What is Asset Management?
Asset management refers to a planned approach for managing and investing in a municipality's infrastructure through a process of inventory, valuation, use, strategic portfolio reviews, reporting, and auditing of municipal assets. Optimizing the life cycle of assets results in less disruption while planning for future asset degradation and can provide a more sustainable life cycle of infrastructure investments. According to the International Infrastructure Management Manual, a successful asset management program meets a required level of service in the most cost-effective way through the creation, acquisition, operation, maintenance, rehabilitation, and disposal of assets to provide for present and future customers.
An Asset Management Plan (AMP) is a tactical plan for managing an organization’s infrastructure and other assets to deliver an agreed standard of service. Typically, an Asset Management Plan will cover more than a single asset, taking a system approach - especially where a number of assets are co-dependent and are required to work together to deliver an agreed standard of service.
5 Core Components of an Asset Management Plan
- Asset Inventory
- Level of Service
- Critical Assets
- Revenue Structure
- Capital Improvement Project Plan
Asset Management Mission
Our mission is to create/provide/maintain asset inventories including condition assessments for all City assets, for use in a strategic approach to long term financial and economic management, implement sound policies and strategic plans, monitor/report/measure performance, provide access to information used to assist in operational activities, and create Asset Management Plans/Programs.