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File #: 17-272    Version: 1 Name:
Type: Staff Report Status: Passed
File created: 6/22/2017 In control: Council
On agenda: 7/10/2017 Final action: 7/10/2017
Title: Asset Management Policy
Attachments: 1. Asset Management Policy

REQUEST FOR DECISION

 

DATE:                       June 23, 2017                     Report No. FIN-17-013

TO:                       Laurie Hurst, Chief Administrative Officer                                           

FROM:                      Ian Irvine, Director of Financial Services

SUBJECT:

 

Title

Asset Management Policy

End

 

RECOMMENDATION:

 

Recommendation

That Council approve Council Policy FIN-017 Asset Management as attached to Staff Report FIN-17-013.

Body

 

RELEVANT POLICY:

 

There are no additional policies that are relevant to this decision.

 

STRATEGIC RELEVANCE:

 

Identify infrastructure repair and proactively plan for replacement needs

 

BACKGROUND:

 

Asset management has been defined as an integrated process bringing together skills, expertise, and activities of people with information about a community’s physical assets and finances so that informed decisions can be made to support sustainable service delivery. The three stages within this continuous process are: Assess, Plan and Implement.

 

A formal policy document formalizes the Township’s commitment to asset management, outlines the principles, and guides the development and implementation across the organization in a systematic and coordinated way, consistent with the organization’s plans. The policy is intended to identify: (i) the connection between community objectives and the management of the Township’s infrastructure assets; (ii) principles to guide decision making about assets and services; (iii) the integration of asset management into other documents, plans, and processes; and (iv) the organization’s approach to asset renewal and financing.

 

 

ISSUES: 

 

1.  Rationale for Selected Option

 

At the June 19, 2017 Committee of the Whole Meeting, a draft Asset Management Policy was presented by staff for review and comments.  Recommended changes received during that meeting have been reviewed and incorporated in the final draft policy attached to this report.

 

2.  Organizational Implications

 

There are no organizational implications of this decision.

 

3.  Financial Implications

 

There are no direct financial implications of this decision.

 

4.  Sustainability & Environmental Implications

 

There are no direct sustainability or environmental implications of this decision.

 

5.  Communication & Engagement 

 

Upon adoption of Council Policy FIN-017 Asset Management, it will be circulated to all senior staff and work will commence on the development of an asset management strategy and long term asset management plans. These documents will be brought before Council for review, input and approval.

 

ALTERNATIVES:

 

1. That Council approve Council Policy FIN-017 Asset Management as attached to Staff Report FIN-17-013.

 

2. That Council revise and approve Council Policy FIN-017 Asset Management.