Wednesday, May 25, 2022

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Councillors' ForumAsset management for Mississippi Mills - special council meeting November 25, 2013

Asset management for Mississippi Mills – special council meeting November 25, 2013

Shaun McLaughlin

by Shaun McLaughlin

For anyone interested in the financial management of Miss Mills—stuff that only accountants and actuaries love—then come to the special Council meeting November 25 at 6 PM. Town Treasurer Rhonda Whitmarsh will present our preliminary asset management plan. It lists the current value of our assets (buildings, bridges, water and sewer infrastructure, hard-surfaced roads, fire fighting assets, etc), it describes their replacement value and how we must manage revenues and expenditures to make sure the Town can maintain a high-level of service.

Did you now that the replacement value of all our assets is currently $147 million. The lifecycle of assets varies with the type: e.g., a fire truck is good for 20 years, a bridge for 70 and a water main for 80.

The asset management plan in conjunction with last year’s long-term financial plan (how much we owe and will owe due to borrowing for infrastructure) directly affect how much revenue the Town will need.

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