Item - 2026.EX32.8

The Executive Committee recommends that:

1. City Council adopt the report (June 2, 2026) from the Chief Financial Officer and Treasurer as required under Ontario Regulation 588/17: Asset Management Planning for Municipal Infrastructure.

2. City Council adopt the Corporate Asset Management Policy set out in Attachment 1 to the report (June 2, 2026) from the Chief Financial Officer and Treasurer, and City Council delegate authority to the Chief Financial Officer and Treasurer to affect any further technical amendments to the policy as required.

On May 21, 2025 City Council adopted report EX23.7 - City of Toronto’s 2025 Corporate Asset Management Plan for all municipal infrastructure assets in accordance with Ontario Regulation 588/17: Asset Management Planning for Municipal Infrastructure (the "Regulation") under the Infrastructure for Jobs and Prosperity Act.

The 2025 Corporate Asset Management Plan (AMP) encompassed 26 City Divisions, Agencies, and Corporations (DACs) that hold ownership and/or responsibility over City-owned municipal infrastructure assets, as defined by the Regulation. Organized into 9 service areas and 26 subservices, the AMP exhibited the multitude of services provided by the City, demonstrating the relationship between service delivery and the assets that support those services. The 2025 Corporate AMP represents the final milestone of O. Reg. 588/17.

In accordance with the Regulation’s ongoing accountability requirements for Ontario municipalities, the City must undertake an annual review of its asset management (AM) program and report on progress to Council on or before July 1 of each year. This report constitutes the City’s first annual AM progress update to Council, addressing the following areas, as required:

a. the municipality’s progress in implementing its asset management plan;

b. any factors impeding the municipality’s ability to implement its asset management plan; and

c. a strategy to address the factors described in clause (b).

Overall, the City has made significant progress in its AM program, including establishing a CAM strategy and roadmap; completing its first AM readiness assessment and data collection exercise; strengthening integration with the City’s budget process; developing internal AM dashboards to support evidence-based decision-making; and establishing a dedicated AM network across agencies, boards, and corporations.

In conjunction with the continued development of the City’s AM program, an internal review of the 2019 Corporate Asset Management Policy was undertaken. This review resulted in technical amendments to reflect the formal establishment of the Corporate Asset Management (CAM) function and updates to associated definitions, roles and responsibilities. It is recommended that City Council approve these technical changes and delegate authority to allow for future non-substantive amendments to the policy, as required, to support ongoing program refinement and compliance.