The Regional Municipality of York has updated its Corporate Asset Management Policy, improving the coordination and affordability in the management of over $5 billion in water and wastewater assets.
Since the region initially adopted its Corporate Asset Management Policy in 2013, its total asset holding have risen to over $11 billion in value. During that same period, the region has undertaken to provide proactive asset management activities, which include comprehensive asset condition assessments, asset deterioration modeling and asset life evaluation to better inform maintenance, along with rehabilitation, replacement, and disposal decision processes.
“Regional assets, such as roads and water treatment infrastructure, are essential to provide services and contribute to the high quality of life enjoyed by our residents,” said York Region chairman and CEO Wayne Emmerson. “An updated policy will play an important role in providing guidance and ensuring alignment with provincial regulations when managing these assets across our region.”
More than 90 per cent of the Region’s assets have been included in departmental asset management plans. Some of the plans account for core infrastructure such as roads, bridges, treatment and conveyance of water and wastewater systems, and stormwater management systems. Plans that incorporate the remainder of the region’s assets are underway.
Other policy updates in the revised document include:
- Making decisions based on life-cycle data of the asset to maximize its value.
- Aligning asset management planning with climate change mitigation approaches and the development of the Region’s Climate Change Action Plan.
- Integrating industry standards and best practices while balancing asset cost, performance, and risk.
“The Region continues to balance the need to build new infrastructure with maintaining our existing infrastructure in a fiscally responsible way,” said City of Vaughan Regional Councillor Mario Ferri, chair of Environmental Services. “Input from local cities and towns, residents and businesses will ensure a coordinated approach and identify the many levels of service needed when managing regional assets.”
The Corporate Asset Management Policy is well aligned with the Region’s asset management practices and ensures responsible stewardship while continuing to provide services in a sustainable fashion.
The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to 1.2 million residents and 51,000 businesses with 620,000 employees.