Asset Management

What is Asset Management?

Video – What is Asset Management (Saskatchewan – 5:33 min)

Asset management asks and answers the following questions:

  • What do we own?
  • Where is it?
  • What is it worth?
  • What condition is it in?
  • What service does it provide?
  • What needs to be done to maintain or change the level of service?
  • When will it need to be done?
  • What will it cost?

It is an ongoing system that includes an asset’s entire lifecycle from design/ planning, procurement/ construction, operation/ maintenance and replacement/ disposal.

Ontario municipalities follow asset management legislation O. Reg. 588/17 Asset Management Planning for Municipal Infrastructure which was approved under the Infrastructure for Jobs and Prosperity Act, 2015, c. 15.

Why is Asset Management Important?

Video – Why Invest in Asset Management (Federation of Canadian Municipalities – 4:05 min)

Good asset management involves a complete, long-term approach where input from all levels of the municipality and stakeholders is included in asset decision-making activities.

This allows the County to make the right decisions at the right time while managing costs/ risks and maintaining levels of service, in order to achieve the best value from its public assets.

Haldimand County’s Asset Management Policy was approved in June, 2019.

It outlines the County’s commitment to good stewardship of its physical assets and states that asset management practices will be legislatively compliant, performed in a safe and environmentally sustainable manner and are aligned with the County’s strategic mission, vision and objectives.

Haldimand County’s 2017 Asset Management Plan includes non-core assets such as buildings, land improvements, machinery/ equipment and fleet vehicles.

The 2013 Plan includes core assets such as roads, bridges, culverts, water/ wastewater and storm water systems.

Strategic Asset Management Plan

Haldimand County is developing a Strategic Asset Management Plan.

This document will contain the County’s asset management objectives, strategies and processes to be used for asset management activities.

For example, it will specify how the County determines and applies levels of service, key performance indicators, financing strategies, resources and processes for capital projects and operation/ maintenance of its assets.

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