Published: 2017
Total Pages: 0
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This standard highlighted the need for proactive assessment and management of assets as communities clarified the magnitude of the value of the infrastructure they own. [...] Bottom line: In the immediate term, local governments can make use of the Notes section in annual financial statements, departmental reports, municipal publications and annual public meetings to describe the local government's approach to municipal natural assets, and focus on financial planning aspects of municipal natural asset management. [...] In the interim and as a first step to recognition, the Town has added a statement to the Significant Accounting Policies - Tangible Capital Asset Note in their financial statements (see Annex 1) to acknowledge the importance of natural assets and the need to manage them in conjunction with engineered assets. [...] There are, however, opportunities throughout the year to incorporate natural assets into asset management and financial planning." Box 3: Decision-making in the Town: Then and Now Before Municipal Natural Asset Management After Municipal Natural Asset Management Services provided by natural assets were not Strategic, policy, financial and operational fully recognized or understood. [...] For example: • A review of the Town's Integrated Stormwater Management Plan (ISMP) is underway, and is focusing on the merits of natural assets and reducing the need for engineered assets to accommodate growth; • Based on the recommendations from the ISMP, changes will be made to the Subdivision Bylaw that will reflect an increased reliance on the Town's natural assets, where appropriate; and, • A.