Distributed April 10, 2017 9:00 AM
Proposed 20 year plan to set course on infrastructure investment
A 20 year plan outlining a comprehensive overview of the required investment needed to renew current infrastructure, provide new or upgraded infrastructure required for growth and implement strategic priorities was presented to Council during their April 5, 2017 Finance and Audit Committee meeting.
The 20 Year Investment Plan brings together three key planning initiatives: the Asset Management Update, the Development Cost Charges (DCC) Review and the 2017–2021 Financial Plan. The Asset Management Update included a robust review of the lifecycle plans for all City infrastructure, the timing of needed renewal investment and updated cost estimates. To date, the DCC Review includes an update of growth projections and required infrastructure investment in roads, drainage, sanitary sewer, water and parkland. The 2017–2021 Financial Plan includes steps to implement Council’s strategic priorities.
The updated 2017 - 2021 Financial Plan will be brought forward for Council's approval later this month.
Strategic Link: Governance Renewal - this priority guides Council and staff in renewing the City’s capacity to effectively and efficiently serve the residents of our community.
- The 20 Year Investment Plan projects $1.1 billion required infrastructure investment with current funding strategies of $794 million.
- The City is projecting a funding gap of $258 million. The gap includes $117 million shortfall due to development needs and the balance is due to renewal needs.
- Council has approved continuing the annual 1% increase in property taxes for contributions to the General Asset Management Fund Reserve to 2022 and to move forward with the public consultation phase of the DCC Review and completion of a new rates bylaw. These strategies will enhance the City’s current funding strategies and financial sustainability.