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Understanding Asset Management
Asset Management is a process to guide Council and staff on municipal capital spending. It involves making the right investment to the right asset at the right point in time at the lowest possible cost.
To do this, we must know:
- What assets we own
- How well the assets are performing
- Provide maintenance to assets to prolong their useful life
- How to prioritize and plan for what assets we need now and what assets will be needed into the future
The Town provides a wide range of services that are vital to our quality of life, such as the treatment and distribution of clean drinking water, transportation systems, drainage, parks and recreation and fire protection services. These services depend on physical infrastructure assets such as water treatment plants, roads, storm and sanitary sewers, buildings and vehicles. As of 2024, the cost to replace these assets is estimated to be $614 million.
As the municipality’s Asset Management Program continues to be refined, we can make better informed decisions, to make best use of limited tax dollars to maintain essential services, strengthen our economy, lifestyle, and well-being.
Asset Management Plan:
The Town’s Comprehensive Asset Management Plan is designed to offer a thorough assessment of the town’s infrastructure, focusing on current conditions, replacement needs, and annual funding requirements. It integrates ongoing updates and risk assessments to enable informed decision-making, strategic financial planning, and sustainable infrastructure management. This living document complies with Ontario Regulation 588/17, emphasizing both immediate replacement needs and long-term capital planning. By aiming for continuous improvements in service levels, the plan prioritizes investments aligned with the town's operational strategies and growth objectives.
Asset Management Policy:
The Town's Asset Management Policy provides a framework for managing infrastructure assets by integrating financial, technical, and operational planning. It emphasizes principles like lifecycle cost management, risk assessment, and service level optimization to ensure sustainable infrastructure services. The policy details the roles and responsibilities of stakeholders, compliance with provincial regulations, and alignment with strategic municipal plans. It also includes guidelines for asset inventory management, investment prioritization, and financial sustainability strategies. Additionally, the policy considers climate change resilience and community benefits, promoting efficient and informed decision-making.
