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.