The CAO provided a detailed overview of the Asset Management Plan (AMP) which captures a snapshot of the Township's assets and their condition up to December 2023, highlighting that 2024 capital work is not reflected within the document.
A proposed 2.7% capital levy was noted, highlighting that the current 3% management fees received from the Port of Johnstown would cover the proposed increase. Additionally, proposed increases to the water and waste water fees were made within the AMP, noting that increases to user fees had not been made in several years.
The CAO highlighted the following: key statistics compared to the 2020 AMP, recommendations for tax funded assets, outlined asset categories, the criteria for rating asset quality, service life remaining and the flexibility based on individual assets, and the total replacement cost of $256,469,000.00 for all core and non-core Township assets.
A phased approach was recommended for reviewing individual Township asset conditions, the level of service required/viable, the useful life remaining and the requirement and cost of replacement of assets during future discussions.
A focus on the roads and water networks was noted as a priority within the AMP, however, as previously indicated, the capital investments made in 2024 were not reflected within the document, and lower values will be reflected following the completion of the 2024 capital work.
A capital investment of $4.5 million for 2024 was noted, which is under the suggested annual capital investment of $7.5 million proposed within the AMP. Consistent increases to capital investments year over year were noted in comparison to the suggested investment. The financial strategy recommendation of a 2.6% tax increase annually for 15 years was noted to continue progress on closing the capital infrastructure gap.