Asset Management Planning helps protect and improve the quality of life in the Township by ensuring that well thought out decisions about our assets – buildings, roads, halls and parks – are made. These decisions provide maintained or enhanced levels of service and work to manage risk in a cost-effective manner. Asset management planning means evaluating and making decisions for the lowest long-term cost over the lifecycle of an asset, rather than a focus on short-term savings. Any asset’s lifecycle begins when a need is identified and approved by Council. From there the asset is planned, created or purchased, operated and maintained, monitored and then replaced or upgraded when it reaches the end of its life.
In accordance with the Infrastructure for Jobs and Prosperity Act, the Township is required to develop a Strategic Asset Management Plan by January 1st, 2019. This plan is in addition to the Township’s Tangible Capital Assets Policy (By-law No. 41-2010).
The purpose of the Strategic Asset Management Plan is,
- To outline the Township’s Asset Management goals, plans and policies;
- To outline a process for how the asset management plan would affect the development of the Township budget and long-term financial plans;
- To outline the Township’s approach to continuous improvement and adoption of best practices regarding asset management planning;
- To outline a commitment to provide opportunities for municipal residents and other interested parties to provide input into asset management planning.
The Township’s Strategic Asset Management Plan will be prepared in three phases:
- Phase 1 would address core infrastructure assets, to be completed by January 1, 2020;
- Phase 2 would expand on Phase 1 by including all infrastructure assets in the plan by January 1, 2021;
- Phase 3 would require future details to be provided for all infrastructure assets by January 1, 2022.
Municipalities will be required to review their Asset Management Plan every five years and provide annual updates on their asset management planning process. They are required to report on any factors affecting the ability of the municipality to meet its commitments as set out in the plan and a strategy to address these factors.
Upon completion, the Township’s Strategic Asset Management Plan will be posted on the Township’s website and copies are required to be made available to the public upon request.