Strategic Asset management is a decision making process that answers the fundamental question of how do we best care for the assets that deliver services to our residents that they rely on every day in a predictable, cost-effective manner. It requires clearly defined organizational and associated asset management objectives to ensure that decisions at all levels consistently drive towards realization of value for customers and stakeholders
It is about developing a long-term plan that not only maintains our existing assets but identifies future infrastructure needs required to provide services as the town grows or build resiliency against environmental impacts so that our 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 over their whole lifespan and determine how best to invest in our resources.
Asset management planning starts with knowing
In order to continue delivering safe and sustainable services in a predictable manner, staff need solid information on our assets. Without this information, we are unlikely to be able to identify possible service disruptions and other risks.
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 $3.5 billion.
Understanding the current condition of our infrastructure is an important piece of planning for asset renewal. Condition assessments for vertical assets (e.g. facilities) and observable linear assets (e.g., 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 has been applied based on remaining useful life.
Overall 90% of the town’s infrastructure is in Good or Fair condition. Having a balance across the three condition levels is quite reasonable with the goal being to minimize the portion in poor condition but recognize that this does not mean 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.