are well equipped to handle any circumstance that may arise. 

We always need to make sure that all our assets are in good working condition and that we have the funds to repair or replace those assets when needed. That is why a modern framework is necessary; one that is fiscally responsible and supports the pillars that we as a Council have put forward in our municipal fiscal strategy – capital planning, reserve management and debt management. 

The fiscal strategy developed by Council is one that looks at the long term health of our Town. Too often, municipal fiscal strategies seem to look no further than a term of council; just 4 years down the road; hardly an effective way to plan for the future. That is why this asset management plan will become the foundation upon which the long-term capital asset rehabilitation and replacement plan will be based. This will ensure that this Town continues to be in a healthy financial position for decades to come not just 4 years.  

While there is much work left to be down on this plan, we are well-positioned as we enter budget discussions next month. As some Members of Council needed more time to read and understand the document fully, the discussion was referred to next month’s Council meeting.  This will give those members enough time to fully understand the “AMP” and get answers to any questions that they might have.

And while Council has done an excellent job making sure that the Town is in a great position financially, the second generation Asset Management Plan will ensure that we continue to maintain our good financial standing and continue to provide the services that our residents deserve while maintaining a stable tax rate.  

As always, If you have any questions about this update please contact me by email or by phone 416-543-1624 #leadershipthatgetsthingsdone

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