HomeMy WebLinkAbout16-21 Strategic Asset Management POLICY
Section Policy No. Page
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Strategic Asset Management May 22,2018 228/18
Purpose:
The purpose of this policy is to ensure the development of the County's Asset Management Program (AMP), to
facilitate logical and informed decision-making for the management of the County's infrastructure, and to
support the delivery of sustainable community services.
This policy demonstrates an organization-wide commitment to the good stewardship of infrastructure assets,
and the adoption of best practices in Asset Management planning.
Background:
Asset Management(AM) refers to the policies, practices and procedures that combine to make the best
possible decisions regarding the building,operating, maintaining, renewing, replacing and disposing of
infrastructure assets. Furthermore,Asset Management is an organization-wide process that involves the
coordination of activities across multiple departments. As such, it is useful to implement a structured and
coordinated approach to outlining the activities, roles and responsibilities required of organizational actors and
the key principles that should guide all Asset Management decision making.
A comprehensive and holistic approach to Asset Management will ensure that levels of service are being
delivered in the most efficient and effective manner,and that due regard and process are applied to the long-
term management and stewardship of the County's capital infrastructure assets. In addition, it will align the
County with provincial and national standards and regulations enabling the organization to take full advantage
of available grant funding opportunities.
The approval of this policy is an important step towards integrating the County's strategic mission,vision and
goals with its Asset Management program,and ensuring that vital services and critical infrastructure are
properly maintained and provided to the community with minimal service disruption.
1.0 Guidelines/Procedures:
To guide the County,the following policy statements have been developed:
a) The County will implement an organization-wide Asset Management program through all
departments. The program will promote lifecycle and risk management of all assets, with the goal of
achieving the lowest total cost of ownership while meeting desired levels of service.
b) The County will develop and maintain an asset inventory of all capital assets which includes unique ID,
description, location information,value (both historical and replacement), performance characteristics
and/or condition, estimated remaining life and estimated repair, rehabilitation or replacement date;
and estimated cost for the repair, rehabilitation or replacement. This inventory information also works
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Policy Title Date Resolution
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Strategic Asset Management May 22,2018 228/18
with, and is included in the Tangible Capital Assets Accounting Standards and Depreciation (TCA) Policy
16-13.
c) The County will develop an Asset Management Plan that incorporates all infrastructure categories and
assets that meet the capitalization threshold outlined in the organization's Tangible Capital Asset
Policy, and it will be updated regularly to promote, document and communicate continuous
improvement.
d) The County will implement continuous improvement protocols and adopt best practices regarding
Asset Management planning, including:
i. Asset Data
ii. Condition Assessment Protocols
iii. Risk and Criticality Models
iv. Lifecycle Management
v. Financial Strategy Development
vi. Levels of Service Framework
e) The County will integrate Asset Management practices with its long-term financial planning and
budgeting strategies. This includes the development of financial plans that determine the level of
funding required to achieve short-term operating and maintenance needs, in addition to long-term
funding needs to replace and/or renew assets based on full lifecycle costing.
f) The County will develop performance metrics and reporting tools to transparently communicate and
display the current state of Asset Management practice.
2.0 Roles and Responsibilities:
Council
a) Approve the Asset Management policy and direction of the Asset Management program.
b) Maintain adequate organizational capacity to support the core practices of the Asset
Management program.
c) Establish and monitor corporate levels of service.
Management
a) Provide corporate oversight to goals and directions and ensure the Asset Management
program aligns with the County's strategic plan.
b) Ensure that adequate resources are available to carry out Asset Management activities.
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c) Track,analyze and report on Asset Management program benefits.
Director of Corporate Services
a) Provide organization-wide leadership in Asset Management practices and concepts.
b) Provide departmental staff coordination.
c) Coordinate and track Asset Management program implementation and progress.
Departmental Staff
a) Utilize the new business processes and technology tools developed as part of the Asset
Management program.
b) Participate in implementation task teams to carry out Asset Management activities.
c) Provide support and direction for Asset Management practices within their department.
0 CtilCCI;
if n d
6--
Jerry Wittsto Al oggan
Reeve CAO
Approved Date: May 22, 2018 228/18
Review Date: May 22,2021