A new report coming to Cambridge council shows the cost to fix and maintain infrastructure in the city over the next 10 years has increased significantly.
The Interim 2024 Asset Management Plan shows the cost for maintaining and repairs would cost $872 million between 2024-2033. That’s an increase of $146 million from the $726 million in the city’s approved 2024 capital budget for the next 10 years.
The report notes current levels of funding are not enough to maintain levels of service.
“The city continues to work with all levels of government to identify funding opportunities and to explore alternative revenue streams to maintain the city’s
infrastructure in a state of good repair,” read the report.
While the average rating for the city’s assets was “good” the number of assets rated as “very good” or “good” decreased from 74 per cent in 2017 to 70 per cent.
Meanwhile, poorly rated assets rose from nine to 14 per cent during the same time period. The replacement value for poorly rated assets came in at $587 million, over twice the amount of $228 measured in 2017.
In total, it would cost $4.2 billion to maintain and repair all assets owned by the City of Cambridge.
Cambridge council’s next meeting is scheduled for July 9.