Almost everything the municipality does has a cost associated with it. Councillors spend a lot of time on council making financial decisions. When making those decisions, their role as a public trustee is to safeguard the taxpayer’s money and make the best use of scarce financial resources.
Operating and Capital Budgets
At the centre of the municipal finance system is the budget. Through the budget, the council decides the municipality’s priorities for the next 1 to 3 years by setting aside money for each program or service. The budget is the single most important policy decision council makes each year. Careful budget planning and control mean better services for the residents. The budget of a municipality reflects its policies.
Asset Management Planning
The Ontario Ministry of Infrastructure’s, “Building Together” (June 2011), states that any municipality seeking provincial infrastructure funding must demonstrate how its proposed project fits within a detailed asset management plan. This helps to ensure that limited resources are directed to the most critical needs. WSP was retained to undertake the development of a comprehensive asset management plan that the Township of Limerick can utilize to assist with decisions regarding the building, operating, maintaining, renewing, replacing, disposing and funding of their infrastructure assets.