Project Summary N-042: Sustainable Infrastructure Replacement Plan Update

Project Summary: Sustainable Infrastructure Replacement Plan Update

Priority: Strategic
Public Engagement: Inform
Financial Plan: 2026 – 2030
Project Code: 1-2-01500-615 CC150-02

Submitted by: Ben Lubberts, Deputy Director of Engineering and Joel Adams, Deputy Director of Finance
Director: Ivan Leung, Director of Engineering; Steven Vella, Finance

Executive Summary

This project was approved in the 2024-2028 Financial Plan.

The Town’s Sustainable Infrastructure Replacement Plan (SIRP) Update project aims to address the critical funding demands of asset replacement in the next two decades, building upon the original 100-year plan developed in 2022. While the initial plan provided a broad, long-term reserve contribution strategy, it lacks specificity for near-term funding needs. This update will refine the Town’s financial strategies, ensuring a focused approach to meet upcoming replacement demands. Regular updates, such as this one, are vital to avoid the financial risks associated with insufficient reserves for end-of-life asset replacement, supporting the Town’s commitment to sustainable infrastructure management.

Business problem and opportunity

The Town’s Sustainable Infrastructure Replacement Plan (SIRP) was first developed in 2022. It forecasted the cost of replacing the Town’s assets over a 100-year horizon in order to develop a broad-focused and long-term reserve contribution strategy. Although the SIRP supported Council’s responsible reserve contribution practices, the long-term lens of the plan does not articulate the funding demands of asset replacement within the impending decades. This SIRP Update project will update the original 100-year plan and articulate the approaching funding demands of asset replacement in the next two decades.

Proposed project objectives

To improve the Town’s long-term financial strategies with a focus on the asset replacement funding demands of the next two decades.

Business risks

Failing to routinely update and improve the Town’s long-term financial strategy every 5 years, or so, may result in insufficient funds for replacing assets at the end of their lives.

Proposed sources of funding

• Community Works Fund (CWF)
• Staff are investigating grant options; any approved grant funding will reduce the use of CWF

Costs and benefits

Benefits

• Tangible: Secured funding for asset replacements.
• Intangible: Improved asset management, long-term financial planning, and sustainable service delivery.

Recommendation

THAT the Committee recommend the 2026-2030 Financial Plan include Sustainable Infrastructure Replacement Plan Update in 2027 to be funded by CWF.