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