Title
10:00 a.m. Appointment - Natural Asset Inventory and Valuation
Proposed Motions
1. That Council accept the Natural Asset Inventory and Valuation report for information, as presented.
2. That Council direct administration to include natural asset implementation items in the 2026 department business plan and budget, as presented.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To present the results of the Natural Asset Inventory and Valuation Report and proposed implementation actions.
Summary
Similar to engineered assets, natural assets provide beneficial municipal services like water storage, improved water quality, climate resilience, and erosion protection. The first step toward Natural Asset Management is the completion of a Natural Asset Inventory and Valuation.There are many benefits to completing a natural asset inventory, including, but not limited to, increased awareness of natural asset ecosystem service production, a better understanding of the economic cost associated with natural asset loss, support for natural asset investment planning, and better protection measures for environmentally significant areas. Further natural asset management implementation work will be key in leveraging the value of these important resources into the future.
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 activities. $85,000 of this grant funding was allocated to the inventory and valuation project. On May 23, 2023, Council approved a motion to complete the work.
1. Council Meeting on May 23rd, 2023 - RFD 23-153 Natural Asset Management
2. GPC Meeting on April 16th, 2024 - RFD 24-058 Natural Asset Project Update
Strategic Plan/Policy/Legal/Staff Implications
Council Strategic Plan - To develop a policy framework that ensures the protection of environmentally significant areas
ICSP Environmental Pillar - Broad Objective: Functioning Natural Ecosystems. Recommended Action: Quantify ecosystem services production and economic value of natural capital
Municipal Development Plan - Establish a Local Conservation Fund and natural asset investment plan
Biophysical Assessment Policy C-CS01
Financial Impact:
Cost: $0
Source of Funding: N/A