Maryanne Firth / The Tribune

Port Colborne is vying for provincial funding to protect its assets.

After receiving approval from city council Tuesday night, the municipality will submit an expression of interest to the Municipal Infrastructure Investment Initiative Funding for Asset Management in hopes of receiving grant money.

If funding is received, Port Colborne will be able to hire a consultant to create a sustainable asset management plan. Municipalities with populations under 20,000 are eligible for the grant.

A base amount of $20,000 is available along with an incremental amount based on the value of the city’s roads, bridges and water/wastewater infrastructure in the 2011 financial information return.

Staff have been working on the inventory and valuation of the city’s assets over the past two years, including items such as roads, bridges, buildings, vehicles, machinery and equipment.

The plan will determine priorities of when and what assets require replacement, replacement costs and a financing plan for replacement over time.

Having a management plan will be a big determining factor going forward for municipalities hoping to receive future funding from the province, said Peter Senese, Port Colborne’s director of community and corporate services.

Staff, he said, are hoping to have the plan ready in time for 2014 budget deliberations.