Asset Management

INFO GRAPHIC - ASSET MANAGEMENT

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:

The servicing needs of the community,
Risk Management, and
Sustainable Funding Levels

Asset Management is Regulated in Ontario

The City is in the process of implementing the multi-year requirements planning and reporting requirements required under O.Reg 588/17: Asset Management Planning for Municipal Infrastructure which includes a Strategic Asset Management Policy and the development of asset management plans for all City-owned assets. The City has achieved the necessary deadlines with the creation and Council adoption of a SAMP (Strategic Asset Management Policy). The Asset Management Plan for Core Assets received Council endorsement on June 21, 2022. The Asset Management Plan for general government assets received Council endorsement on May 28, 2024 and includes all City assets not already accounted for in the 2022 Asset Management Plan. By July 31, 2025 the City is responsible for developing an asset management plan for all City assets that addresses proposed Levels of Service (LOS) including the costs required to achieve the proposed LOS and the financial strategy to fund the necessary expenditures.

City Council Endorses Asset Management Plans for all City Assets

On June 21st, 2022 City Council endorsed the City's 2022 Asset Management Plan for Core Assets. The plan addresses infrastructure needs across 4 asset classes: Roads & Bridges, Stormwater, Water, and Waste Water. On May 28th, 2024 City Council and the City's CAO endorsed the City's 2024 Asset Management Plan for Non-Core Assets. The plan addresses the following service delivery areas and related assets: Parks and Trails, Municipal Administration, Cemeteries, Recreation, Transportation, Natural Assets, Culture, Fire Services, Library Services, Niagara Falls District Airport and Convention Centre. With the completion of the AMP the City is compliant with the reporting requirements set forth under Ontario Regulation 588/17: Asset Management Planning for Municipal Infrastructure up to and including 2024 requirements.

Asset Management Plan Requirements Overview

What's Next?

By July 31, 2025 the City is responsible for developing an asset management plan for all City assets that addresses proposed Levels of Service (LOS) including the costs required to achieve the proposed LOS and the financial strategy to fund the necessary expenditures. This will be a critical planning document for the City because as a growing city we recognize the critical importance of optimizing City assets to meet the needs of its residents, businesses, and visitors now and in the future.

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.