Councillors are being told the city is not setting aside enough money to support its critical assets.
City Treasurer Linda Evans says it is estimated the City should be spending and/or putting aside $55 million per year for costs and replacement of the road, sewer and water system.
“The difference between what we are budgeting every year and having money set aside to replace those assets at the end of their life, the difference between those two amounts is approximately $20 million,” notes Evans.
Councillors will have a chance to debate the issue at their regular meeting Monday evening as they get updated on the Asset Management Plan which the provincial government requires all cities to develop.
