Information on the financial health of Nova Scotia municipalities, including revenue, budget and capital assets, was released today, Feb. 17.
The Financial Condition Indexes for each municipality for the past two fiscal years have been added to the Department of Municipal Affairs website.
“The index represents an opportunity for municipalities to do things in a different way while serving as a valuable tool for strategic planning and identifying best practices,” said Kentville Mayor Dave Corkum, on behalf of Keith Hunter, president, Union of Nova Scotia Municipalities. “Based on feedback from municipalities, the UNSM looks forward to working with the province in advancing the financial condition indicators.”
The index examines how each municipality gets revenue, and budgets for municipal priorities. There are 15 indicators with a municipality’s score, the average for its class (rural municipality and town) and the threshold, or achievement benchmark.
“The index is a key tool that municipal elected officials and administrators can use as they prepare budgets, identify capital improvements and develop business plans,” said Mark Furey, Municipal Affairs Minister. “The index provides a starting point for decision-makers to more fully explore opportunities to improve a municipality’s financial position.”
Each municipality has reviewed and approved its data and may provided information to explain indicators, unique circumstances and trends. The index is available at http://novascotia.ca/dma/finance/indicator/fci.asp .
The index was recommended by the Towns Task Force and developed by Municipal Affairs, the UNSM and the Association of Municipal Administrators.