Wilmot’s Asset Management Program
The Township of Wilmot’s asset management program aims to improve and sustain asset management practices. Overall, the goal of the asset management program is to help the Township maintain its assets at appropriate levels of service by applying the right intervention, to the right asset, at the right time.
Wilmot’s asset management program is funded in part by the Federation of Canadian Municipalities (FCM).
The Strategic Plan
The Township of Wilmot updated its Strategic plan in 2020 to guide decision-making at the corporate level. Created through extensive consultation efforts with the community, the Strategic Plan represents the desired direction and priorities of the Township’s residents. It lists strategic actions aligned with the principles of effective asset management, further solidifying Wilmot’s commitment to asset management capacity building and infrastructure investments.
Asset Management Policy
Wilmot Council endorsed the Township’s Strategic Asset Management Policy in September 2018. The policy represents a statement of the principles guiding Wilmot’s approach to asset management activities It provides clear direction to Township staff on their roles and responsibilities as part of the asset management program.
All municipalities were required to develop and adopt an asset management policy in 2019 in compliance with O. Reg 588/17.
Asset Management Plan
In 2022, the Township completed its updated Asset Management Plan (AMP). The AMP focuses on the current state of the municipality’s asset portfolio and its approach to managing and funding individual service areas or asset groups. The AMP is a living document that will be updated regularly as additional assets and financial data become available. This will allow the Township to re-evaluate the state of infrastructure and identify how the organization’s asset management and financial strategies are progressing.
AM101 - What is Asset Management?
The term asset management has been defined in different ways by a variety of government and non-government organizations in Canada. As part of the Leadership in Asset Management Program (LAMP), an initiative delivered by the Federation of Canadian Municipalities, a definition of asset management was created:
“Asset management is an integrated approach, involving all organization departments, to effectively manage existing and new assets to deliver services to customers. The intent is to maximize benefits, reduce risks and provide satisfactory levels of service to the community in a sustainable manner – providing an optimum balance. Good asset management practices are fundamental to achieving sustainable communities.”
For further context into the importance of Asset Management Planning, the FCM created the following video, summarizing why we invest in Asset Management.
Additional Information:
O. Reg. 588/17: Asset Management Planning for Municipal Infrastructure
Municipal Asset Management Planning in Ontario
Building together – Guide for municipal asset management plans
Contacts