Staff’s presentation included details related to the infrastructure gap identified in the recently released Asset Management Plan, Reserve figures and a 10 year forecast, which is the minimum requirement identified by the Province.
“It is important that the Town now has in place an Asset Management Plan that will dictate priority projects over the next 10-15 years based on the life expectancy of our assets. This Plan will also help the Town secure provincial and federal funding when grants become available”, stated Mayor Redekop. “Municipalities all over the country are struggling with the challenge of minimizing the infrastructure funding gap while being cognizant of the ability for taxpayers to continue to foot the bill, so it is important that we are prepared with priority projects when funding announcements are made”.
The approved 2015 Capital budget consists of 49 projects totalling $12.05 million, with the majority of projects falling under the Infrastructure Services umbrella. Key projects include the Crescent Park Storm Drainage Phase 4, LED Streetlighting project and Bernard Avenue storm sewer project.
The Director of Financial Services, Jonathan Janzen, noted “The Town has made good progress toward long term financial sustainability through its strategic capital reserve measures, which will be further guided by the Town’s new Asset Management Plan. In 2015, 85% of the Capital Budget is focused on maintaining what we have through replacement or rehabilitation of existing infrastructure. 15% of the Capital Budget is for new or growth assets”.
Corporate Services Co-Chair, Kimberly Zanko, further noted “With the majority of Council being new to the municipal budget process, it is important that we understand the impacts not only to the pipes in the ground and the pavement on our roads but also to the residents that will bear the brunt of any increases”.
The Town’s Budget process continues:
- February 9, 2015 – Water and Wastewater Budget and User Fee By-law
- February 18, 2015 – Library and Economic Development and Tourism Corporation
- March 5, 2015 – General Levy Operating Budget
For further information and to view 2015 Budget presentations, visit us on the web at www.forterie.on.ca and click on the Budget banner. All Council-in-Budget Committee meetings are also broadcast live on-line.
For more information, contact:
Interim Chief Administrative Officer
905.871.1600 Ext. 2400
Email address: email@example.com
Director of Financial Services
905.871.1600 Ext. 2300
Email address: firstname.lastname@example.org