Asset Management

Asset management is the practice of ensuring that the City’s assets (e.g., its roads, civic facilities, lights, pipes, and natural assets) are maintained, accounted for, and put to their best possible uses.

For the City, asset management is an ongoing process guided by strategies, plans and policies. It covers existing and planned City services, operations and initiatives. By combining these processes and plans with detailed financial information and data about the community’s physical assets, the City can better manage and make the most of its tangible and intangible assets. This helps the City deliver services that are cost-effective and sustainable.

Aligned with Council’s strategic priorities, the City is advancing asset management practices to better support sustainable service delivery by:

• Incorporating asset management best practices into how we plan, deliver, maintain, and operate infrastructure to meet community needs.
• Improving data and information to support long-term infrastructure planning and informed decision-making.
• Maximizing infrastructure reliability and supporting the City’s long-term financial sustainability.

Corporate Asset Management Policy 2017 (PDF)

Why Invest in Asset Management?

The City adopted the framework by Asset Management BC, to guide our asset management approach. The Asset Management Strategy identifies asset management strategies and actions, including climate change mitigation and adaptation, related to City-owned infrastructure.

Asset Management Strategy (PDF)

Asset Management Steering Committee (AMSC): The AMSC is an advisory committee that provides recommendations and oversight to ensure an integrated asset management approach that aligns with other community goals.

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.