Asset Management | Municipality of Kincardine

Asset Management Planning is the process of making the best possible decisions regarding the construction, operation, maintenance, renewal, replacement, expansion and disposal of infrastructure assets.

It requires a thorough understanding of the characteristics and condition of infrastructure assets, as well as the service levels expected from them. It also involves setting strategic priorities with investments and identifying critical assets for the development of a minimum life cycle cost.

Asset Management Policy

As of January 1, 2018, Ontario municipalities are subject to O. Reg 588/17 Asset Management Planning for Municipal Infrastructure, under the Infrastructure for Jobs and Prosperity Act, 2015, S.O. 2015, c.15.

Under the law, every municipality is required to prepare a comprehensive strategic asset management policy, a plan to maintain core municipal infrastructure, a levels of service proposal, and a publicly accessible asset management plan.

In 2018, the Municipality of Kincardine participated in a pilot project with the Municipal Finance Officers' Association (MFOA) to assist in developing a Strategic Asset Management Policy toolkit that could be used by municipalities to assist them in meeting the requirements of the new legislation. The existing policy was reviewed and updated. The current Asset Management Policy meets the first requirement under the legislation.

Watch the Federation of Canadian Municipalities (FCM) video about the importance of investing in Asset Management.

Asset Management Plan

The 2016 Asset Management Plan was updated by Dillon Consulting in 2022. It meets the legislative deadline for all core assets and current levels of service. It also includes early adoption of future requirements under the regulation, including current levels of service for all infrastructure assets, discussions surrounding proposed levels of service, and a related funding strategy.

The plan will help make well-informed and evidence-based decisions throughout the annual budget process and with capital grant applications. It will guide planning for future sustainable infrastructure.