Asset Management Program, Policy & Financial Strategy Presentation at December 11 Council Meeting

At the December 11, 2023 Regular Council Meeting staff and consultants will introduce the Asset Management Program, Policy and Financial Strategy for consideration of inclusion in a revised five-year financial plan, as Budget 2024 is determined.

The District successfully received a grant from the Federation of Canadian Municipalities (FCM) in early 2022 to refine aspects of the District's Asset Management Program and develop an asset management plan, policy, and financial strategy. Urban Systems has been retained as the consultant for the District to work with staff to complete this asset management program project accordingly.

The District's Asset Management program project work has been completed through 2022 and 2023, including but not limited to:

1. Incorporation of Climate Action Vulnerability Assessment on District Assets with appropriate funding recommendation.
2. Review and incorporation of District natural assets within the District's Asset Finda Database Platform.
3. Refining the District's asset inventory including updating design life expectancies and reviewing conditional assessments of assets.
4. Determining replacement costs and schedules, as well as developing annual funding targets aligned with Average Annual Lifecycle Investments.
5. Reviewing District revenues and funding gaps as well as developing financial strategies for consideration.
6. Developing asset management policy framework including a draft Asset Management Policy for consideration.

More details are captured in the staff report for Council, and will be presented at tonight's meeting - streamed on our YouTube channel.