Closing the Gap The County Infrastructure Deficit November 6, 2019 - - PowerPoint PPT Presentation
Closing the Gap The County Infrastructure Deficit November 6, 2019 Challenges Faced by Municipalities Aging critical infrastructure Deteriorating infrastructure condition due to environmental conditions Increased demand and
environmental conditions
payers
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Council Approval – February 20, 2019
2018 Asset Management Policy and Plan Identified significant challenges to
sustaining its aging infrastructure assets.
Strategic direction is needed to plan for the future.
This proposed tax levy increase is not confirmed and does not close the gap. Currently
For several years, a dedicated
infrastructure levy of 2.0% has been used.
Closing the Gap
To close this gap several fiscal tools
can be considered.
Reducing service, cost efficiencies,
grant funding, tax levy increases.
Balance affordability and risk.
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year increase to the average residential taxpayer in the County of Peterborough (75¢ per month).
in the County of Peterborough for 2019 taxation purposes is $257,750.
from Municipal Property Assessment Corporation (MPAC).
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– danger to health and safety of occupants, – acceleration of component replacements (e.g. roofing), – catastrophic repairs & associated insurance premiums, – interruption or loss of operations, – deterioration of facilities to the point of loss of use and/or requirement for replacement.
infrastructure include:
– ratepayer inconvenience, – reputational loss, – catastrophic failure of assets, – reduced public safety. – higher travel times between communities.
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by 2028.
condition deteriorates.
2020.
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Option Dedicated Tax Levy Funding Gap Asset Condition Risks Do Nothing – Infrastructure Deficit Expands 0% $92.9M Declines Increase Reduce Infrastructure Deficit to 50% by 2028 2.25% $46.2M Declines Increase Eliminate Infrastructure Deficit by 2028 4.25%
Stabilize Decrease Expedited Infrastructure Deficit Elimination by 2024 5.56%
Stabilize Decrease
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Option Dedicated Tax Levy % Tax Levy in 2020 Effect on Average Ratepayer Do Nothing – Infrastructure Deficit Expands 0%
by 2028 2.25% $967,817 $20.25/year $1.69/month Eliminate Infrastructure Deficit by 2028 4.25% $1,845,099 $38.25/year $3.19/month Expedited Infrastructure Deficit Elimination by 2024 5.56% $2,413,824 $50/year $4.17/month
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Council Direction – November, 6 2019
Strategy be adopted by Council to eliminate
the County’s existing $93M infrastructure funding gap by the end of 2028.
Address significant challenges with County
infrastructure assets.
Close $93M gap
Tax Levy increase 4.25% in each of the next 9 years
Additional $38.25 in 2020 or $3.19 per month for average County tax payer.
Proposed
Dedicated infrastructure levy of 4.25%
starting in 2020.
Include additional $1,845,099 funding in
2020 budget deliberations.
Closing the Gap
Dedicated infrastructure levy of 4.25% in
each of the next 9 years.
Balances affordability with the needs of
the community.
Zero Gap. 17
Planning, County of Peterborough Council identified the need to implement a long term funding strategy for the purpose of addressing the significant infrastructure deficit of roads and bridges that will be experienced over the next 10-year period; and further
Peterborough Asset Management Plan and Policy was adopted and approved by Council, which demonstrates the scope and magnitude of the County’s $93M infrastructure deficit, and further;
the County’s existing infrastructure funding gap by the end of 2028, as outlined in the approved 2018 County Asset Management Plan; and further
County’s infrastructure capital program; and further
year to 2028, as part of County’s 10-year capital forecast, budget, and reserve fund planning horizon; and further
as part of the 2020 budget deliberations.
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