City of Waterloo council summary (9)

The council summary below provides a snapshot of the major items presented at this evening’s council meeting. Please refer to the minutes for an official record of the meeting.

First asset management report cards unveiled
Council received the first two newly developed Asset Management Tax base report cards, developed by city staff. The report cards are intended to keep both council and the community informed about the efforts to sustain existing and planned infrastructure. Two reports cards have been created – transportation and city-owned facilities. The report card shows the current condition of the city’s transportation assets is considered good, it has a total asset replacement value of $769 million and receives annual average funding of $3.3 million. However, if funding remains at the current rate, its projected condition will drop to very poor over the next 25 years. It is facing an annual funding gap of $15.1 million to maintain it at a good level. The other report card is for city-owned facilities, which has a total asset replacement value of $268 million. Its current condition is rated as fair. The city currently spends, on average, $2.8 million annually to maintain its facilities. However, the rating will drop to very poor if funding remains at the same level over the next 25 years. It is facing an annual funding shortfall of $1.5 million. Staff will develop report cards for other key assets.

City records surplus
Council approved the allocation of the 2018 budget surplus, with the funds split between the tax stabilization fund and the capital infrastructure reinvestment reserve. The one-time, total surplus is $3.3 million.

Council supports two-tier municipal government
In response to the province’s regional reform discussions, Council unanimously supported a motion brought forward by Mayor Dave Jaworsky affirming that Council supports the current two-tier governance model. This model fosters civic engagement, collaboration, effective and efficient service delivery while delivering desired services to the community through an accountable and transparent model. The city also remains committed to working with our municipal neighbours where efficiencies can be introduced that benefit the community.

Media contact:
Tony Iavarone
Director, Corporate Communications 519-747-8513
tony.iavarone@waterloo.ca