Asset Management is an integrated process bringing together planning, finance, engineering and operations to effectively manage existing and new infrastructure to maximize benefits, reduce risks and provide satisfactory levels of service to community users in a socially, environmentally and economically sustainable manner. Assets included in the plan are manufactured assets such as buildings and roads and will also include the Districts groundwater resource.
The District’s Asset Management Plan outlines a long term approach for capital renewal investment. To provide clarity and transparency, as a next step an Asset Management Levy will be introduced to the tax notice in 2019. This levy will identify the portion of the property taxes that are dedicated to infrastructure renewal. This will need to increase over a ten or fifteen-year period to reach sustainable levels. Council will be considering a policy approach to funding asset management in 2019.
Funding to begin the process of implementing the District’s Asset Management Plan is included with a transfer to reserves for future infrastructure replacement. With a focus on the road system for 2018, a Road Surface Profile and Pavement Management Plan is funded, along with road resurfacing and shouldering.
The Plan and Policy have been approved by Council and my be found here: Plan | Policy