Asset Management is an integral part of the Town’s capital asset and infrastructure management planning. It allows the Town to plan for long term capital replacements and annual preventative maintenance.
The Town currently has three asset management plans, the first two were written in accordance with Ontario’s Building Together: Guide for Municipal Asset Management Plans.
In 2014, the Town had Hemson Consulting prepare an Asset Management Plan for Linear Infrastructure (roads, water, wastewater).
In 2016, the Town had Hemson Consulting prepare an Asset Management Plan for Non-Engineered Assets (facilities, vehicles, equipment, land improvements).
The third is written in accordance with the new Infrastructure for Jobs and Prosperity Act, 2015 and the Asset Management Planning for Municipal Infrastructure, Ontario Regulation 588/17. This new legislation has a phase in for municipal governments to follow for asset management.
To meet these deadlines the Town is writing individual asset management plans by asset class. To date, the Town has approved the Fleet Asset Management Plan.
These Asset Management Plans supply staff with the appropriate information to make informed recommendations to Council. They assist the Town in taking a responsible and sustainable approach to asset management. The Town’s hard assets include buildings, equipment, roads, vehicles, water, wastewater and storm water networks, machinery, etc. Soft assets include things such as software, furniture, and planning studies. All of these assets will eventually need to be replaced.
The Town’s Asset Management Plan reflects the Town's commitment to accessibility and accountability and focuses on the governance of municipal infrastructure and how tax dollars are invested in the future. The Town also has created a Capital Asset Replacement Reserve, which will help with the funding of future capital projects. This reserve was created to ensure that the Town can afford to replace and renew future capital assets. The Town invests roughly $350,000 each year into this fund.