Asset management plans, proposed levels of service
 6. (1) Subject to subsection (2), on or before July 1, 2025, every asset management plan prepared under section 5 must include the following additional information: 1.  For each asset category, the levels of service that the municipality proposes to provide for each of the 10 years following the year in which all information required under section 5 and this section is included in the asset management plan, determined in accordance with the following qualitative descriptions and technical metrics: i.  With respect to core municipal infrastructure assets, the qualitative descriptions set out in Column 2 and the technical metrics set out in Column 3 of Table 1, 2, 3, 4 or 5, as the case may be. ii.  With respect to all other municipal infrastructure assets, the qualitative descriptions and technical metrics established by the municipality. 2.  An explanation of why the proposed levels of service under paragraph 1 are appropriate for the municipality, based on an assessment of the following: i.  The options for the proposed levels of service and the risks associated with those options to the long term sustainability of the municipality. ii.  How the proposed levels of service differ from the current levels of service set out under paragraph 1 of subsection 5 (2). iii.  Whether the proposed levels of service are achievable. iv.  The municipality’s ability to afford the proposed levels of service. 3.  The proposed performance of each asset category for each year of the 10-year period referred to in paragraph 1, determined in accordance with the performance measures established by the municipality, such as those that would measure energy usage and operating efficiency. 4.  A lifecycle management and financial strategy that sets out the following information with respect to the assets in each asset category for the 10-year period referred to in paragraph 1: i.  An identification of the lifecycle activities that would need to be undertaken to provide the proposed levels of service described in paragraph 1, based on an assessment of the following: A.  The full lifecycle of the assets. B.  The options for which lifecycle activities could potentially be undertaken to achieve the proposed levels of service. C.  The risks associated with the options referred to in sub-subparagraph B. D.  The lifecycle activities referred to in sub-subparagraph B that can be undertaken for the lowest cost to achieve the proposed levels of service. ii.  An estimate of the annual costs for each of the 10 years of undertaking the lifecycle activities identified in subparagraph i, separated into capital expenditures and significant operating costs. iii.  An identification of the annual funding projected to be available to undertake lifecycle activities and an explanation of the options examined by the municipality to maximize the funding projected to be available. iv.  If, based on the funding projected to be available, the municipality identifies a funding shortfall for the lifecycle activities identified in subparagraph i, A.  an identification of the lifecycle activities, whether set out in subparagraph i or otherwise, that the municipality will undertake, and B.  if applicable, an explanation of how the municipality will manage the risks associated with not undertaking any of the lifecycle activities identified in subparagraph i. 5.  For municipalities with a population of less than 25,000, as reported by Statistics Canada in the most recent official census, a discussion of how the assumptions regarding future changes in population and economic activity, set out in subparagraph 5 i of subsection 5 (2), informed the preparation of the lifecycle management and financial strategy referred to in paragraph 4 of this subsection. 6.  For municipalities with a population of 25,000 or more, as reported by Statistics Canada in the most recent official census, i.  the estimated capital expenditures and significant operating costs to achieve the proposed levels of service as described in paragraph 1 in order to accommodate projected increases in demand caused by population and employment growth, as set out in the forecasts or assumptions referred to in paragraph 6 of subsection 5 (2), including estimated capital expenditures and significant operating costs related to new construction or to upgrading of existing municipal infrastructure assets, ii.  the funding projected to be available, by source, as a result of increased population and economic activity, and iii.  an overview of the risks associated with implementation of the asset management plan and any actions that would be proposed in response to those risks. 7.  An explanation of any other key assumptions underlying the plan that have not previously been explained. O. Reg. 588/17, s. 6 (1); O. Reg. 193/21, s. 2 (1). (2) With respect to an asset management plan prepared under section 5 on or before July 1, 2022, if the additional information required under this section is not included before July 1, 2024, the municipality shall, before including the additional information, update the current levels of service set out under paragraph 1 of subsection 5 (2) and the current performance measures set out under paragraph 2 of subsection 5 (2) based on data from the two most recent calendar years. O. Reg. 193/21, s. 2 (2).