Facebook icon Twitter icon YouTube icon

Council Passes Four Year Financial Forecast

Posted on Friday January 26, 2018

Essex– At a Special Council Meeting on Monday, January 22, Essex Town Council unanimously passed the 2019 to 2022 Financial Forecast. The forecast will be officially adopted with a by-law at the Regular Council Meeting on February 5, 2018.

The forecast builds off of the 2018 budget and serves as a foundation for future annual budgeting efforts. This is the second year the Town has undertaken a five year financial plan.

“This document will serve as a road map for the coming years and help future Councils place their budgets into the bigger picture,” says Jeffrey Morrison, Director, Corporate Services. “This is all about identifying the long-term needs of the Town and ensuring continued financial well-being.”

Morrison pointed to the early passage of the 2018 budget as an indicator of the benefits of long-term forecasting. This year’s budget was passed three months earlier than previous years.

The forecast also strengthens the Town’s Asset Management Plan, which identifies, assesses, and plans for maintenance and replacement of Town assets.

“Our four-year forecasting and asset management go hand-in-hand,” Morrison adds. “Both processes provide a long-term picture to help facilitate informed decision-making.”

The 2018 budget and financial forecasts can be found online at www.essex.ca/budget