Asset Investment Planning: The Keys to the City

Cities and towns have an increasingly difficult job – to create and maintain a livable community and keep taxes reasonable every year, even while public infrastructure ages. 

But city budgets can’t keep up with the maintenance required on existing assets, let alone anything new that is being built. Short term repairs take the place of longer-term asset investments, and the deferred maintenance backlog grows every year. It has always been difficult to maintain public assets, but it is getting even harder now as: 

• Pandemic funds are drying up. 
• Employees are retiring at a higher rate. 
• Recruiting new employees is becoming more difficult. 
• New and increasing natural disasters are making it harder to be prepared. 

These challenges are driving governments to continually look for ways to spend taxpayer money wisely, make their assets last as long as possible, and understand when to replace assets vs. continue repairs. 

We’ve noted five “keys” for city leaders to drive a more Asset Investment Planning mindset.