As part of the budget deliberations, the Town of Comox has approved an "Infrastructure Renewal Fund" to address the gap between available funding and the amount needed to maintain its infrastructure. These funds dedicated to capital replacement aim to ensure that essential infrastructure, including facilities, roads, underground pipes, parks, and trails, remains in a state of good repair.
"Investing in this capital replacement fund and representing it on tax notices allows for transparency," said Comox Mayor, Nicole Minions. "Comox is transitioning from a reactive state, which tends to incur much higher costs over time, to a proactive approach where we manage our local infrastructure with careful consideration of risk. With the latest data, the Infrastructure Renewal Fund emerged as the best solution for our community and the essential infrastructure we rely on today and for future generations. The Town currently has over $270M in assets, and maintaining them is part of building a strong, vibrant community. "
Residents will notice a separate line item towards infrastructure renewal with an average charge of $51.70 on their 2024 tax notices, with the same increase applied over the next ten years (or as amended based on updated yearly information). This charge is crucial for maintaining the Town's infrastructure, as it helps prevent expensive emergency repairs and safeguards citizens' health and safety by reducing the risk of major infrastructure issues, such as water main bursts or severe deterioration of the roads.
Key infrastructure details include:
- The Town owns and manages over $270M of physical assets, including transportation, buildings, equipment, land improvements, storm, water and sewer systems.
- The Town requires $3.2M invested in infrastructure a year in order to maintain current service levels.
The community can follow the budget process by visiting the Town's website at comox.ca/budget. Residents are encouraged to participate actively by addressing Council during the public question period at the Regular Council meetings or by emailing council@comox.ca. Whether in person at 1801B Beaufort Avenue or listening online on the Comox YouTube Channel, resident involvement shapes the future of our Town.
-30-
Media Contact:
Jordan Wall, Chief Administrative Officer
jwall@comox.ca
250-339-2202