There is a new method municipalities in Ontario will be using to crunch numbers.
The new method took effect on January 1st that will see all municipalities disclose more information on their financial statements.
They include showing the depreciating value of their infrastructure and other capital assets.
Kincardine Treasurer Brenda French gave Council a brief introduction to the new accounting model recently.
Mayor Larry Kraemer says the new method wont require any additional funding or affect the tax rate.
But he says it will provide Council with information during budget deliberations that they normally dont have.
Kraemer says the new method will help Council judge whether you are spending enough or too much on a particular asset.
He says — for example — if you are spending a million dollars a year on a 10 million dollar asset with a 10 year lifespan then it shows you are keeping pace.
Kraemer says if you spend less than that during that same lifespan then it is an indication that you are losing ground.
Kraemer says it is the standard accounting model that is used by businesses around the world.
He says the transition between the two models will be a bit difficult but it should provide Council with better information.
Council will be going through their 2009 budget today and again March 5th.