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Asset Retirement Obligation Policy
The Northern Rockies Regional Municipality (NRRM) is working to meet new national financial reporting standards that require municipalities to plan for the eventual retirement of public infrastructure—like buildings, wells, and landfills.
Under Public Sector Accounting Standard PS 3280, the NRRM must identify and estimate the future costs to safely decommission certain assets when they’re no longer in use. These are called Asset Retirement Obligations (AROs) and may include removing asbestos, sealing old wells, or closing landfills.
While this was not fully implemented in the 2023 financial statements, staff are actively working to meet the requirements for 2024. A policy is being developed to guide this process, with Council’s endorsement to follow.
COTW Report #12/25 | DRAFT Policy | Video Recording
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