Title
Natural Assets Project Update
Proposed Motion
That the Natural Assets Project Update be received for information, as presented.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To provide Council with an update on the Natural Assets Inventory and Valuation Project. The purpose of this project is to gain deeper insight into Parkland County's natural assets and their value, in terms of the ecosystem services they offer and/or the costs associated with replacement. The assessment will evaluate natural assets within the County's municipal borders.
Summary
Similar to engineered assets, natural assets provide beneficial municipal services like water storage, improved water quality, climate resilience, and erosion protection. Completion of a Natural Assets Inventory and Valuation will improve our understanding of the services, value provided and ensure integration into the County's assets management system.
The project is expected to be completed over the next 14 months; key milestones are as follows:
1. Initiation and Scoping - March-May 2024
2. Inventory Creation - April-October 2024
3. Reporting - October 2024-May 2025
Historical Information:
Parkland County received a sum of $293,500 from the Provincial Watershed Resiliency and Restoration Program (WRRP) for wide-spread natural asset management. $70,000 of this grant funding was allocated to the inventory and valuation contract. On May 23, 2023, Council approved a motion to complete the work.
Strategic Plan/Policy/Legal/Staff Implications:
Council's Strategic Plan - ESA Conservation Policy Framework
ICSP - Broad Objective: Functioning Natural Ecosystems
Municipal Development Plan - retain the quality and abundance on natural ecological capital
Stormwater Master Plan - investigate ways that natural assets and licensed drainage ditches could be incorporated into the County's GIS system and mitigate climate change through integrating engineering stormwater system ...
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