This project will ensure that Asset Management for the RDN uses accurate replacement costs data for all RDN assets based on current-year industry pricing - an essential component to sound, long term financial planning for investing in regional assets and infrastructure.
Each year, the Government of Canada provides over $278 million in funding for local government infrastructure across British Columbia through the Federal Gas Tax Fund. The Union of BC Municipalities administers the Federal Gas Tax Fund in British Columbia in partnership with the Government of Canada and the Province of British Columbia.
"Communities across BC are looking for funding to replace, upgrade and expand local infrastructure. The federal Gas Tax Fund is accelerating the pace of infrastructure renewal through the transfer of close to $3 billion since 2005 for projects in our province. I appreciate the Government of Canada's long-term commitment to fund priorities identified by BC local governments." shared Director Wendy Booth, President, Union of BC Municipalities.
This project is important to the RDN as it will help to provide accurate infrastructure renewal and replacement plans inform decision-makers on the true total cost of delivering services at current levels. Long term asset management plans also provide early knowledge of potential spikes in future revenue requirements when high cost, critical or multiple assets need replacement at the same time. Knowing the true cost of service delivery over full asset lifecycles provides the time needed to plan for large expenditures, stage infrastructure investments over time, or adjust service levels to ensure that both costs and community expectations are met.
"At the RDN, funding our infrastructure using a full-cost, asset management focus is integral to our success. This funding announcement will improve our ability to provide the core services that benefit our residents, while also providing a complete understanding of costs over the long term," said RDN Board Chair, Bill Veenhof.
To see all the projects funded through this intake, visit: www.news.gov.bc.ca/16553
To learn more about the federal Gas Tax Fund visit: www.infrastructure.gc.ca/plan/gtf-fte-eng.html
Manager, Strategic Initiatives
Regional District of Nanaimo