The two Key Initiatives presented in this master plan are aimed at reducing the unfunded liability portfolio-wide, while making the most significant impact towards environmental and social goals.
The Maintain Well Key Initiative is specifically aimed at recommending appropriate service standards for city facilities. It recommends levels of funding and provides a path to gradually implement these service standards as buildings are invested in over time through the annual budget cycle. The Maintain Well Key Initiative is the goal for every city facility. This initiative provides three funding levels and a gradual approach for putting buildings on this path over time through the annual budgeting process. It recommends that after a large capital investment in a building, ongoing annual funding be provided to maintain the building well into the future, plan for future capital renewal needs and building adaptation which will result in savings in operations and maintenance budgets.
The Consolidate Uses Key Initiative is an approach that makes the most significant impact portfolio-wide through one initiative. Consolidation of roughly 25% of the building portfolio to two centralized campuses results in a reduction of the Unfunded Liability across the entire portfolio of more than 60% and stabilizes future liabilities. The underlying premise to this initiative is to leverage the current inefficiencies in city buildings to fund consolidation. Consolidation – whether pursued aggressively or over time – drives towards meeting the city’s climate goals and social values in addition to being fiscally responsible.