Staff Report: Financial Plan Insights 2025-2029 (Asset Management)
A section of the Financial Plan Insights report detailing asset management strategies and the Sustainable Infrastructure Replacement (SIR) Plan for infrastructure renewal.
Asset Management
The Town developed a Sustainable Infrastructure Replacement (SIR) Plan in 2022, with the goal of estimating total infrastructure replacement costs, forecasting long-term spending, and establishing ongoing funding levels to ensure service delivery.
The Committee of the Whole recommended that the financial implications of the Asset Management Strategy be incorporated into the draft 2024-2028 Financial Plan for discussion.
The SIR Plan (2022) recommended the following funding towards the renewal of the various asset classes:
- $2,014,800 towards Road Infrastructure
- $925,600 towards Sanitary Sewer
- $813,900 towards Drainage
- $698,600 towards Buildings
- $380,000 towards Vehicles
- $61,500 towards Park Structures
$4,894,300 per year towards existing infrastructure replacement
The Sustainable Infrastructure Plan Replacement (SIR) Plan recommends:
- Dedication of $500,000 per year of casino revenue to capital renewal reserve
- 12 years of 1% tax increases
- Increase sewer utility rates by 5% per year for 5 years
- When debt is retired, contribute same amount to capital renewal reserve
- Utilize Non-Market Change revenue to increase capital renewal reserves.
A cross-departmental Asset Management working group has been established. Staff are currently working towards establishing levels of service to develop plans for maintaining all of the Town’s infrastructure. This process will be followed by preparing asset management plans for critical assets such as sewer, roads, buildings and IT.