Last week, we shared the first part in a series about reserves and asset management. The article looked at recent updates to reserve bylaws and the state of the Village's reserves.
In Part 2, which follows, we will look more closely at strategic asset management.
Members of Council recently participated in a Southern Interior Local Government Association’s (SILGA) asset management and infrastructure deficits seminar in Kamloops to gain a better understanding of strategic asset management.
What is strategic asset management?
Strategic asset management is a formal planning process for assets and services that contribute to the quality of life of residents. It considers current and future needs of the community and the services that the community is willing and able to pay for.
This holistic approach considers effective ways of managing existing and new infrastructure and to provide municipal services in a way that is financially sustainable. It is a long-term approach that informs budget and investment decisions based on the full lifecycle costs of building, maintaining, operating, renewing, disposing of, and replacing assets. Reserves are an important part of this.
What are the next steps?
Council will have a chance to consider adoption of the reserve bylaws from the November 5, 2024, Council meeting during the November 26, 2024, Council meeting. Staff will bring a report to Council outlining all of the reserve funds and the current balances in those funds. This will assist Council as they move into the 2025 planning cycle.
Later this year, Council will also finalize its strategic plan and share it with the community. The strategic plan will inform the 2025 budget discussions and development of the 2025–2029 Five-Year Financial Plan, including tax rates and reserve contributions. We will share updates and provide opportunities for community input during the budget process.