Asset Management

City Council Endorses the 2022 Asset Management Plan for Core Assets

On June 21st, 2022 City Council endorsed the City's Final 2022 Asset Management Plan, Core Assets. The plan addresses infrastructure needs across 4 asset classes: Roads & Bridges, Stormwater, Water, and Waste Water, and was developed to meet the requirements set forth under Ontario Regulation 588/17, Asset Management Planning for Municipal Infrastructure.

What is Asset Management?

Infrastructure asset management is the combination of management, financial, economic, engineering, and other practices applied to physical assets with the objective of providing the best value level of service for the costs involved. It includes the management of the entire life cycle—including design, construction, commissioning, operating, maintaining, repairing, and disposal—of physical and infrastructure assets

The City of Niagara Falls provides a range of services to residents, businesses and visitors that require physical assets including transportation, stormwater management, water, wastewater, parks and recreation, fire protection, and municipal administration services such as by-law enforcement and development planning. To deliver these services, the City relies on a wide range of infrastructure assets that are best managed through the development of asset management plans and practices. Good asset management provides us with tools and processes necessary for decision making that takes into consideration:

Servicing needs of the community
Risk Mitigation
Optimal resource allocation

Ontario Regulation 588/17

The City is in the process of implementing the multi-year requirements planning and reporting requirements required under O.Reg 588/17 which includes a Strategic Asset Management Policy and the development of asset management plans for all City-owned assets. Currently the City has achieved the necessary deadlines with the creation and Council adoption of a SAMP (Strategic Asset Management Policy). The final Asset Management Plan for Core Assets received Council endorsement on June 21, 2022. The Asset Management Plan for general government assets will launch in 2022 and will include assets such as parks, recreational facilities, fleet, etc.

Asset Management Plan - Core Assets

The final Asset Management Plan outlines the requirements, overall intentions/principles and the framework that the City will follow when creating Asset Management Plans. The policy will guide the asset management process going forward and help embed asset management principles into ongoing capital, operations and maintenance activities.

Why invest in Asset Management?

Watch this video to learn how asset management approaches can help municipalities address specific infrastructure needs while also preparing for climate change.