With the infrastructure deficit growing, Lumby officials are preparing for the future.
Council has endorsed an asset management strategy presented by staff.
“It’s a goal that we are moving towards,” said Mayor Kevin Acton. “We need to put reserves away for when we need it. We’re looking at pipelines, roads, bridges and sidewalks. It’s pretty massive.”
An asset management plan indicates how infrastructure will be managed over a period of time.
“The plan describes the characteristics and condition of infrastructure assets, the levels of service expected from them, planned actions to ensure the assets are providing the expected level of service and financing strategies to implement the planned actions,” said Ken Klassen, former finance director, in a memo.
Presently, the village has identified its assets and their historical value.
“From that information, we have been able to determine our annual amortization (depreciation) and have through the reserve policy established a funding mechanism for its eventual replacement,” said Klassen.
Because of Lumby’s limited tax base, financial assistance is being sought from federal and provincial levels of governments to ensure upgrades proceed.
The village is also focusing on bolstering the economy so there is additional tax revenue.
“That’s why we are working hard to improve the industrial park and bring in seniors residential housing,” said Acton.