Chatham-Kent administration is developing a long-term financial plan aimed at helping future councils balance growth, aging infrastructure and municipal finances.
The framework comes as the municipality prepares for continued population growth and increasing demands on infrastructure and municipal services.
Chief Financial Officer Gord Quinton gave a presentation to council on July 27, outlining the financial framework that will guide the development of the municipality’s updated Long-Term Financial Plan.
“This will be a great foundation for the next council to build on,” said Quinton. “This will be delivered to them as part of their orientation in Q1 of 2027. To really have all the options on the table for them as they develop the next council’s term strategic priorities.”
This is in relation to the announcement that the municipality is facing an estimated $2.663-billion infrastructure funding gap. The gap represents the difference between the funding available and the long-term cost of maintaining and replacing municipal infrastructure.
“We now have real data,” said Quinton. “It sounds like a scary number, but that’s not to be a scary number… It’s what you do moving forward. Lobbying upper levels of government, we finally have real data to do that lobbying rather than guesses.”
Quinton said the long-term financial plan will allow the municipality to help identify what will need to be repaired or replaced so work can be done in a planned and cost-effective way before problems arise. It will also provide a roadmap for how these investments will be paid for, balancing reserves, investment income, and responsible borrowing. This strategy will protect municipal services, make the best use of taxpayer dollars and keep the municipality strong in the future.
During the presentation, Quinton said the financial framework is intended to help future councils make informed decisions about balancing reserves, debt and other revenue sources while funding both new infrastructure and the maintenance of existing municipal assets. He also noted the framework will support the municipality’s efforts to advocate for additional infrastructure funding from senior levels of government by relying on updated asset management data rather than estimates.
The completed long-term financial plan is expected to come before the next council in the first quarter of 2027.
