66 | Business World Magazine |
November 2013
The second part of the plan, as men-
tioned, is an advantageous 30-year financial
management plan, aimed to remain sustain-
able while reducing their backlog. One of
the functions making this plan as efficient
and unique as it is, is to view projects from a
full asset management perspective. As an ex-
ample, they look holistically at projects with
all three components of what the city owns
(water, sewer, and street), so if a street needs
to be restored or construction work com-
pleted, it also assesses the subsequent work
that could be completed with water and sew-
er.
“What’s interesting is that not a lot of
municipalities have thirty-year financial
plans,” explains Mr. Richard, “Typically we
were looking at capital projects in five year
cycles, so the program would project out all
the money we were expected to spend for
five years. What the city is now looking at is
a thirty-year cycle, this permits us to project
