ASSET MANAGEMENT POLICY

ASSET MANAGEMENT POLICY

RECOMMENDATION:

THAT Council adopt the Asset Management Policy as attached to the report dated May 26, 2026 from the Deputy Director of Engineering and Deputy Director of Finance.

PURPOSE:

To present the Town’s Asset Management Policy (the “AM Policy”) to Council for approval. Adoption of the AM Policy will establish the governance framework and guiding principles for the Town’s Asset Management Program in support of sustainable service delivery.

BACKGROUND:

In accordance with Council’s direction, the Town of View Royal has been advancing its Asset Management (AM) Program in alignment with the Asset Management BC Framework for Sustainable Service Delivery and the FCM Asset Management Readiness Scale.

In January 2024, Council received for information the AM Program Strategy, which established a roadmap for advancing the Town’s AM Program over a five-year period. The Strategy recommended the development and adoption of an Asset Management Policy as a foundational action to formalize governance, define roles and responsibilities, and embed asset management principles into corporate decision-making processes.

The AM Policy has been developed by staff to reflect leading best practices and is calibrated to address the Town’s evolving asset management maturity.

ANALYSIS:

The Asset Management Policy establishes a corporate framework for managing municipal assets to support sustainable service delivery. It applies to all Town departments and asset classes and promotes an integrated, organization-wide approach to balancing service levels, risk, and lifecycle costs.

Key elements of the policy include:

• A “Service Delivery” Focus: Assets are to be managed to deliver services to the community, guided by defined Levels of Service that reflect community expectations and affordability.
• Long-Term Sustainability: Decision-making considers natural asset contributions to service delivery, environmental and climate impacts, Indigenous reconciliation, and the need for reserves contribution to support intergenerational equity and long-term affordability.
• An Integrated Approach: Interdepartmental coordination is encouraged to ensure that financial planning and corporate strategies are aligned.
• Fiscal Responsibility: Decisions are to be evidence-based, encompassing lifecycle costing, risk assessment, long-term financial planning, and predictable funding.
• Continuous Improvement: Commits to ongoing enhancement of asset data, tools, and organizational capacity.

The AM Policy will be a Council-approved governance document that establishes the guiding principles and oversight framework for the Town’s AM Program.

As outlined in the Policy, the Asset Management Working Group (AMWG) operates at the staff level under the direction of the CAO to implement the Program.

The AM Program Strategy is an operational document developed and maintained by the AMWG to support implementation of the AM Program.

Together, these documents form the foundation of the Town’s long-term approach to infrastructure planning and investment, with clear delineation between governance and operations.

Impacts and implications can be summarized as follows:

ALIGNMENT:

The recommended option aligns with the Town’s core guiding documents as follows:

PUBLIC PARTICIPATION GOAL:

The desired level of public participation for the recommended option is (based on the IAP2 Spectrum of Public Participation):

[x] Inform
[ ] Consult
[ ] Involve
[ ] Collaborate
[ ] Empower
[ ] N/A

TIME CRITICAL:

Adoption of the AM Policy represents a foundational governance best practice, establishing Council’s direction for asset management and delegating implementation to the CAO and staff. Timely adoption will support continued advancement of the AM Program, alignment with senior government funding expectations, and incorporation of AM best practices into the Town’s current and future master planning projects, and next year’s financial planning process.

ATTACHMENTS:

• Appendix A – Draft Asset Management Policy