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Proposed 20 year plan to set course on infrastructure investment

NEWS RELEASE - Distributed April 10, 2017 9:00 AM

Summary

A 20 year plan outlining a comprehensive overview of the required investment needed to renew current infrastructure, provide new or upgraded infrastructure required for growth and implement strategic priorities was presented to Council during their April 5, 2017 Finance and Audit Committee meeting.

The 20 Year Investment Plan brings together three key planning initiatives: the Asset Management Update, the Development Cost Charges (DCC) Review and the 2017–2021 Financial Plan. The Asset Management Update included a robust review of the lifecycle plans for all City infrastructure, the timing of needed renewal investment and updated cost estimates. To date, the DCC Review includes an update of growth projections and required infrastructure investment in roads, drainage, sanitary sewer, water and parkland. The 2017–2021 Financial Plan includes steps to implement Council’s strategic priorities.

The updated 2017 - 2021 Financial Plan will be brought forward for Council's approval later this month.

Link to Strategic Plan: Governance Renewal - this priority guides Council and staff in renewing the City’s capacity to effectively and efficiently serve the residents of our community.

Key Points

  • The 20 Year Investment Plan projects $1.1 billion required infrastructure investment with current funding strategies of $794 million.
  • The City is projecting a funding gap of $258 million. The gap includes $117 million shortfall due to development needs and the balance is due to renewal needs.
  • Council has approved continuing the annual 1% increase in property taxes for contributions to the General Asset Management Fund Reserve to 2022 and to move forward with the public consultation phase of the DCC Review and completion of a new rates bylaw. These strategies will enhance the City’s current funding strategies and financial sustainability.

Quotes

Bill Bestwick

"The City will continue to work on initiatives to improve the City’s asset management capacity and financial governance. Current initiatives include: development of an asset management policy, a debt policy, a reserve policy and an asset management strategy. These policies and strategy will further support the City’s commitment and direction to sustainable and responsible delivery of community services."

Bill Bestwick
Finance and Audit Committee Chair / Councillor
City of Nanaimo
Bill McKay

"I have just attended the Mayor's Caucus at the Association of Vancouver Island and Coastal Communities Conference in Campbell River. Infrastructure funding and renewal continues to be the most important issue for Mayors from around BC. It is critical we address upcoming requirements and plan for renewal."

Bill McKay
Mayor
City of Nanaimo
-30-

Contact:

Deborah Duncan
Deputy Director, Financial Services
City of Nanaimo
250-755-4414

Print News Release

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