Town of View Royal’s Asset Management Strategy
The concluding pages of the Asset Management Strategy, detailing implementation tasks related to personnel, training, and measuring progress.
The above Finance tasks are informed by the SIR Plan and are only necessary until the annual funding gap for infrastructure replacement is closed. Refer to the SIR Plan for details on the Town’s long-term financial strategies.
PEOPLE
P.1 Establish a Cross-Departmental AM Working Group (2024)
The Asset Management maturity assessments indicated strong organizational support for the creation of a multidisciplinary interdepartmental Asset Management working group. The working group could have the following terms of reference:
- To facilitate the implementation and adoption of the draft Asset Management policy,
- To identify and suggest key Asset Management priorities and projects,
- To serve as an oversight committee for key Asset Management projects,
- To advise on professional development priorities across the organization, and
- To ensure data, planning, prioritization, and capital plans are aligned and consistent.
P.2 Enroll staff and Council in AM training
Providing Asset Management (AM) training to staff and Council would strengthen and promote the culture of AM in the organization. Training for Council could be high-level and likely delivered once every four-years, in alignment with a Council term. Training for staff could be delivered within one-year of onboarding and continuously thereafter as training opportunities arise.
Measuring and Reporting
AM Strategy Updates
The AM Strategy is a living document that will be formally reviewed and updated approximately every five years, or once the tasks identified in the implementation plan are completed. A formal review of the AM Policy and SIR Plan will be undertaken and will be updated as needed as part of each strategy update.
Annual Progress Reports
Progress of the AM Program will be summarized in an annual report to Council, which will include:
- State of Assets Report
- Status of the implementation plan strategies and projects
- Status of the AM Program performance measures
External Reporting
View Royal provides asset data and information to several provincial and federal reporting programs. In the future, the data from these programs may be used to help assess View Royal’s AM performance in comparison to provincial and national averages, and comparator municipalities.
Glossary
| Term | Definition |
|---|---|
| Asset | Something that has value. In Asset Management, ‘Asset’ generally refers to something of physical substance such as built infrastructure or natural assets. |
| Asset Management | A coordinated activity of an organization to realize value from assets. Realization of value will normally involve a balancing of costs, risks, opportunities, and performance benefits. |
| Asset Management Maturity Assessment | A maturity assessment enables organizations to assess and benchmark their asset management systems and performance against best practice. |
| Infrastructure | Infrastructure refers to the fundamental systems and facilities that are necessary for a society to function effectively. These include public works such as roads, bridges, dams, water and sewer systems, railways, subways, airports, and harbours. |
| Lifecycle costing | A method of estimating the total cost of ownership of an asset over its entire lifespan. It includes all costs associated with the asset, such as the initial purchase price, operating costs, maintenance costs, and disposal costs. |
| Natural assets | Generally, refers to naturally occurring resources or ecosystems that provide benefits to humans without human intervention. |