Asset Management

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 on 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.

• Strategic Asset Management Policy
• Asset Management Governance Strategy
• Asset Management Communication Strategy
• Asset Management Information Strategy
• Asset Management Risk Strategy

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. 

• Corporate Asset Management Plan
• Roads
• Road Structures and Right of Ways
• Stormwater
• Water
• Wastewater
• Fleet
• Fire
• Parks and Outdoor Recreation
• Facilities and Indoor Recreation

The purpose of an Infrastructure Report Card is to communicate the performance of the assets and to raise awareness of how each service area is performing. It provides a high level overview of condition of our assets, infrastructure gap, average service state and lifecycle cost of our assets. The report card is an assessment of the condition of four primary asset categories of core infrastructure: drinking water systems, sewer collection systems, stormwater networks and transportation infrastructure. The report card also has other infrastructure that are support the town services like fleet and fire services. Future report card will include Parks, Facilities and Recreation assets                                            

The results of the infrastructure report cards answer three pivotal questions:

1. What do we own?

2. What is it worth?

3. What condition is it in?

For more information, please view the State of Infrastructure Report card.