What is Asset Management?
Understanding what asset management is begins with an understanding of the word “asset” in this context. In the broadest sense, an asset is anything that delivers value to your organization and the stakeholders you serve. When we talk about municipal asset management, we typically talk about assets being a piece of publicly-owned infrastructure, for example a road, a water pipe, an indoor or outdoor recreational facility, an office building, etc.
By definition, Asset Management is: an integrated process, bringing together skills, expertise, and activities of People; with Information about a community’s physical Assets; and Finances; so that informed decisions can be made, supporting Sustainable Service Delivery.
The diagram (on the right) from Asset Management BC best identifies the framework that the City of Terrace will follow. People, Assets, Information and Finances to be a part of every step as the City moves around the wheel. As this is a continuous improvement process, the circles with the directional arrows indicate this is something that keeps moving even as stages are complete and requires
Why is the City investing in Asset Management?
- You can also learn more about the purpose and what guides asset management at the City of Terrace in our Policy No. 117
- Or check out a short 4 minute Youtube video by the Federation of Canadian Municipalities that explains why municipalities must invest in in Asset Management.