Asset Management

Executive Sponsor/Contact for Strategic Priority

Tracy Samra, Chief Administrative Officer (tracy.samra@nanaimo.ca)

Strategies

1. Develop a comprehensive Asset Management Plan.

2. Ensure the Financial Plan incorporates asset management funding strategies.

2012: Present Asset Management Plan to City Council in the Fall.  Incorporate Plan into 2013-2017 Financial Plan.

2013-2015: Continue to update and refine Asset Management Plan.  Ensure on-going maintenance and replacement of infrastructure.  Continue to incorporate Asset Management Plan into 5 year Financial Plans.

Update (as of December 31, 2012): The updated Asset Management Plan will be presented to Council on January 14, 2013. The proposed 2013-2017 Financial Plan includes increases in water and sewer rates as well as a 1.0% tax increase per year for 5 years to fund asset management.

Update (as of March 31, 2012): The updated Asset Management Plan was presented to Council on January 14, 2013.

Update (as of June 30, 2013): Preparation of the 2014 - 2018 Financial Plan is now underway.  Departments have been instructed to include asset management projects in this Financial Plan.  Staff will meet in Fall 2013 to develop an Asset Management policy for Council approval.

Update (as of September 30, 2013): Ongoing work continues on infrastructure condition assessment and updating the replacement plans based on that information.  Staff are developing an Asset Management policy for Council approval.

Asset management projects have been incorporated into the draft 2014-2018 Financial Plan.  As part of the new budget process, asset management projects will be highlighted.  Once Council has finalized the 2014-2018 budget, staff will review opportunities for longer term financial planning. 

Update (as of December 31, 2013): Asset management projects are highlighted in the new budget process.  Once Council has finalized the 2014-2018 budget, staff will review opportunities for longer term financial planning.

Update (as of March 31, 2014): Ongoing work continues on infrastructure condition assessment and updating the replacement plans based on that information.  Staff are developing an Asset Management policy for Council approval by September.

Asset management projects have been highlighted in the new budget process.  Once Council has finalized the 2014-2018 budget and the vacancy of Director and Public Works has been filled, staff will review opportunities for longer term financial planning. 

Update (as of June 30, 2014): Ongoing work continues on infrastructure condition assessment and updating the replacement plans based on that information.  Staff are developing an Asset Management policy for Council approval in August or September.

The Financial Plan for 2014-2018 was approved, which provides for 1.0% of taxes to be set aside for asset management.  The 2015-2019 Financial Plan will include some elements of 10 year financial planning.

Update (as of September 30, 2014): Asset Management policy has been drafted and is under Staff review.Staff will present Asset Management policy to Council for approval at the November 3, 2014 Committee of the Whole meeting.

The 2015-2019 Financial Plan will include some elements of 10 year financial planning.

More information on the Asset Management Plan

Last updated: August 8, 2017

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