It’s not exactly a crystal ball, but Wellington North finance chairman Ross Chaulk believes looking at the past might help predict costs for the future.
Recently, Chaulk presented a proposed format to report on historic and forecasted expenditures and related funding for operations and capital projects.
The finance committee concurred that a report incorporating that format be created in order to assess its effectiveness.
At council Monday night, Chaulk explained that what the process does is look ahead for the next 10 years, making use of past information to consider potential costs. He said if costs in a particular part of the budget are increasing by a certain per cent each year, the municipality might be able to project a bottom line for the next decade.
The same holds true for projects that will require funding. “It’s a rough draft, but it gives us a ballpark to work from,” Chaulk said.
He added it may also give an idea of how borrowing will affect the municipality.
Councillor Dan Yake asked if the report is something all of council will have a chance to review before it comes to council.
Chaulk said it would.
He added the township does not have anything in place right now. “Anything is a step forward,” he said.
