STORY BEHIND THE STORY OF EAP, THE ECOLOGICAL ACCOUNTING PROCESS: “There is a special type of courage that Council needs to have to say, ‘give us the naked truth’. There is not a lot of political up-side to shining a light on infrastructure challenges,” stated Christopher Paine, Director of Financial Services, District of Oak Bay
The big picture context for EAP is whether a local government has a strategy for its constructed assets. Success over the long-term depends on local government political commitment to the guiding principles of sustainable service delivery. Bridging the infrastructure funding gap for constructed and natural assets requires an intergenerational commitment. “Lack of a long-term financial plan to support asset management really forces an incremental erosion of the service level. That is why forward looking long-term financial statements are so important to inform Council decisions,” stated Christopher Paine.