ASSET MANAGEMENT

Definition - asset management is the process of managing a municipality’s assets in a cost-effective manner, by analyzing the life cycle of all the assets in a community to develop information about future maintenance, new developments, and capacity resource.

(Source: bit.ly/ABAssetManagement)

To put it more simply, asset management is a way of thinking about how assets are used, fixed, maintained, replaced, or acquired to deliver the many services we provide to our community. It is about using systems and processes to balance cost, risk, and level of service to make informed decisions that make sense for our community.

So, what is an asset? In the M.D., we have a wide variety, including:

• Roads

• Buildings

• Bridges

• Campgrounds

• Trails

• Playground Equipment

• Skating Rinks

• Water and Sanitation Systems

• Rental Equipment

• Fleet Vehicles

• Heavy Equipment

To realize Council’s goal of Building a Viable and Diversified Regional Economy (as detailed in the 2022-2027 Strategic Plan), asset management attempts to forecast an asset’s life-cycle cost so that we can financially plan for its future. We consider the costs of an asset at each stage of life.

The M.D. of Bonnyville has an active Asset Management Team that works with all departments to ensure the services provided are sustainable for years to come. They work towards this sustainability by asking:

1. What do we own?

2. Where is it?

3. How old is it and what condition is it in?

4. How long will it last?

5. How much will it cost to maintain, operate, and/or replace?

6. What services are we or should we be providing?

7. What assets do we need to provide these services?

The answers to those questions become individual Asset Management Plans for all our asset categories (i.e., buildings, paved/unpaved roads, bridges, fleet vehicles, etc.).

The new Asset Management Team has been in place since Spring 2022. In that time, we have completed several projects — developing a Program Implementation Strategy, conducting formal condition assessments on all facilities throughout the M.D., and presenting State of the Infrastructure reports for our buildings and bridge structures to Council.

The future of the M.D.’s Asset Management Program includes developing and implementing processes around collecting data, communication, and evaluation. We will continue to gather information on our levels of service delivery, condition of assets, and operation and maintenance activities.

How this benefits M.D. residents:

• Stretches tax dollars further to provide more services

• Fewer outages in services like water and sanitation delivery through active risk management

• Increases transparency of operating costs

• Prioritization of critical assets and services

• Creates a clear and systematic approach to decision making

• Improves maintenance to lengthen lifespan of core assets.

Keep an eye on the Rural Review and the M.D.’s website for more Asset Management news and updates.

Did you know? 60% of Canada’s core public infrastructure is owned and maintained by municipal governments.