Ontario Construction News staff writer
A 2021 Corporate Asset Management Plan has been created to enable Mississauga council to monitor and manage infrastructure assets.
“Managing our key infrastructure assets, such as our roads, bridges and stormwater sewers is at the core of what we do at the city and is critical to our ability to provide residents with the services they require,” said Mayor Bonnie Crombie.
“This Corporate Asset Management Plan provides us with the guidance to identify key funding gaps, so we can effectively plan, maintain and address the state of our aging city infrastructure.”
The report estimates the replacement cost of core assets currently at $9.2 billion and the overall state of its core infrastructure to be in “good” condition. Like other municipalities, Mississauga has identified an infrastructure gap for its core assets. The estimated average annual gap for road pavement rehabilitation (from 2019-2028) is $20-30 million and $2.1 million for stormwater assets.
The plan also states that funding needs compared to available funding has resulted in an infrastructure gap for specific core assets. A strategy to manage the infrastructure gap will be incorporated into future phases of the asset management program. This aligns with provincial deadlines for council to approve proposed community levels of service by July 2025 for its assets.
“Mississauga’s infrastructure supports a wide range of services for residents, businesses and visitors,” said Shari Lichterman, Commissioner of Corporate Services and Chief Financial Officer. “That’s why it’s important to have this Corporate Asset Management Plan in place to help identify key funding gaps and ensure that the city can continue to be productive and prosperous while acknowledging our infrastructure funding needs to maintain a state of good repair.”
City staff will continue to seek additional opportunities to obtain infrastructure funding from senior levels of government for road infrastructure, stormwater, transit and active transportation projects to control the size of the infrastructure gap.
“Currently the city is applying for funding under the federal Disaster Mitigation Adaptation Fund to assist us in infrastructure projects that will help the city minimize and mitigate impacts as a result severe weather and flooding,” Lichterman said,
The proposed 2021 Corporate Asset Management Plan will go to council on Wednesday( Sept. 29) for final approval.