The City of Nanaimo does not currently collect enough money to maintain the assets it has and build the new ones it needs.
The chief financial officer, Victor Mema says an asset management update indicates a shortfall over the next two decades….
Mema says the Asset Management strategy includes several recommendations to close the funding gap including a recommendation to continue with an annual 1 per cent increase to property taxes which adds about a million dollars
a year to the fund.
a year to the fund.
He says other strategies include a review of the fees developers pay to offset costs related to delivering municipal services to new developments.
