Andrea TaylorFinance Department705-739-4220 ext: 4429
The City's Dedicated Infrastructure Renewal Fund allows the City to fix infrastructure while
significantly reducing debt and saving residents millions of dollars.
Like most municipalities, Barrie has a significant gap between the amount of money available each year to maintain its infrastructure and the amount of money needed to ensure infrastructure remains in a state of good repair.
In 2015 the City introduced the Dedicated Infrastructure Renewal Fund to help address this problem by closing the gap. The fund is used only for the replacement and rehabilitation of Barrie’s roads, bridges, buildings and other infrastructure.
Investing 1% of property taxes into this dedicated fund allows for increased, transparent funding to keep more of our infrastructure well maintained and avoid costly repairs, while reducing the City’s debt substantially.
Our infrastructure refers to the physical assets that the City uses to deliver services to our community. The City currently owns $3.5 billion worth of infrastructure, which includes our roads, bridges, storm water drains and sewers, streetlights, sidewalks, community centres, water treatment facilities, buses and much more.
Just like we need strong bones to keep us healthy and active, cities need well-maintained infrastructure to keep our communities safe, healthy and livable. It makes people and businesses want to locate here and is a key ingredient to building and supporting a strong, vibrant city.
Maintaining our infrastructure is important not only because it saves us money on expensive emergency repairs, but also because it helps protect the health and safety of our citizens by decreasing the risk of a major failure such as a water main bursting or road crumbling.
According to Barrie’s
Asset Management Plan, the City should be investing $86 million each year to keep our infrastructure well maintained.
Infrastructure is funded through a combination of property taxes, reserve funds, development charges, debt financing and funding from Provincial and Federal Governments through gas taxes.
Since its creation in 2015, the Dedicated Infrastructure Renewal Fund has generated approximately $37.5M to help fund such projects as:
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