Town Of Comox Approves Infrastructure Renewal Fund To Maintain Valuable Assets

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.

"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. "

The 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.

Comox requires $3.2M invested in infrastructure a year in order to maintain current service levels.

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.

The Town says the charge is crucial for maintaining the Town's infrastructure, as it helps prevent expensive emergency repairs and reduces the risk of major infrastructure issues, such as water main bursts or severe deterioration of the roads.

To learn more, visit Town of Comox.