Lacombe, Alberta’s council has voted to adopt a new Asset Management Policy and has endorsed its Asset Management Strategy.

“Over the past year, city staff has been laying the groundwork for the development of a system to manage our physical assets, such as roads, pipes, parks, and more in a way that meets the sustainability goals in the Imagine Lacombe Municipal Sustainability Plan and Council’s Strategic Plan,” said Mayor Grant Creasey.

The Asset Management Policy articulates Lacombe’s commitment to sustainability by proposing fundamental principles on which asset management decisions will be based.

The Asset Management Strategy looks at the underlying approach the city takes to manage information about its physical assets and identifies areas of improvement. It lists a number of improvement initiatives for completion over the next five years, starting with the development of a comprehensive implementation plan in early 2019.

“A static approach to asset management can lead to a significant economic impact to a growing community such as Lacombe, and would be a source of great frustration to residents,” said director of Operations and Planning, Jordan Thompson. “It can lead to inefficient spending and last minute decisions in reaction to growth and other changing conditions. Developing a management system that anticipates these changes will give Council the tools needed to ensure budgets are in place for future needs while maintaining an acceptable level of service.”

“It should be noted that an asset management program will take years to fully implement,” said Thompson. “This is the first major milestone in what will be an ongoing process of continuous improvement.”

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