Project Description
The asset management plan is a key strategic tool for the municipality to manage its long-term capital budget and funding requirements. Municipalities deliver many services that are critical to residents and these services rely on well-planned, well-built, and well-maintained infrastructure.
Municipalities in Ontario are required to complete an Asset Management Plan that meets all requirements outlined within Ontario Regulation 588/17. A thorough Asset Management Plan will communicate the investment required to ensure the sustainable delivery of services associated with desired infrastructure levels of service.
Assets are everything the Township owns, including, but not limited to roads, vehicles, parks, and buildings.
Asset Management is the process of maintaining assets most cost-effectively. The key objectives are to:
- Maximize Benefits
- Manage Risks
- Provide Sustainable Service Delivery
Municipalities in Ontario are required to complete an Asset Management Plan that meets all requirements outlined within Ontario Regulation 588/17. A thorough Asset Management Plan will communicate the investment required to ensure the sustainable delivery of services associated with desired infrastructure levels of service.
Levels of Service refers to how the Town maintains, repairs, and replaces its core and non-core assets.
Cost: The financial investment needed to maintain or improve a particular service.
Performance: How well the service meets community and technical standards.
Risk: The potential consequences if a service fails or deteriorates, such as increased accidents or reduced safety.
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Asset Management Exercise
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