Project Summary: Strategic Asset Management Plan

Project Summary

Project Name: Strategic Asset Management Plan Priority: Strategic Code: 1-2-01500-615 CC150-03 Submitted by: B. Lubberts, Deputy Director of Engineering and S. Vella, Manager of Accounting

Executive Summary

The Strategic Asset Management Plan (SAMP) will be a roadmap for the development and maintenance of the Town’s Asset Management Program (AMP). The SAMP will be a living document that sets the objectives and goals to achieve the Town’s corporate goals with respect to asset management and will define and describe the high level, long-term approach to achieving those objectives. The SAMP will define the framework and components of the AMP and will assign governance responsibilities. The SAMP will formally enact the Asset Management Program and will be aligned with the Asset Management BC Framework (see diagram in “Additional Information”).

Business problem and opportunity

An asset management program encompasses the entirety of an organization’s asset management practices, policies, and objectives. The Town first identified the need to focus on an asset management program in its 2015-2018 Strategic Plan. In that plan, and in the subsequent 2019-2022 Strategic Plan, the Town’s objectives focused on developing certain elements of a program, including the development of a long-term financial plan, master infrastructure plans, and surplus and reserve contribution policies; whereas other components of a holistic asset management program remain undeveloped. The Strategic Asset Management Plan enables the Town to formally administer its asset management program by understanding the current state of its asset management practices and providing a roadmap to fully develop and maintain the Program.

Proposed project objectives

The Strategic Asset Management Plan will describe the current state of the Town’s asset management practices, set objectives to achieve the Town’s corporate goals with respect to asset management, be aligned with the AMBC BC Framework on sustainable service delivery, and will formally enact the Town’s Asset Management Program.

Business risks

Failure to development the SAMP will leave the Town’s Asset Management Program without a roadmap, stunting the Program’s development and potentially resulting in uninformed decision-making and unsustainable service delivery.

Proposed sources of funding

• FY1: Provincial grant 50% (Local Government Infrastructure Planning Grant)
• Federal grant 50%: (Community Works Fund)

Costs and benefits

Recommendation

THAT the Committee recommend the 2023-2027 Financial Plan include Strategic Asset Management Plan in 2023 to be funded by provincial grant and Community Works Fund.