Project Summary N-111: Asset management program improvements
Five-year strategy to improve the Town's asset management maturity level.
Project Summary
Priority: Strategic
Public Engagement: Not applicable
Project Name: Asset management program improvements
Project Number: 1-2-01500-615 CC150-05
Submitted By:
- Ben Lubberts, Deputy Director of Engineering
- Joel Adams, Deputy Director of Finance
Director:
- Ivan Leung, Engineering
- Steven Vella, Finance
Executive Summary
The Town’s Asset Management (AM) Strategy recommends a series of initiatives to enhance its AM Program over a five-year period. The goal of this project is to elevate the Town's AM Readiness Scale level, which is a demonstration of an overall increase of the Town’s AM maturity across all asset management practices. The Town has completed work on data standardization and a levels of service framework, which provide the necessary groundwork to move forward with developing asset management plans for critical assets, and providing continued training for staff and Council.
Business problem and opportunity
The Town’s AM maturity score is 1.8 out of 5 on the Federation of Canadian Municipality’s (FCM) AM Readiness Scale, which is a nationally recognized tool to measure improvements in the maturity of an organization’s asset management practices over time. The Town’s AM Strategy recommends initiatives over a five-year period to improve the Town’s AM Program and increase the Town’s score to 3.4 over three years. The increased score will demonstrate that the Town’s overall AM maturity has improved across all its AM practices.
Proposed project objectives
The objective is to raise the Town’s asset management maturity level by implementing the following priority initiatives:
- Establish levels of services for all asset classes 2024-2025 (complete)
- Complete asset data audit and establish asset data standards 2024-2025 (complete)
- Develop asset management plans for critical asset 2026-2029 ($20,000 per year)
- Develop asset management plan / inventory for natural assets 2030 ($20,000) – Added to program following Council direction at the February 17, 2026 regular council meeting.
- Complete asset management training for staff and council 2026-2029 ($5,000 per year)
Success will be measured using the FCM AM Readiness Scale.
Business risks
Over or under-delivering services, inefficient operations, uninformed decision-making, and increased loss potential of services from Town assets.
Proposed sources of funding
Casino revenue – 1-1-00557-866
Costs and benefits
| Costs | FY1 | FY2 | FY3 | FY4 | FY5 | 5-year Total |
|---|---|---|---|---|---|---|
| Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Operational | 25,000 | 25,000 | 25,000 | 25,000 | 20,000 | 120,000 |
| Total | 25,000 | 25,000 | 25,000 | 25,000 | 20,000 | 120,000 |
| Benefits | |
|---|---|
| Tangible | Fully informed asset management decisions that are reflective of the community’s desires and staff’s technical requirements, resulting in more efficient use of funds and delivery of services. |
| Intangible | Increased FCM AM Readiness score and become a regional leader in the field of asset management. |
Recommendation
THAT the Committee recommend the 2026-2030 Financial Plan include Asset management program improvements to be funded by Casino revenue.