It makes sense to hire Watson and Associates Economists to ensure Guelph-Eramosa meets PSAB requirements – and the $24,400 price tag is very reasonable.
That was the sentiment of councillors last week, in response to a report from finance manager Linda Cheyne.
She provided information about municipal reporting standards established by the Public Sector Accounting Board.
Starting this year, all Ontario municipalities must prepare an inventory of capital assets – such as roads, bridges, facilities and equipment – and depreciate those assets in the same manner as the private sector.
Cheyne proposed hiring Watson and Associates to help:
– prepare an inventory;
– assign values to assets;
– determine the depreciation rate to be used; and
– manage additions, disposals, budgets, reporting.
She said she wants to do as much of the work as possible “in house,” with township staff, so the overall cost will likely be lower than the quoted price.
Mayor Chris White said $24,400 seemed like a good deal, because other municipalities are spending upwards of $100,000 to comply with PSAB requirements.
Councillors Doug Breen and Reta Moyer agreed that it makes sense to have Watson and Associates complete the work.
“It’s a logical choice,” Breen said, noting the company – which has done other jobs for the township – knows as much about the municipality’s assets as anyone.
Council voted unanimously to waive usual procurement requirements and hire Watson and Associates to help with the PSAB work.
Councillor Roger Knapp was absent.
