TODAY ’ S MUNICIPAL TREASURER
On Jan . 1 , 2009 , Ontario municipalities were required to adopt Public Sector Accounting Board ( PSAB ) reporting requirements for evaluating their tangible capital assets ( TCAs ) and amortizing the future cost of sustaining those assets and related services . Examples of municipal TCAs include parks , transit networks , roads , public buildings , and
water / wastewater facilities .
The accounting change was implemented to provide greater transparency at the municipal government level and to bring third-tier government financial reports in line with federal and provincial reporting practices . It was also the catalyst that sparked the evolution of several roles in municipal government , especially that of the treasurer .
“ Things have changed so significantly in the municipal sector ,” says Tammy Wolters , CEO of WSCS Consulting Inc ., in Perth , Ont . “ The old-school version of the treasurer is the person who concentrated on collecting taxes ; who made sure invoices got out and were paid – a financial services kind of role .”
Wolters , who consults on asset management and business
MUNICIPAL MONITOR 15