Did you know the City of Colwood owns and maintains about $350 million dollars worth of infrastructure? This includes things like roads, parks, natural assets, sewer and drainage systems, buildings and vehicles.
It costs nearly $5 million dollars each year to keep all this infrastructure in good working order and provide the services citizens expect.
Council has approved a proactive plan to ensure that funding is in place and avoid sharp, sudden tax increases required due to unanticipated infrastructure breakdown.
The plan creates stable and predictable tax rates, avoids added debt servicing costs, takes advantage of investment returns, and supports our community's resilience to change.
Recognized with an Award of Excellence
The Sustainable Infrastructure Replacement Plan has earned the Canadian Award of Excellence from the Government Financial Officers Association (GFOA).
Roadmap to Sustainability
In the plan, you'll find an Infrastructure Report Card that gives each infrastructure category a rating of A through F. The report card outlines the current condition of assets along with the 50-year funding forecast required to maintain them. The plan then describes the steps the City will take to close the infrastructure funding gap in a stable and predictable way.
Read the plan at: City of Colwood Sustainable Infrastructure Replacement Plan
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