Infrastructure is linked to the economic, social and environmental advancement of a community. Municipalities own and manage nearly 60% of the public infrastructure stock in Canada. As analyzed in Chatham-Kent's Asset Management Plan 2017, and its Appendix June 2022, Chatham-Kent's infrastructure portfolio is comprised of roads, bridges, culverts, buildings, storm sewers, land improvements, the municipal airport, vehicles, machinery and equipment.
An Asset Management Plan (AMP) details the state of infrastructure and provides asset management and financial strategies to facilitate its pursuit of developing an advanced asset management program and mitigate long-term funding gaps.
In order for an AMP to be effectively put into action, it must be integrated with financial planning and long-term budgeting. The development of a comprehensive financial plan will allow the municipality to identify the financial resources required for sustainable asset management based on existing asset inventories, desired levels of service and projected growth requirements.
To learn more, see the report to Council from June 2022.