The total estimated replacement value of the assets captured within this AMP is $3.36 billion, expressed in current (2024) dollars. The 2024 replacement value represents a $1.06 billion, or nearly 46%, increase since the previous 2022 AMP was developed due to a combination of inflation and improved data quality.
80% of Belleville’s assets are in fair or better condition
Average infrastructure gap of $39.62M per year
Options
It is the City’s responsibility to ensure that the City’s assets are managed sustainably and hence the City of Belleville shall actively manage this ‘gap’. Typically, this is achieved through:
- Increase Funding
- Accepting Increased Risk
- Accepting Lower Level of Service
Based on the current funding gap, by funding source, funding increases would need to be:
- 25.54% immediate tax levy increase, or 2.3% annual increase
- 64.80% immediate Wastewater user rate increase, or 5.13% annual increase
- 18.23% immediate Parking user rate increase, or 1.69% annual increase
REC. NO. 213-2024
Moved by Councillor Garnet Thompson
Seconded by Councillor Sean KellyTHAT the Asset Management Plan – Current Levels of Service, as outlined in the Accounting Coordinator’s Report No. AC2024-04, be approved, and
THAT the updated Asset Management Policy, be approved
June 24, 2024
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