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News release

City of Mississauga Develops 2021 Corporate Asset Management Plan

Local government | September 22, 2021

Today, staff presented to General Committee the City’s 2021 Corporate Asset Management Plan; developed to monitor and manage the City’s infrastructure assets. In the plan, staff estimate the replacement cost of the City’s core assets currently at $9.2 billion and the overall state of its core infrastructure to be in “good” condition. Like other municipalities, the City has identified an infrastructure gap for its core assets. The estimated average annual gap for road pavement rehabilitation (from 2019-2028) is $20-30 million and $2.1 million for stormwater assets.

“Managing our key infrastructure assets, such as our roads, bridges and stormwater sewers is at the core of what we do at the city and is critical to our ability to provide residents with the services they require,” said Mayor Bonnie Crombie. “This Corporate Asset Management Plan provides us with the guidance to identify key funding gaps, so we can effectively plan, maintain and address the state of our aging city infrastructure.”

The plan states that funding needs compared to available funding has resulted in an infrastructure gap for specific core assets. A strategy to manage the infrastructure gap will be incorporated into future phases of the asset management program. This aligns with provincial deadlines for Council to approve proposed community levels of service by July 2025 for its assets.

“Mississauga’s infrastructure supports a wide range of services for residents, businesses and visitors,” said Shari Lichterman, Commissioner of Corporate Services and Chief Financial Officer. “That’s why it’s important to have this Corporate Asset Management Plan in place to help identify key funding gaps and ensure that the city can continue to be productive and prosperous while acknowledging our infrastructure funding needs to maintain a state of good repair.”

City staff will continue to explore additional opportunities to obtain infrastructure funding from senior levels of government for road infrastructure, stormwater, transit and active transportation projects to control the size of the infrastructure gap.

Lichterman added, “Currently the City is applying for funding under the federal Disaster Mitigation Adaptation Fund to assist us in infrastructure projects that will help the City minimize and mitigate impacts as a result severe weather and flooding.”

As asset management plans are further developed and funding gaps are quantified, these pressures will be brought forward through the annual budgeting process for Budget Committee to consider.

“While this is a legislative requirement for the City, asset management has been an ongoing part of our financial management practices. Through prudent budget and business planning practices, we ensure that available funds are applied in a fiscally responsible and prioritized manner,” said Jeff Jackson, Director of Finance and Treasurer. “As Mississauga continues to grow, more pressure will be placed on our infrastructure assets. Having an asset management plan in place will ensure that we are prepared for current and future challenges.”

The proposed 2021 Corporate Asset Management Plan will go to Council on September 29, 2021 for final approval.

Background

Council approved a Strategic Asset Management Policy in June 2019 that sets out its commitment to integrating asset management (AM) practices in its business processes. Adopting AM practices ensures assets will be effectively managed and provide a level of service in alignment with the communities’ expectations in both the long-term and short-term.

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Media Contact:
Christy Moffat
Communications Co-ordinator
Strategic Communications Division
City of Mississauga
905-615-3200, ext. 4364
Christy.Moffat@mississauga.ca
TTY: 905-896-5151