Executive summary
- The Asset Management Plan (AMP) guides the management of the portfolio of city assets, and how much it will cost to maintain those assets to provide service.
- The city’s Asset Management Financing Plan (AMFP) is the city’s implementation strategy for meeting the financial needs of the Asset Management plan.
- The Asset Management Financing plan is aligned with and supports the city’s Vision 2040 Strategic Plan document through an Engaging City.
Climate implications
- As included in report ES-47-21 on the same agenda, climate change (including invasive species) has a considerable impact on both the wear of city assets, and how assets are renewed as there is a shift in service standards as it relates to green infrastructure.
- By incorporating vulnerability and mitigation considerations and adaptation responses into existing and planned capital projects the City aims to be at the forefront of climate change.
- Environmental consciousness is crucial to improving environmental sustainability and building climate resiliency, (e.g. increasing infrastructure capacity, incorporating natural
and green infrastructure). - There are many foundational initiatives in the city’s V2F plan such as creating the Climate Adaptation Plan, Corporate Energy Plan, Green Fleet strategy, Urban Forestry Management Plan and enhanced Transit that will require significant capital and operating costs.
- Future lifecycle costs of these initiatives and their impact to asset management planning will need to be considered in context of the dedicated infrastructure levy and potentially a future green levy, that considers adaptation and replacement of existing assets in the context of climate change and resiliency.
- Due to the infancy of the sector, long-term costing and strategies are unproven, making it more difficult to estimate, but it will have a substantial impact on future asset needs and corresponding financial resources.
- The city has to consider how to balance increasing short-term financial demands and potential long-term pressures to contribute to the strategic aspirations of environmental and energy leadership and good governance of our infrastructure.