What is asset management?
Local governments are responsible for maintaining an enormous quantity and variety of assets, ranging from major infrastructure such as hundreds of kilometers of roads and utilities, to items as small as the computers and telephones used by the city to provide service to the community.
Our residents and businesses depend on these services. It’s easy to take for granted that water will come out of the tap, or sewage flushed away – until something goes wrong.
As infrastructure ages, maintenance becomes an ever-increasing challenge. And just like with your car or your home, if not properly maintained these assets may fail much earlier than expected.
The goal of asset management is achieving “sustainable service delivery”: ensuring that current community services are delivered in a socially, economically, and environmentally responsible manner that does not compromise the ability of future generations to meet their own needs.
Sound Asset Management practices help minimize risks and long-term costs.
Asset management in the City of Courtenay
In 2015 Council adopted an Asset Management Policy [PDF/62KB] and made Asset Management a Strategic Priority.
In December 2019, Courtenay became one of the first municipalities in Canada to adopt an Asset Management Bylaw [PDF/276KB].
The City’s Asset Management Program takes a long-term approach to managing infrastructure throughout its life cycle, from planning and construction to maintenance and replacement. This helps support sustainable funding decisions and ensures infrastructure investments align with council-approved plans and community needs.
We use asset management practices that deliver good value, support environmental sustainability and consider the impacts of climate change. We also include sustainability considerations when planning infrastructure projects and making purchasing decisions.
Asset management helps provide reliable information about City assets and infrastructure through digital tools, supported by strong data governance and quality management. Where possible, staff can access information and systems using mobile technology.
Clear policies, processes and reliable information help ensure compliance with legislative requirements.
This video from the Federation of Canadian Municipalities explains how asset management and sustainability can help communities.
More background
Reports:
- November 18, 2019 Council Report: Asset Management Bylaw [PDF/276KB]
- June 15, 2015 Council Report: Draft Asset Management Policy [PDF/178KB]