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Funding Asset Management Plan

Current Trend

Council has committed to an annual funding increase on three tax base funded asset categories. The Asset Management Plan was updated in 2017 for all asset classes with updated funding requirements and a new financing plan. The percentage of assets being fully funded has increased each year from 2015 through 2018. The percentage has increased by almost 11% from 48% funded in 2015 to 53% funded in 2018. In 2019, the percentage increased to 54% and increased again in 2020 to 55%.

Desired Trend

Provide an annual funding increase to the lifecycle maintenance budget to meet the lifecycle requirements as outlined in the Asset Management Plan.

​Why is this measurement important?

In addition to meeting community needs, effective asset management helps local governments meet their fiduciary responsibilities to taxpayers and helps ensure proper stewardship of public works, infrastructure, administrative accountability and public transparency.

Asset management helps municipalities maintain and operate infrastructure so critical services can be provided to the community. It helps provide municipal leaders with this information.

The performance of a community's infrastructure provides the foundation for its economic development, competitiveness, prosperity, reputation and the overall quality of life for its residents. Reliable and well-maintained infrastructure assets are essential for the delivery of critical core services for citizens.

How is this measured?

Taking the total value of assets to be maintained by the municipality and comparing it to the amount of lifecycle funding that has been allocated by Council.  Lifecycle funds are allocated each year to be saved for future maintenance or replacement of the asset. It is similar to a homeowner saving funds each year knowing they will need to replace their roof in the future.