On June 1 Council agenda there is a report presenting the Township’s 2026 asset management progress report which the Council is asked to approve. The report also requests that Council endorse the inclusion of sufficient capital funding in the 2027 budget to implement the asset management plan.

The subject is extremely important as it is an important act of long term stewardship. Our plan establishes a disciplined framework linking asset condition, levels of service and long range financial planning which impacts both today’s residents and future generations. Replacement cost of our assets is $1.43 billion; of that 43% is for the tax funded facilities. To maintain progress as planned under our 15 year funding strategy $14.3 million in tax supported capital funding is required for 2027.

Our asset management plan has a goal of closing the gap between what is required to have funding in place by 2040 and what we currently have.   As one reads how that gap is calculated one is reminded how we do not have certainty on the support from the Province; in 2022 the Province did introduce a temporary multi year increase to the Ontario Community Infrastructure Fund(OCIF) but it is time limited and we are assuming a reduction beginning in 2017 in order to be conservative.

I understand and believe that we do need to be exercising disciple to ensure that we have the financial means to replace and maintain assets for future residents.  Having said that I wonder if we being too aggressive to close the gap.  Today’s residents are dealing with financial pressures unanticipated.  Perhaps we could reduce how much tax supported funding we do in 2027.  I am not suggesting zero; rather what about 25% less i.e. $3.7 million less.

As always deputations can be made. To do so please register at clerks@king.ca by noon on June 1 or If you prefer you can e-mail your comments to clerks@king.ca and they will be distributed to Council members and appropriate staff.