The Village has completed two phases of their asset management plans; the third phase will be completed in January 2023. Asset management plans are required because there was a recognition that municipalities carrying a vast majority of infrastructure assets on their books did not have comprehensive policies or plans to deal with replacing this aging infrastructure. In addition, senior levels of government have mandated asset management as a core process in order to qualify for grant funding.
Completion of an asset management plan to understand the theoretical condition of the Village assets and the long-term costs associated with their replacement. The Plan identified the current replacement value of Village assets to be $44.2 million.
Completion of an Asset Management Investment Plan (AMIP) to help set long-term funding targets for asset replacement. This phase identified the asset replacement funding gap – the additional annual investment required for the Village to have sufficient funds to replace assets when they reach the end of their useful lives ($425k - $640k per year over and above the amount currently being devoted through the Infrastructure Levy and other annual budgeting measures).
Asset Replacement Financial Strategy (Phase 3 – to be completed January 2023)
This phase of the asset management plan will include building inventory, replacement costs and updated service lives based on condition, an update of the asset management model, an asset replacement financial strategy model, asset management policy statements and annual reporting templates for asset management.