UBCM Asset Management Planning Grant Application Approval

UBCM Asset Management Planning Grant Application Approval

RECOMMENDATION:

THAT Council approve the application for the 2019 Union of British Columbia Municipalities (UBCM) Asset Management Planning Grant.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To advise Council of the availability of the UBCM Asset Management Planning Grant and propose submission of an application of up to $15,000 to fund 50% of the costs for a consultant to work with staff to prepare an asset management revenue plan.

DISCUSSION:

As part of the long-term financial plan and sustainability review approved by Council in the 2019-2023 Financial Plan, staff has discovered an opportunity to leverage grant funding through UBCM for purposes of creating a financial plan for asset management focused on funding for future asset replacement. This work will be completed with a consultant while staff work concurrently on developing an asset management policy and assessment protocols.

This high-level planning approach will be completed in 2020 and will incorporate replacement cost and service lives of Town assets which, when aligned with condition, risk and levels of service will produce a long-term asset management revenue plan to meet those targets.

The 2019 Financial Plan includes the project total funding of $30,000 from Casino revenue; if approved this grant would reduce the draw on the Casino reserve by $15,000.

The attached UBCM Asset Management Planning Program Guide and completed Application provide further details for information.

RECOMMENDATION:

THAT Council approves the application for the 2019 Union of British Columbia Municipalities (UBCM) Asset Management Planning Grant.

SUBMITTED BY:
Steven Vella, Manager of Finance

REVIEWED BY:
Dawn Christenson, Director of Finance