Long-Term Financial & Asset Management Plans In The Works For Saint John

Posted on Tuesday, January 31, 2017 12:37 PM

The city of Saint John is currently working on developing a long-term financial and asset management plan.

Finance Committee Chair David Merrithew says everyone should have a long-term financial plan.

Merrithew says this committee system is working very well and says the proof is that these types of plans are being done for the first time in decades.

He calls the development of an asset management plan one of the best things city council could do over their four year term.

The plan will give the city a better idea in terms of what infrastructure needs to be replaced, what does not, when to replace it and what services need to be discontinued.

The goal is that this framework will be able to help future council members make proactive decisions instead of reactive ones.

Merrithew uses the metaphor of knowing when to replace the tire on your car before it blows and breaks the rim, which would lead to it being out of commission longer and costing you more.

He says that's asset management.