On Tuesday, April 5, 2022, the Finance and Economic Development Committee approved new asset management plans for drinking water, wastewater, stormwater and transportation services. The City has prioritized keeping critical infrastructure in a state of good repair. The Province introduced new regulations requiring municipalities to develop and approve asset management plans that cover an increased scope of municipal infrastructure using a phased approach with specific timelines.
The regulation requires that staff develop asset management plans for all other City infrastructure and bring them to Council for approval in 2024. Given the City already has a mature asset management program to maintain critical infrastructure, the approach only needs to shift slightly. Staff will also update the Long-Range Financial Plan in 2024 to align with the Transportation Master Plan, Infrastructure Master Plan and the revised Asset Management Plans. In 2025, Council will consider an updated plan for all City-owned assets that will include target levels of service.
Recommendations from this meeting will rise to Council on Wednesday, April 13.