diff --git a/apis/v1alpha1/ack-generate-metadata.yaml b/apis/v1alpha1/ack-generate-metadata.yaml
index eceded97..54a14169 100755
--- a/apis/v1alpha1/ack-generate-metadata.yaml
+++ b/apis/v1alpha1/ack-generate-metadata.yaml
@@ -1,8 +1,8 @@
 ack_generate_info:
-  build_date: "2024-12-04T16:46:43Z"
-  build_hash: 5b95c1667a03835266df2d3f598718dd164184af
-  go_version: go1.23.2
-  version: v0.39.1-8-g5b95c16
+  build_date: "2024-12-09T17:32:07Z"
+  build_hash: 631aeb190e332addb8379672df6367a0875dce88
+  go_version: go1.23.3
+  version: v0.40.0
 api_directory_checksum: 585098fc7c99c27ca523f83e860107d22aaa5a10
 api_version: v1alpha1
 aws_sdk_go_version: v1.44.93
diff --git a/config/controller/kustomization.yaml b/config/controller/kustomization.yaml
index a46734ee..6af598e3 100644
--- a/config/controller/kustomization.yaml
+++ b/config/controller/kustomization.yaml
@@ -6,4 +6,4 @@ kind: Kustomization
 images:
 - name: controller
   newName: public.ecr.aws/aws-controllers-k8s/ec2-controller
-  newTag: 1.3.0
+  newTag: 1.3.1
diff --git a/go.mod b/go.mod
index 4ffc81c6..096de26e 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.22.0
 toolchain go1.22.6
 
 require (
-	github.com/aws-controllers-k8s/runtime v0.39.1-0.20241202082353-a6b0014a8130
+	github.com/aws-controllers-k8s/runtime v0.40.0
 	github.com/aws/aws-sdk-go v1.49.0
 	github.com/go-logr/logr v1.4.2
 	github.com/samber/lo v1.37.0
diff --git a/go.sum b/go.sum
index 03985a15..6a1eba40 100644
--- a/go.sum
+++ b/go.sum
@@ -1,7 +1,5 @@
-github.com/aws-controllers-k8s/runtime v0.39.0 h1:IgOXluSzvb4UcDr9eU7SPw5MJnL7kt5R6DuF5Qu9zVQ=
-github.com/aws-controllers-k8s/runtime v0.39.0/go.mod h1:G07g26y1cxyZO6Ngp+LwXf03CqFyLNL7os4Py4IdyGY=
-github.com/aws-controllers-k8s/runtime v0.39.1-0.20241202082353-a6b0014a8130 h1:EoXYRrpBX2hi5B1IawKr2LJTsVsreHsJdxULLlMNO9U=
-github.com/aws-controllers-k8s/runtime v0.39.1-0.20241202082353-a6b0014a8130/go.mod h1:G07g26y1cxyZO6Ngp+LwXf03CqFyLNL7os4Py4IdyGY=
+github.com/aws-controllers-k8s/runtime v0.40.0 h1:FplFYgzCIbQsPafarP3dy/4bG1uGR8G1OLYOWO4a7Lc=
+github.com/aws-controllers-k8s/runtime v0.40.0/go.mod h1:G07g26y1cxyZO6Ngp+LwXf03CqFyLNL7os4Py4IdyGY=
 github.com/aws/aws-sdk-go v1.49.0 h1:g9BkW1fo9GqKfwg2+zCD+TW/D36Ux+vtfJ8guF4AYmY=
 github.com/aws/aws-sdk-go v1.49.0/go.mod h1:LF8svs817+Nz+DmiMQKTO3ubZ/6IaTpq3TjupRn3Eqk=
 github.com/beorn7/perks v1.0.1 h1:VlbKKnNfV8bJzeqoa4cOKqO6bYr3WgKZxO8Z16+hsOM=
diff --git a/helm/Chart.yaml b/helm/Chart.yaml
index b93670b5..bbe98524 100644
--- a/helm/Chart.yaml
+++ b/helm/Chart.yaml
@@ -1,8 +1,8 @@
 apiVersion: v1
 name: ec2-chart
 description: A Helm chart for the ACK service controller for Amazon Elastic Cloud Compute (EC2)
-version: 1.3.0
-appVersion: 1.3.0
+version: 1.3.1
+appVersion: 1.3.1
 home: https://github.com/aws-controllers-k8s/ec2-controller
 icon: https://raw.githubusercontent.com/aws/eks-charts/master/docs/logo/aws.png
 sources:
diff --git a/helm/templates/NOTES.txt b/helm/templates/NOTES.txt
index e53386d2..0efde9de 100644
--- a/helm/templates/NOTES.txt
+++ b/helm/templates/NOTES.txt
@@ -1,5 +1,5 @@
 {{ .Chart.Name }} has been installed.
-This chart deploys "public.ecr.aws/aws-controllers-k8s/ec2-controller:1.3.0".
+This chart deploys "public.ecr.aws/aws-controllers-k8s/ec2-controller:1.3.1".
 
 Check its status by running:
   kubectl --namespace {{ .Release.Namespace }} get pods -l "app.kubernetes.io/instance={{ .Release.Name }}"
diff --git a/helm/values.yaml b/helm/values.yaml
index c942e153..0acbb523 100644
--- a/helm/values.yaml
+++ b/helm/values.yaml
@@ -4,7 +4,7 @@
 
 image:
   repository: public.ecr.aws/aws-controllers-k8s/ec2-controller
-  tag: 1.3.0
+  tag: 1.3.1
   pullPolicy: IfNotPresent
   pullSecrets: []