HomeMy WebLinkAboutFIN-07-037 - Approval to Execute a Funding Agreement for Canada Ont Municipal Rural Infrastructure Fund Program (COMRIF) Asset Management Program Funding1
KITC~~R ' •
Financial Services
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: August 27, 2007
Submitted By: Pauline Houston, General Manager of Financial Services
Prepared By: Diane Luke, Program Manager, PSAB 3150 Tangible Capital
Assets Implementation
Dan Chapman, Director of Financial Planning & Reporting
Ward(s~ Involved: All
Date of Report: August 10, 2007
Report No.: FIN-07-037
Subject: APPROVAL TO EXECUTE A FUNDING AGREEMENT FOR
COMRIF ASSET MANAGEMENT PROGRAM FUNDING
RECOMMENDATION:
THAT the Mayor and Clerk be authorized to execute the Canada Ontario Municipal Rural
Infrastructure Fund Program (COMRIF) Asset Management Program funding agreement.
BACKGROUND:
The COMRIF program was introduced by the federal and provincial governments in November,
2004. On December 6, 2006 the governments of Canada and Ontario announced the launch of
the Asset Management Program (AMP) component of the COMRIF program.
In this final intake of applications, COMRIF has made available funds to assist eligible
municipalities with improving the management of infrastructure assets. Specific initiatives that
are eligible for this funding include: defining an asset threshold; inventorying current assets;
assessing their condition; and estimating remaining useful life. The City of Kitchener is eligible
to receive funding of up to $ 62,853.
REPORT:
To comply with the PSAB 3150 -Tangible Capital Assets requirement, the City of Kitchener
plans to undertake the specific initiatives that are eligible for funding under the AMP program for
its extensive capital asset base.
Council previously approved a three year budget for implementing the PSAB 3150 initiative,
which has subsequently been combined with the Finance and Infrastructure System
Implementation budgets. Receipt of the funds from this agreement will occur in the 2008/09
Provincial fiscal year and were included in the joint project budget presented to Council on
August 13th.
FINANCIAL IMPLICATIONS:
Direct costs incurred between the program announcement date, December 6, 2006 and March
31, 2009 are eligible for funding if they relate to the specific initiatives defined under the
program. The City of Kitchener is eligible for up to $62,853; the total Federal and Provincial
contribution.
CONCLUSION:
The City of Kitchener has eligible activities for COMRIF AMP funding as part of the PSAB 3150
Tangible Capital Assets Implementation. As such, staff recommend that the funding agreement
be executed so that the funds may be accessed.
Pauline Houston, C.A.
General Manager of Financial
Services & City Treasurer
Dan Chapman, C.A.
Director of Financial Planning
& Reporting
Diane Luke, CMA
Program Manager, PSAB 3150
Tangible Capital Assets Implementation