The City of Colwood tops the list of BC municipalities when it comes to Asset Management.
Today Colwood Council was presented with the Community Excellence Award for Excellence in Asset Management at the Union of BC Municipalities (UBCM) Convention in recognition of the Colwood Sustainable Infrastructure Replacement Plan.
The award recognizes projects and programs that demonstrate a comprehensive system of asset management policies and practices that meet and/or exceed accepted best practices. Colwood's Sustainable Infrastructure Replacement Plan was selected from six applications as the winner in this category at this year’s UBCM Convention.
It also means that Colwood taxpayers can rest assured that their city's assets will be maintained for generations to come, thanks to responsible planning by City staff and Council.
Why residents should be glad the City has an infrastructure replacement plan
When you know your roof will need replacing within five years, you start setting money aside for the work. That's asset management.
Responsible management of assets like roads, parks, natural assets, sewer and drainage systems, buildings and vehicles is one of local government’s primary responsibilities. The City of Colwood owns and maintains about $350 million dollars worth of infrastructure.
Over the next 20 years communities across Canada will face considerable costs to replace or renew these assets. In the absence of sound asset management practices, many communities will face a significant funding gap that will rest on the shoulders – and in the wallets – of future generations.
It costs nearly $5 million dollars each year to keep all of Colwood's infrastructure in good working order and provide the services citizens expect.
The Sustainable Infrastructure Replacement Plan sets aside the appropriate budget each year to ensure funding is in place to 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.
So really, responsible asset management means everybody wins!
Colwood is an exceptional seaside city on Vancouver Island in Beautiful British Columbia, Canada. www.colwood.ca
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Sandra Russell, Communications Manager