The City of Prince Rupert approved a new Asset Management Strategy and Roadmap (AMSRM) outlining four key objectives that require management focus on Dec. 5.
According to a summary report presented to city council by chief financial officer Corinne Bomben, addressing the infrastructure deficit is a priority for council and an asset management strategy is often a requirement of many government grant opportunities.
“The Asset Management Roadmap outlines the specific action the city should take over the next three years to implement the strategy,” she said in her report.
“The Asset Management Strategy articulates what the city should focus on to improve its asset management practices and improve its asset health outcomes. The roadmap outlines the specific actions the city should take over the short term to implement the strategy,” Bomben said at the meeting.
Both pieces together, show how the city can get from where it is today to a place where its asset management practices align with the city’s asset management policy.
The work will help the city to achieve better outcomes relating to service levels, financial health and overall sustainability. It was paid for by government grants and has been completed to control asset reinvestment and renewal decisions.
“Approval of the strategy and roadmap will provide the city with the governing policy on which to base future asset reinvestment and replacement decisions, as well as fulfill one of the grant funding agreement requirements,” the CFO said.
Before developing the AMS the city had to first consider what it could do to manage assets in a way that better aligns with best practices and identify ones at the highest risk where there is a high benefit-to-cost ratio.
From this, four key focus areas were identified. They are:
• Get data in the door;
• Integrate asset management into master plans;
• Communicate information to council, the community and senior levels of
government;
• Organizational commitment and capacity.
Under the four focus areas, the AMR highlights specific action items that can be implemented over the next three years.
“Doing so will enable the city to achieve its broader goals of demonstrating good stewardship and delivering affordable and sustainable services while considering its legacy to future residents,” Bomben’s report reads.
To further the city’s commitment to implementing sound asset management practices, the City has begun developing a complementary Infrastructure Replacement Strategy, which will highlight the areas with high risk of asset failure and explore strategies for replacement over the next five years and beyond. This work is anticipated to be completed in early 2023.
K-J Millar | Editor and Multimedia Journalist
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e Asset Management Strategy articulates what the city should focus on to improve its asset management practices and improve its asset health outcomes. The Roadmap outlines the specific actions the city should take over the short term to implement the strategy. This work has been done to govern asset reinvestment and renewal decisions in the short and long term, which will help per city achieve better outcomes as they relate to service levels financial health and overall service sustainability. Approval of the strategy and roadmap will provide the city with the governing policy on which to base future asset reinvestment and replacement decisions, as well as fulfill one of the grant funding agreement requirements