Thorold is sitting pretty when it comes to its assets, council heard earlier this week.

But keeping things that way will require significant spending.

In an update on the city’s asset management, council learned the municipality needs to spend about $23 million per year to maintain its existing infrastructure, prevent backlogs and achieve long-term sustainability.

To reach that level, the city would have to increase property taxes by 3.3 per cent per year during the next decade. The city would also increase its water bills.

“The City of Thorold has a current total replacement cost of your portfolio of assets of just under $1 billion,” said Alexa Wylde, PSD Citywide Inc. senior management advisor. “That is a large portfolio of assets to be responsible for and sometimes it can be difficu

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