Strategic Priority - Infrastructure Management

Securing external funding, such as grants and sponsorships, helps the municipality address community needs beyond what municipal budgets can support. It enables projects and initiatives that would otherwise be unaffordable and reflects the dedication of staff in identifying, applying for, and managing these opportunities.

To date in this Council term, the Town has secured $32 million in external funding, with additional opportunities in progress, supporting a range of community projects and priorities.

Monitoring asset condition is not only a regulatory requirement but also a best practice for managing Town resources. Keeping assets in good condition helps maintain public safety, reduce the environmental impact of operations, and extend the lifespan of critical infrastructure. Tracking asset conditions provides data that supports informed decision-making and effective resource allocation.

Even with a significant infrastructure funding gap, this result indicates that the Town has time to adjust reinvestment strategies to ensure critical assets are replaced and maintained as needed, helping to sustain services and community infrastructure over the long term.

The Town currently has an asset portfolio worth $584 million, and we reinvest in our capital infrastructure at a rate of approximately 1.3% annually to replace and renew these assets. This creates an annual capital infrastructure funding deficit of $9.6 million when compared to our estimated replacement needs (Target reinvestment rate is 3% annually). The infrastructure levy helps to ensure adequate funding is available as infrastructure replacement needs arise.

The infrastructure levy included in the 2024 approved budget is 2.7% of the tax rate and represents $730K in funding for infrastructure annually. To achieve the target reinvestment rate of 3% (i.e. close the infrastructure gap), we would need to continue to annually increase tax support by 3%.