Draft Asset Replacement Funding Plan - Purpose of the Report

Draft Asset Replacement Funding Plan

Purpose of the Report:

The purpose of this report is to present to Council the draft Asset Replacement Funding Plan, which looks at how much funding is required to replace infrastructure assets over a 30-year planning period.

What this report is:

• Information about asset health based on current data.
• Forecast of long-term asset health based on various funding scenarios.
• Step toward long-term financial planning and sustainability.

What this report is not:

• A request for asset replacement funding levels.
• A final assessment of the condition of the assets.

Highlights:

• Current position of a high health score.
• Council’s commitment to maintaining reserve levels and asset health.
• Methodology that will allow staff and Council to develop a final funding target to achieve long-term fiscal health.

Introducing Cory Sivell, YourCity

• Local government asset management and financial strategy experience.
• Common challenges = Asset HeathScore framework.
• Solutions to bridging the funding gap.

Conclusion:

• Young assets, in good health, well maintained.
• Balance our budget with asset health, levels of service, and risk.
• Ongoing commitment to asset management.