Budget & Finance

Asset management is a municipalities approach to minimize the lifecycle costs of owning, operating and maintaining assets at an acceptable level of risk, while continuously delivering established levels of service for the present and future. The Asset Management Policy (AMP) is a detailed analysis of municipal assets including the estimated useful life (when they will be replaced), the historical cost, replacement cost, location of the asset and condition of the asset. This document is key to long term financial planning of capital assets and assists in budget preparation and determining when an asset should be replaced or upgraded. A comprehensive AMP must be created and utilized in order for a municipality to be eligible for most government funding streams. 

2016 Asset Management Plan for the Township of Asphodel-Norwood (6.03 MB)

Asset Management Addendum Report

The below addendum report has been developed to address the July 1, 2022 requirements of O. Reg. 588/17 that were not covered in the Township’s 2016 Asset Management Plan.

The objective of the Addendum Report is to bring the Township into compliance with the July 2022 requirements of Ontario Regulation (O. Reg.) 588/17. The Township’s core assets can be broadly grouped into the following asset classes:

• Roads;
• Bridges and structural culverts;
• Water treatment, pumping, and distribution;
• Wastewater treatment, pumping, and collection; and
• Stormwater treatment and collection.

Asset Management Plan Addendum - Core Assets (930 KB)

Municipalities and other public sector groups are required to report annually on energy use and greenhouse gas (GHG) emissions for buildings and facilities in which the agency conducts its operations, that are heated or cooled or are related to the treatment or pumping of water or sewage. The Township of Asphodel-Norwood's Energy Conservation and Demand Management Plan (ECDMP) will assist in managing and reducing energy consumption across Township facilities and operations.  

Fees and Charges for the Township of Asphodel-Norwood are passed by Municipal Council in the form of a By-law. The By-law is approved annually or when an update is required.   

The Financial Information Return (FIR) is a document that must be filed by every municipality in the province of Ontario annually. This is the annual municipal financial reporting to the Ministry of Municipal Affairs and Housing. Information filed in the municipal FIR is used for grant policy and allocation, setting annual repayment limits (a municipality's borrowing capacity) and much more. 

The Township of Asphodel-Norwood is audited annually by an independent auditing firm. The firm conducts on-site audits bi-annually prior to preparing the Consolidated Financial Statements for the Township that details the financial position of the Corporation.

2023 Financial Statements (387 KB)

The Township of Asphodel-Norwood's capital and operating budgets are passed annually, usually in December or January. The Municipal Budget is a multi-month process that includes a public meeting on the date of passing. This meeting is advertised on the Township website, community bulletin boards, and the local newspaper. 

If you have questions or feedback about the budget, please contact us

Final 2024 Municipal Operating & Capital Budget presentation (5.89 MB)

The Province dedicated 125 million to the Municipal Modernization Program to assist municipalities undertake expenditure and program reviews with the goal to find service delivery efficiencies and lower their costs long term. The Township of Asphodel-Norwood was successful in receiving $60,000.00 to fund a Line by Line Budget Review. 

The project's scope was a three-year budget review from 2017 to 2019 and did not include the Library or Cemetery. Together, consultants, staff and Council representatives identified areas of opportunities where budget methodologies could be enhanced to help achieve accurate forecasts and provide opportunities for reductions without compromising service deliveries.

For more information regarding property taxes, including rates, please refer to our Tax Department page. 

For more information regarding Water & Wastewater visit the Municipality's Water & Wastewater Department page.