As part of Councils' strategic focus areas, management compiled a 10 year Capital Plan. The Plan was developed to promote proactive planning of capital expenditures and to establish spending priorities and overall capital improvement goals.
The 10 year Capital Plan is divided into three separate components:
Vehicle, Machinery and Equipment Replacement - The replacement of our existing vehicles, machinery and equipment that would be expected to be replaced at the end of their life cycle in order to continue the services that are currently being delivered. The replacement schedule that was compiled is based on a sustainable replacement program developed for each class of asset, which considers the frequency of use of each asset as well as its expected life cycle.
Capital Replacement/Improvement Programs - Programs established to replace or improve the City's long term assets based on a predetermined dollar amount per year. The specific replacement/improvement plans will be recommended to Council each year to ensure that current priorities are addressed. Examples of these programs are the Street Improvement Program, Linear Paths, Water Main Replacement, and Playground Equipment Replacement.
New or Non-recurring Capital Projects - Projects or assets which add to the City 's infrastructure base, or revitalize/replace an asset beyond the current scope of the assets being replaced . These projects or assets would require a one-time capital outlay and then may or may not be replaced on a regular basis at the end of their life cycle. Examples of our 2015 projects include the continuation of Cassils Road Rehabilitation and the renovation of Lakeside Leisure Center.
The 10 year Capital Plan
is also organized by department and year, and the recommended funding
for each project is identified. All projects listed in the plan will be
reviewed, in the appropriate year, through the annual budget process.
Therefore inclusion in the capital plan does not necessarily mean
project approval, it means that the City is considering it, planning for
it, and identifying possible financing options for it.