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- may be made to the OMPF program in future years. The City receives approximately $23 million annually in OMPF funding and, while those funds are not used to directly fund capital projects, significant reductions to the program will make it more difficult for the City to transfer the budgeted amounts from the operating to the capital budget.
- - There is also a risk, common to all Ontario municipalities, that the funding sources available to the municipality, notwithstanding significant increases over the last 10 years, are not sufficient to sustain the service levels of existing assets. This risk is considered likely to almost certain to occur and with the seriousness of the consequences being high, making this a critical risk (albeit a risk that nearly all municipalities face). The Asset Management Plan approved by City Council in 2019 identified funding recommendations to mitigate this risk.
- - There is also a risk that the future capital funding plan approved in principle may need to be revised or revisited in future years should competing or significant financial demands arise as a result of major ongoing litigation matters, significant capital and development initiatives, etc. This can be mitigated to some extent by setting aside sufficient reserves, use of new and alternative funding strategies and the approval of the recommended Asset Management Plan increase.