Township of Nipissing – Strategic Asset Management Policy
The purpose of this policy is to establish consistent standards and guidelines for management of the Township’s assets applying sound technical, social and economic principles that consider present and future needs of users, and the service expected from the assets. This means leveraging the lowest total lifecycle cost of ownership with regard to the service levels that best meet the needs of the community while being cognizant of the risk of failure that is acceptable.
Background: Ontario Regulation 588/17 (O. Reg. 588/17) under the Infrastructure for Jobs and Prosperity Act, 2015, came into effect on January 1, 2018, and requires Ontario municipalities to prepare a strategic asset management policy and an asset management plan for all municipal infrastructure assets that demonstrates municipalities’ commitment to:
- Align asset management with their strategic goals;
- Establish sustainable target service levels to balance building new infrastructure with maintaining existing infrastructure in a fiscally responsible manner;
- Leverage opportunities for mitigating climate change and building infrastructure resiliency to minimize service disruptions during extreme weather events;
- Integrate asset management with budgeting; and
- Engage community and other levels of government when identifying and addressing local infrastructure investment priorities.
The Township of Nipissing Asset Management Plan is expected to be updated in early 2024.