Espanola council and town staff are in meetings to discuss the 2025 Espanola Municipal Budget using a new approach, which will include a 10-year financial strategy for each department.
Town CAO, Clerk Joseph Burke introduced the new budget process to council on Tuesday night adding in the past, capital budgets were presented as a list with a focus on the current or upcoming year with funding sources that were either grants, reserves or levy.
He is introducing the alternative leveraging the Asset Management Plan, inclusive of its 10-year financial strategy.
Burke says to address the challenge of rebuilding the reserves while maintaining services and the tax levy, managers will review assets to determine if their plans are still on schedule.
He adds should an item come up unexpectedly, the 10-year schedules will be adjusted accordingly.
The schedules of all the assets for the next 10 years will be considered and the average (net of its’ reserves) will become the current year’s capital requirement.
The new approach is being used during the ongoing talks with an overall draft budget expected soon.
