I ask because my local municipality, my home town of Amherstburg, has just been grappling with this in terms of their budget and decisions about whether to float debt or become a pay-as-you-go community. But no one had ever taken a look at what the asset inventory looks like, what its needs might be, nor whether the budget takes into account year over year their ability to replace and whether they set aside reserves sufficient enough to replace. Therefore they're amortizing their infrastructure. That's an important question for us to understand if the municipalities own the lion's share of infrastructure.
On May 5th, 2015. See this statement in context.