Councillor Gord Perks said the report highlights the structural nature of the city’s financial problems.
“Frankly, I’m terrified,” he said.
“What we have learned is that to keep our infrastructure in working order so we can deliver services over the next 10 years, we need $40 billion. Our current capital plan is about a third of that.”
A update on the city’s corporate asset management plan is a snapshot of more than $73 billion worth of city property across 25 divisions and agencies. And while it concludes that most is currently in “fair” condition, more than $40 billion is needed to maintain current service levels over 10 years.
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