Asset Management

Asset management helps the Municipality of Central Elgin protect and enhance the quality of life by making the best decisions possible regarding our assets—pipes, buildings, roads, and parks—in a way that provides targeted levels of service and manages risk in a cost-effective manner.

Central Elgin's Asset Management Strategy and the Detailed Asset Management Preamble paint clear pictures of the Municipal assets, requirements, and objectives. With your tax and rate funds, this strategy is used to get the best value and address the highest-priority requirements. Asset management is the process by which we plan for and priorities our infrastructure needs in order to provide the most value to the community.

Key Principals

The following are the key principles of asset management:

• Providing defined levels of service and monitoring performance
• Managing impact of growth through demand management and infrastructure investment
• Taking a lifecycle approach to developing cost-effective management strategies for the long-term to meet that defined level of service
• Identifying, assessing and appropriately controlling risks
• Having a long-term financial plan which identifies the expenditures and how it will be funded

Why Invest in Asset Management

Asset Management:

• Assists in the protection and enhancement of the Municipality's quality of life by ensuring the best possible decisions are made regarding our assets
• Encourages evidence-based budgeting and long-term financial forecasting
• Drives longer term thinking and planning
• Supports financial sustainability

Many provincial and federal grant programmes, like the Federal Gas Tax programme, which the Municipality gets funding from every year, requires asset management planning. Under the Jobs and Prosperity Act of 2014, the province of Ontario may also make asset management planning and/or policies a requirement.