Asset Management
How we can plan for the future, manage risk and maintain our assets.
Strategic asset management is a decision making process that helps us know how we best care for the assets that deliver services to our residents in a predictable, cost-effective way.
It requires clear organizational and asset management goals to make sure that decisions at all levels lead to value for customers and stakeholders
Asset management is about developing a long-term plan that:
- Maintains our existing assets.
- Identifies future infrastructure needs required to provide services as the town grows.
- Builds resiliency against environmental impacts so residents can enjoy the services and amenities that contribute to their quality of life.
Through our asset management program we can plan for the future, manage risk, maintain our assets and determine how best to invest in our resources.
What our asset management plan tells us
Asset management planning starts with knowing:
- what we own
- where it is
- what it is worth
- what condition the assets are in
- what services the assets provide
- what lifecycle strategies need to be implemented and when
In order to continue delivering safe and sustainable services town staff need solid information on our assets. Without this information, we are unlikely to be able to identify possible service disruptions and other risks.
What the town owns
In order to align asset management activities to the town’s overall service objectives, it is important to understand what assets support the individual services provided by the town.
The graph displays the total replacement value of all assets for the various service areas which total $4.2 billion (as of June 30, 2023).
- 47 per cent of town infrastructure supports the Transportation Network with $2.1 billion
- Stormwater Management with $968 million
- Recreation, Culture and Library with $604 million
- Parks with $214 million
- Oakville Transit with $188 million
- Facilities Management (Internal Support Buildings) with $101 million
- Emergency Services with $81 million
- Information Systems with $40 million
- Land Acknowledgement
- News & Notices
- Policies & Procedures
Asset Replacement Value (as of June 30, 2023)
The condition of our infrastructure
Understanding the current condition of our infrastructure is an important piece of planning for asset renewal.
Condition assessments for vertical assets (such as facilities) and observable linear assets (such as roads), the physical condition grades are objective and are based on visual observations and engineering standards.
Where no physical condition data is available, an age-based rating is applied based on remaining useful life.
Overall 95 per cent (as of June 30, 2023) of the town’s infrastructure is in "good" or "fair" condition.
Having a balance across the three condition levels is reasonable with the goal being to minimize the portion in "poor" condition. Recognize that this does not mean poor assets are failing, just that they need attention in the near future.
Risk is also a factor as some assets present less risk of service disruption and have quick replacement time and/or alternative options. Therefore, it may be satisfactory to have a higher percentage in the poor condition category.
Creating regular and routine condition assessment schedules for all our infrastructure has been identified as an objective of the Asset Management Strategy.