2025 Asset Management Plan

The City has prepared a Draft 2025 Asset Management Plan, as required by Ontario Regulation 588/17.

An asset management plan (AMP) is a strategic document outlining how a group of assets will be managed over time, detailing their characteristics, condition, expected service levels, planned actions, and financing strategies. It helps organizations prioritize essential services, align community needs with available resources, and ensure sustainable service delivery through effective asset management, regulatory compliance, and appropriate funding.

Our Asset Management Plan Journey

1. Understanding Our Current Assets & their Service Level

   • We have assessed how well our current infrastructure (like roads, facilities, stormwater network, and parks) is serving the community. This information has been captured in our 2022 and 2024 AMPs that supported the development of the 2025 AMP.

   • We have gathered data on the inventory, characteristics, condition, replacement value and current level of service of the asset classes within each service area. We will continue to collect and update this data to support our Asset Management program and future AMP's.

2. Setting Future Goals (Proposed Levels of Service):

   • We have included in the draft 2025 AMP Levels of Service that are based on our current operations. Based on your feedback, our assessments, and aligned with Council's strategic priorities, we will further define the proposed levels of service for each service area within the Asset Management Plan, aiming to meet the needs of the community. These levels of service will help identify where capital dollars should be spent.

3. Comparing Now and Future (Lifecycle Management and Financing Strategies):

   • Currently, we face a significant funding gap in maintaining our current levels of service. This means we need more resources to continue providing these services at the same level. Alternatively, we will need to adjust our service levels, including the potential of rationalization.
     

   • We will compare our current levels of service with the proposed future levels of service to identify gaps and areas needing improvement.

   • We assess the resources, investments, and actions required to bridge these gaps through the establishment of lifecycle management strategies. The allocation of funds for these strategies will be found in the financing strategy of the future AMP's.

4. Creating an Action Plan:

   • We will develop a fluid long-term plan within the 2025 AMP which will aim to meet the development of proposed levels of service, lifecycle management activities and timing, funding requirements, and other potential sources of funding.

5. Keeping You Updated:

   • We will regularly report on our progress towards the action plan at Council and Committee meetings and on our website.

   • We will review and update our asset management plan yearly to reflect any changes in community needs, asset conditions, and the progress made in reaching the proposed levels of service.
     

By following these steps, we strive to ensure that our infrastructure meets both your current and future needs in a financially sustainable manner. Your support and feedback are vital to this process.