Asset Management

The Town owns and is responsible for $1.4 Billion of various assets and as stewards for this infrastructure. The town developed a Strategic Asset Management Policy and Corporate Asset Management Plan to maintain and sustain this investment. The provincial document, BUILDING TOGETHER: Guide for Municipal Asset Management (AM) Plans, describes Asset Management planning as a process of making the best possible decisions regarding the building, operation, maintenance, renewal, replacement and disposal of infrastructure assets. It is an integrated approach involving all Town departments to realize value from existing and new assets. The objective is to maximize benefits, manage risk, and provide satisfactory levels of service to the public in a sustainable manner recognizing ongoing responsibility and costs to asset ownership into the future. Asset Management requires a thorough understanding of the characteristics and conditions of infrastructure assets, as well as service levels expected from them. It also involves setting strategic priorities to optimize decision-making about when and how to proceed with investments. Financial plans and strategies are a key component to putting asset management into action. Asset management planning manages physical assets in a way that is socially, environmentally, and economically sustainable in the long term. Please watch this video - Why Invest in Asset Management

Asset lifecycle starts with identification of requirement or need. The Asset is then planned and designed before it is created or acquired. After acquisition, the asset is operated and maintained over the period of its useful life. At the end of life of an asset it is either replaced, rehabilitated or upgraded, decommissioned or disposed. The diagram provides a snapshot of an asset lifecycle.

 Diagram of an Assets Lifecycle

 

The Asset Management Plan assists in the development of a long-term strategy for the management of our capital assets that provide services to our residents and businesses. Please see the documents below for further information.