The City of Toronto’s 2025 Corporate Asset Management Plan (AMP), released today, outlines how recent strategic actions to invest in infrastructure renewal are expected to reduce the City’s infrastructure backlog and improve service reliability for residents in the years ahead.
Toronto residents rely on the City to deliver important services that depend on infrastructure such as transit, roads, bridges, water assets, shelters, community centres, libraries and emergency facilities.
Mayor Olivia Chow joined Chief Financial Officer and Treasurer Stephen Conforti and Filisha Jenkins, Manager, Corporate Asset Management, at a City-hosted media briefing to share the plan’s findings.
The City’s 2025 Corporate Asset Management Plan has a broader scope than previous plans, reporting on the future state of City assets, the cost to achieve proposed levels of service to meet growing demand and population growth, includes both core and non-core assets, considers their full lifecycle costs and identifies potential funding strategies.
With more than $32 billion in planned investments to maintain and improve infrastructure approved in the City’s Capital Plan, the City has reduced the gap from the $26 billion identified in last year’s Asset Management Plan report to $18 billion, or an $8 billion reduction.
Key highlights from the report include:
These findings are consistent with the City’s Long-Term Financial Plan and recent budget priorities which focus on addressing critical infrastructure needs.
Recent actions taken by the City to address these challenges include:
The 2025 Corporate Asset Management Plan will be reviewed by the Executive Committee on Tuesday, May 13 and if approved, will proceed to Toronto City Council for final consideration later this month.
This marks the City’s third Corporate Asset Management Plan developed to comply with Ontario Regulation 588/17 and the City’s Corporate Asset Management Policy approved by City Council in 2019.
More information is available on the City of Toronto’s Asset Management webpage.
Quote:
“Our plan is working. We have taken action to fix more things faster, keeping the City’s vital assets working for residents including roads, bridges, water lines, community centres, libraries and more. Toronto will continue to build, maintain and repair the infrastructure needed for our growing, world-class city. We are stronger together, working in partnership with the federal and provincial government to address the City’s infrastructure needs, especially for transit and housing.”
— Mayor Olivia Chow
Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on X, Instagram or Facebook.