Assets are essential to provide services, support programs and contribute to the high quality of life and economic prosperity enjoyed by residents and businesses alike.

What is Asset Management?

Asset Management is the coordinated activity of an organization to realize value from assets and involves balancing costs, risks, opportunities and performance benefits. It considers all asset types and includes all activities involved in the asset’s life cycle from planning and acquisition/creation; to operational and maintenance activities, rehabilitation and renewal; to replacement or disposal and any remaining liabilities.

The Asset Management 101 booklet has been structured to help you better understand and appreciate the power of asset management. Whether you are new to the practice or have already been involved in asset management in your community, this guide provides a simple and clear understanding of asset management. It covers:

  • What is Asset Management?
  • Why is Asset Management important for your Community?
  • How do I get started?
  • What resources are available to help me?

The following video published by the Federation of Canadian Municipalities provides more insight on the practice on Asset Management:

The Canadian Infrastructure Report Card (CIRC) assesses the condition of Canada’s municipally-owned infrastructure to help decision-makers identify cracks in this important foundation and inform solutions to address them.

Ontario’s Legislation and Regulation

Asset Management has been regulated in the Province of Ontario.

The purpose of Infrastructure for Jobs and Prosperity Act, 2015, S.O. 2015, c. 15 is to establish mechanisms to encourage principled, evidence-based and strategic long-term infrastructure planning that supports job creation and training opportunities, economic growth and protection of the environment, and incorporate design excellence into infrastructure planning.

The companion regulation O. Reg. 588/17: Asset Management Planning for Municipal Infrastructure as amended from time to time, sets out requirements for all Ontario Municipalities undertaking asset management planning to ensure the long term sustainability of municipal infrastructure and specifically:

July 1, 2019 Date for municipalities to have enacted a Strategic Asset Management Policy.
July 1, 2022 Date for municipalities to have an approved asset management plan for core municipal infrastructure assets (roads, bridges and culverts, water, wastewater and stormwater management systems) that identifies current levels of service and the cost of maintaining those levels of service.
July 1, 2024 Date for municipalities to have an approved asset management plan for all municipal infrastructure assets that identifies current levels of service and the cost of maintaining those levels of service.
July 1, 2025 Date for municipalities to have an approved asset management plan for all municipal infrastructure assets that builds upon the requirements set out in 2024. This includes an identification of proposed levels of service, what activities will be required to meet proposed levels of service, and a strategy to fund these activities.
2025 & Beyond Update the Asset Management Plan and Policy every 5 years. Annual progress review with Council.

Complying with the regulation is also essential to support the continued use of the Federal Gas Tax funding as well as continued eligibility for grant funding through current and future funding programs offered by the Provincial and Federal levels of government.

The Town of East Gwillimbury’s Asset Management Journey to date: