The Asset Management Policy guides the overall direction of the asset management system, providing clear direction as to the appropriate focus and level of asset management practice expected. It establishes the key principles, overall mission and goals for the program.
Within the policy, the Corporate Asset Management Procedures supports the Corporate Asset Management Policy by outlining the roles and responsibilities of all stakeholders involved in Asset Management practices supporting the delivery of municipal services to its residents and customers.
The Corporate Asset Management Policy and Procedures are founded on 8 principles. The use of these principles in applying asset management will better position the Town to:
- Deliver services at approved Levels of Service;
- Improve decision-making accountability and transparency;
- Better demonstrate the long-term consideration of short-term decisions;
- Improve customer service;
- Reduce the lifecycle costs while maintaining acceptable Levels of Service;
- Link infrastructure investment decisions to service outcomes
Eight Principles of Asset Management- Customer Focused
- The Town will aim to have clearly defined Levels of Service and applying AM practices to maintain the confidence of customers in how Town assets are managed. The Town will provide opportunities for municipal residents and other interested parties to provide input into the municipality's asset management planning.
- Forward Looking
- The Town will make decisions and provisions that enable our assets to meet future challenges, including changing demographics and populations, customer expectations, legislative requirements, technological and environmental factors.
- Holistic
- The Town will take a comprehensive approach that looks at the "big picture" and considers the combined impact of managing all aspects of the asset life cycle.
- Innovative
- The Town will continually improve its AM approach, by driving innovation in the development of tools, practices, and solutions.
- Risk-Based
- The Town will manage the asset risk associated with attaining the agreed levels of service by focusing resources, expenditures, and priorities based upon risk assessments and the corresponding cost/benefit recognizing that public safety is the priority.
- Service Focused
- The Town will consider all the assets in a service context and taking into account their interrelationships as opposed to optimizing individual assets in isolation.
- Systematic
- The Town will adopt a formal, consistent, repeatable approach to the management of its assets that will ensure services are provided in the most effective manner.
- Value-Based / Affordable
- The Town will choose practices, interventions and operations that aim at reducing the life cycle cost of asset ownership, while satisfying agreed levels of service. Decisions are based on balancing service levels, risks, and costs.
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