Yisroel R.

The Town of Clarkstown is beginning work on a new initiative that would place a financial value on parks, protected land, and open space throughout the town as part of its financial reporting and long-term planning efforts.

Clarkstown Supervisor George Hoehmann told Rockland Daily that the town is launching what is known as a “natural capital inventory,” a process that involves cataloging natural assets and assigning them an economic value.

Hoehmann says, the inventory is expected to include state parks, county parks, town parks, and thousands of acres of protected land located within Clarkstown. He said the value of those natural assets could total hundreds of millions of dollars.

The inventory would eventually become part of the town’s balance sheet and could be used during presentations to bond rating agencies. He said the information may also be included in future bond sale documents and annual audits completed by outside auditors.

The project is expected to take place over the next year. Hoehmann said the town plans to begin the process with conference calls and planning meetings involving economists and academics to help develop the inventory system and determine how the values will be calculated and reported.

Hoehmann said Clarkstown currently holds the highest bond rating of any local town government in the region, and believes documenting the value of natural assets could further strengthen the town’s financial profile.

Other municipalities across the country have already implemented similar programs, though Clarkstown is the first municipality in the lower half of New York State, and possibly one of the first in the state overall, to formally pursue this type of natural asset valuation initiative.

The town plans to use the inventory as part of future financial presentations tied to capital projects and bond sales. Hoehmann also noted that Clarkstown expects to issue less debt than usual this year as officials work to retire additional debt and improve the town’s balance sheet.