Mayor Taylor provided an introduction to the presentation and advised of the link to Council's strategic pillar of Long Term Financial Sustainability.
The Chief Administrative Officer provided an introduction to the presenter, Bill Hughes, and advised of his long career in finance and public policy at both the provincial and municipal levels of government.
Bill Hughes provided a presentation to Council regarding fiscal strategy and fiscal sustainability. The presentation began with an explanation of the concept of financial sustainability and an overview of the effects of inter-generational equity on asset management.
The presentation continued with an overview of a fiscal strategy in practice, with a focus on asset management, growth capital, building reserves, managing debt and enhancing revenue. Each section included key recommendations for Newmarket's fiscal strategy.
The presentation concluded with a summary of Newmarket's fiscal position and recommendations to implement a long-term fiscal strategy.
Members of Council queried the presenter on the recommendations presented throughout the presentation including the possibility of single-tier water delivery, capital projects with funding allocation, Newmarket-Tay Hydro dividends and investing in One Investment funds.