Trinela Cane, Commissioner, Corporate Services, addressed the Committee to provide opening remarks and noted that this report is requesting Council approval to sole source two contracts with respect to the Corporate Asset Management work plan and to support City compliance with Ontario Regulation 588/17 to ensure long term sustainability of municipal infrastructure. She introduced, Denny Boskovski, Manager, Corporate Asset Management and Renee England, Senior Manager, Corporate Asset Management.
Mr. Boskovski, presented, Corporate Asset Management Update and Procurement of Professional Services, which provided an overview of the City's Corporate Asset Management plan progress and details related to the procurement of the consultant required to develop the new Corporate Asset Management and Governance Framework and the 2024 Asset Management Plan project.
There was discussion in relation to the current asset management plan and how it differs from the proposed plan. Staff indicated that the new plan will assess growth over time, consider a risk-based framework and provide performance metrics to increase the City's capability to make better investments on current and future assets over a 25 year period and beyond.