Asset Management Policy
The Asset Management Policy details how the Town will deal with corporately-owned assets. The goal of the policy is to ensure public resources are being used wisely.
Key concepts in the Asset Management Policy include:
- Using full lifecycle costing principles
- Adopting risk-based decision making processes
- Developing and enhancing asset management knowledge
- Identifying optimum maintenance levels
- Financial planning to ensure timely rehabilitation, replacement or disposal of infrastructure assets
- Monitoring and evaluating the performance of assets
Asset Management Plan
The Town's Asset Management Plan (AMP) is a strategic document that states how assets will be managed over a period of time.
The plan describes:
- the characteristics and condition of infrastructure assets;
- the level of service expected from them;
- planned actions to ensure the assets are providing the expected level of service;
- financing strategies to implement the planned actions
The Town of Tillsonburg uses the Asset Management Plan (AMP) to help maintain its infrastructure and provide services to the community.
Asset management is an ongoing task. Activities carried out include, but are not limited to:
- Operations and maintenance planning
- Condition assessment and inspection programs
- Data management and analytics
- Demand forecasting and capacity management
- Rehabilitation and replacement programs
- Project prioritization and coordination
Council has also adopted a Fleet Replacement Strategy that serves as part of the Asset Management Plan.
Tangible Capital Asset Policy
The Town's Tangible Capital Asset Policy prescribes the accounting treatment for tangible capital assets.
The principal issues in accounting for tangible capital assets are;
- the recognition of the assets;
- the determination of their carrying amounts and amortization charges;
- the recognition of any related impairment losses.