Asset management, broadly speaking, is the practice of ensuring that the City’s assets (e.g., its roads, civic facilities, lights, and pipes) are maintained, accounted for, and put to their best possible uses.
For the City, asset management is both an ongoing process and a series of strategies, plans and policies. These processes and documents span existing and planned City services, operations, and initiatives, and are combined with comprehensive data about our community’s physical assets and finance in order to provide cost-effective and sustainable services by managing and optimizing all of the tangible and intangible assets our community is composed of.
As one of the City Council’s strategic priorities, the following work was identified to build greater capacity for AM within the City of New Westminster:
- Enhance the asset inventory
- Prepare an AM Plan for transportation infrastructure, as a pilot for other assets
- Create a formal AM framework with asset condition, risk, and levels of service
- Establish tools for asset and maintenance management systems
- Develop a multi-faceted long-term, affordable funding strategy
Click here to view the Corporate Asset Management Policy (2017)
Why Invest in Asset Management?
AM for Sustainable Service Delivery - A BC FrameworkThe City adopted the Framework by Asset Management BC, to guide our AM approach.
AM Steering CommitteeThe AMSC is an advisory committee that provides recommendations and oversight to ensure an integrated AM approach that aligns with other community goals.
AM Strategy [PDF] - 2764KBThis document identifies AM strategies and actions, including climate change mitigation and adaptation, related to City owned infrastructure.
Asset Management Plans (AMPS)An AM Plan (AMP) is a strategic, tactical, and financial document used to guide the management of city assets, and achieve best value through the right balance between cost, risk, and performance.
- In 2017, the City implemented the Computerized Maintenance Management System (CMMS) by CityWorks for the following tasks:
- Automated work order system in the Engineering Operations water division
Learn more about CityWorks here.