Corporate Asset Management
Asset Management is the co-ordinated activity of an organization to put a value on its assets. It is the balancing of costs, opportunities and risks against the how the assets should last and perform over their life cycle, to achieve the city's organizational objectives.
At the City of Burlington, the Asset Management service provides the overall framework, leadership, direction and co-ordination to all infrastructure asset categories and works with the Financial Management service to establish, update and champion the long-term asset management financial plan. The city takes a life-cycle cost analysis approach to managing assets that exceed $2.9 billion in replacement cost.
Life-cycle cost analysis (LCCA) is a tool to determine the most cost-effective option among different competing alternatives to purchase, own, operate, maintain and, finally, dispose of an object or process, when each is equally appropriate to be implemented on technical grounds. The City of Burlington bases its asset management system on the ISO 55001 International Standard.
Asset Management Policy
The Corporate Asset Management Policy was developed and approved in 2016 by the Asset Management Committee and the Burlington Leadership Team (BLT).
The policy is a high-level statement which outlines the principles and requirements for implementing consistent asset management processes throughout the City of Burlington. It applies to all areas of the organization that manage tangible capital assets or asset systems. The policy is in place to ensure the continuing development of the organization's asset management program to facilitate informed decision-making for the management of the city's infrastructure to support community services.
Asset Management Plan
The Asset Management Plan helps the city make the best possible decisions regarding the construction, operation, maintenance, renewal, replacement, expansion and disposal of infrastructure assets while minimizing risk and cost to taxpayers and maximizing service delivery. In alignment with the city's Strategic Plan, a draft Asset Management Plan has been developed by the city. This document integrates a number of individual (business specific) infrastructure asset plans, including: Roadways, Facilities and Buildings, Parks and Land Improvements, Stormwater Management, Fleet and Equipment and Information Technology Services. The plan is based on the guidelines set in place by the Ontario Ministry of Infrastructure's Building Together Guide for Municipal Asset Management Plans.
The Asset Management Plan answers:
- What do we own?
- How much is it worth?
- What condition is it in?
- What work do we need to do to rehabilitate the asset?
- When do we need to rehabilitate the asset?
- How much will it cost to rehabilitate the asset?
The plan is based on current asset inventory, condition and replacement value information. It is intended to be a living document that will be updated by staff on an ongoing basis.
Download a copy of the current plan HERE.
Asset Management Financing Plan
The city's asset management financing plan is the city's implementation strategy for meeting the financial needs of the asset management plan. On May 15, 2017, Council approved the city's 2016 Asset Management Financing plan providing a 60-year funding strategy for the city's renewal needs, that is aligned with the city's Strategic and Long Term Financial Plan. Council over the last number of years has made steady investments in the management of our infrastructure. The financing plan approved by Council continues the implementation of predictable infrastructure investment, through continuation of the city's dedicated infrastructure levy to support growing renewal needs, and re-purposing the hospital levy towards infrastructure beginning in 2019, when contributions to the hospital are expected to be fulfilled. Overall the financing plan is sustainable and assists in managing the increasing demands of the city's infrastructure requirements. The asset management financing plan provides a plan for investing in the city's infrastructure which is essential to providing valued services to the community.
Click for the city's 2016 Asset Management Financing Plan.