PROVINCIAL INFRASTRUCTURE PLANNING GRANT FOR THE STRATEGIC ASSET MANAGEMENT PLAN

PROVINCIAL INFRASTRUCTURE PLANNING GRANT FOR THE STRATEGIC ASSET MANAGEMENT PLAN

RECOMMENDATION:

THAT the Town of View Royal apply for a Provincial Infrastructure Planning Program Grant to help fund the proposed 2023 non-core project titled “Strategic Asset Management Plan”.

PURPOSE:

The purpose of this report is to inform Council of a grant offered by the Provincial Government that could help fund the proposed 2023 non-core project titled the “Strategic Asset Management Plan”, should Council approve this project for 2023.

EXECUTIVE SUMMARY:

The proposed 2023 non-core project titled “Strategic Asset Management Plan” is eligible for funding up to $10,000 from the Provincial Infrastructure Planning Program Grant. Staff recommend that Council support the application for this grant funding. The grant has an application deadline of January 18, 2023.

BACKGROUND:

The Provincial Infrastructure Planning Program Grant is made available to municipalities to develop or improve long term comprehensive plans, with a lens of maintaining sustainable community infrastructure. Grants can be used for a range of activities that support asset management, including the development of asset management strategies. The program offers grants up to $10,000 and has a deadline of January 18, 2023.

DISCUSSION:

Staff will be presenting the “Strategic Asset Management Plan” project to Council for consideration as part of the 2023-2027 financial planning process. The project will see the development of a strategic plan that will be the roadmap for the development and maintenance of the Town’s Asset Management Program (AMP). Upon completion of the Strategic Asset Management Plan project, the Town’s AMP will have objectives and goals aligned with the Town’s corporate goals with respect to asset management and will have a measured plan to achieve those goals and objectives.

Staff recommend applying for the grant now to secure the funding for this potential project as it is expected that Council’s review of the 2023 budget would occur after the grant application deadline of January 18, 2023.

FINANCIAL IMPLICATIONS:

The proposed budget for the Strategic Asset Management Plan project in 2023 is $20,000. The Provincial Infrastructure Planning Program Grant can provide $10,000 in funding towards the project. The remaining cost of $10,000 may be funded through the Community Works Fund (gas tax).

ALTERNATIVES:

While staff recommend the Provincial Infrastructure Planning Grant as a funding source for the proposed “Strategic Asset Management Plan” 2023 project, Council may consider declining this funding opportunity.