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...
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