Comprehensive Asset Management - Overview
Comprehensive Asset Management is an integrated business approach involving the different disciplines of planning, finance, engineering, maintenance and operations to effectively manage existing and new infrastructure.
The objectives of this integrated approach to infrastructure management are to maximize benefits, reduce risk and provide safe and reliable levels of service to community users in a socially, culturally, environmentally and economically conscious manner.
The Comprehensive Asset Management Program encompasses all aspects of the management of each asset through its lifecycle in that it:
- Integrates with the Corporate Planning Framework to complement the strategic objectives of the City, other key business systems, legislation, and regulations;
- Creates a framework that establishes the mechanism for a clear line of sight between our Asset Management program and Corporate objectives and strategies; and
- Commits to providing approved levels of service for present and future customers and communities, in the most effective and efficient way, through the planning, design, construction, acquisition, operation and maintenance, renewal, and disposal of assets.
To learn more about asset management, watch this video from the Federation of Canadian Municipalities: Why Invest in Asset Management?
Comprehensive Asset Management - Reporting
In compliance with Ontario Regulation 588/17: Asset Management Planning for Municipal Infrastructure, under the Infrastructure for Jobs & Prosperity Act, the City periodically updates Asset Management Plans and the Comprehensive Asset Management Policy. Other reports include the Strategic Asset Management Plan, and historical State of the Asset Reports.
Asset Management Plans
Ontario Regulation 588/17 requires all municipalities to prepare baseline asset management plans for their core municipal infrastructure assets supporting the delivery of drinking water, wastewater, stormwater and transportation. An Asset Management Plan reports the current state of the assets, levels of service provided, strategies and activities applied by the City, historical and forecasted financial details and potential improvement actions. It is a strategic document that provides a snapshot of current conditions and establishes a basis for future asset management planning and decision making. The core Asset Management Plans have been approved by Council as of April 13th, 2022:
As per the provincial regulation, Asset Management Plans for other infrastructure (current state) require formal adoption by July 1, 2024. These include Solid Waste; Transit; Parks, Recreation and Culture; Community Services; Emergency and Protective Services (Fire, Paramedics and Bylaw); Libraries; Corporate Services and Information Technology. Recognizing the increased importance of natural infrastructure, the City is also considering including an Asset Management Plan for Greenspace and Urban Forestry.
Comprehensive Asset Management Policy
The Comprehensive Asset Management Policy guides the City’s adoption and application of recognized asset management principles and practices to its service delivery. The City will strive to provide accepted levels of service to our residents and the broader community at the lowest lifecycle cost while managing the risks to service.
Strategic Asset Management Plan
The Strategic Asset Management Plan involves capturing information prepared for various uses such as the City’s Strategic Plan, the Transportation Master Plan, and the Infrastructure Master Plan and transforming this information into asset-specific measures or actions that the City is taking or pursuing to provide residents, businesses, and visitors with service levels that correspond to the fees and taxes they pay.