Town of Massena developing long-range financial plan
Mar. 5—MASSENA — Deputy Town Supervisor Patrick M. Facteau is spearheading the creation of a comprehensive plan for the town that addresses long-term finances.
He said those long-term finances are essential to the town's operation, and they have not been addressed in the past.
"Quite frankly, we have not ever put money aside for capital projects and other things that we need to do in the future," said Mr. Facteau, who has a financial background, most recently as retired chief financial officer for the former Massena Memorial Hospital.
He said among the areas that need to be addressed are 70-year-old buildings.
"We really haven't put aside towards trying to be able to replace some of that," he said.
Equipment replacement also has to be considered in the financial planning, and Mr. Facteau said he is creating a list of items that need to be replaced.
"Dylan (Casselman, highway superintendent) has a whole lot of stuff that needed to be replaced," he said.
He said depreciation of town assets is part of his financial projections.
"Buildings are all fully depreciated. We have already $2 million in accumulated depreciation. We have no money set aside to replace any of that," Mr. Facteau said. "I know a lot of times it doesn't get done because you have to go out and bond it, and then you have to pay for it. So, we're trying to do more strategic financial, making a list of all these things that need to be replaced and come up with a list. You try to start putting some money aside at least every year in regards to depreciation expense."
By putting money aside, he said they would have the financial ability to bond for projects and have the cash on hand to repay them.
He said he has asked Mr. Casselman to provide him with information about the highway department's needs, and he's looking at other areas that also need to be addressed financially, "seeing what we can do in regards to trying to put money aside so that we can do these things in the future."