The Town of Strathmore Moves Toward Financial Sustainability -Dec. 21, 2017
Strathmore, AB — At the December 20, 2017 meeting, Council successfully passed a motion to accept the ‘2018 Long Term Financial Plan’ and adopted option ‘E’ of the recommendations presented in the ‘2018 Operating and Capital Budget’.
The ‘2018 Long Term Financial Plan’, brought forward by administration a year ago, is a blueprint for financial sustainability. Over the past year, Administration has reviewed and strengthened the plan to reflect the priorities and direction requested by Council.
The focus of the plan is to move the Town down a path of financial self reliance. The principles and policies outlined in the plan will provide a framework for responsible fiscal management of the Town’s resources.
“It’s an exciting plan in that it will provide a stable framework to guide us in decision making,” Mayor Pat Fule explains. “For example, Council and Administration believe it is fiscally wise to build an Infrastructure Reserve Fund. In essence, we want to begin to save funds and build an account that will help us replace aging infrastructure. Like any family might add to a savings account, we also feel Strathmore needs to build a ‘cushion’ to help when it’s time to replace major pieces of infrastructure.”
Currently, the Town relies on funding from the Province of Alberta to support certain operational needs and a major portion of the capital program. With the economic downturn, such funding may not always be available. Council’s proactive move to implement the plan will allow Strathmore a means to support its own financial well being without the help of the Province.
“Council and Administration also want to continue to find manageable ways to generate funds in order to continue moving Strathmore forward,” stated Mayor Pat Fule. “We are aware of needed improvements to pathways, diamonds, parks, and recreation facilities. By implementing the ‘2018 Long Term Financial Plan’, we feel we can fund projects as we move forward, while being comparable to nearby municipalities—keeping Strathmore attractive for business.”
The plan is a living document that will reflect changing economical conditions, but remains the driving force for planning into the future. While Strathmore’s current financial state is solid, Council is continually working to make the Town a more stable, independent, and resilient place to live.
For more information please visit our website: https://strathmore.ca/townhall/transparencyreports/municipalbudget
Contact: Mel Tiede, Director of Corporate Services
Media Relations: Carla Kautz, Communication Specialist
Phone: (403) 934-3133