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1.0 Provide City-wide Asset Management Workflows that enable a coordinated,
cost-effective, and sustainable approach to the management of City's Assets in
order to:
.1
.2
.3
.4
.5
.6
Facilitate effective decision-making and Risk assessments;
Meet legislative and regulatory requirements;
Establish Levels of Service (LOS) and adjust accordingly;
Improve Asset efficiency, effectiveness, and sustainability;
Prepare for Climate Change;
Accommodate growth and City demographics.
2.1
This Policy applies to all City-owned Tangible Capital Assets and Activities
including those managed by Peterborough Housing Corporation.
.1
Excludes Assets owned by organizations funded by the City however all
organizations are encouraged align to the City Policy where feasible.
2.2
This Policy applies to all those responsible or involved in delivering Services
through the City's Assets.
Activities - Actions taken to manage Assets including operations, maintenance, rehabilitation,
renewal and planning for purchasing or constructing.
3.0
Definitions/Acronyms
2.0
Application
1.0
Purpose
Asset Management Policy
Asset Management Policy
1.0
Purpose
2.0
Application
3.0
Definitions/Acronyms
Policy 0038
Department:
Division:
Section/Function:
Approval Level:
Effective Date:
Revision #:
Infrastructure, Planning and Growth Management
Asset Management and Capital Planning
Asset Management
Council
2018-04-09
3
Policy 0038
Asset - As defined by the ISO is an item, thing, or entity that has potential or actual value to
the City. Value can be tangible or intangible.
Asset Management - The coordinated activity of an organization to realize value from Assets.
Workflow - A sequence of repeatable processes or Activities that transform an Asset, Service,
or information.
Asset Management Plan - Documented information that specifies the Activities to be
undertaken, resources required and timelines necessary to realize value for an individual
Asset, or a grouping of Assets, to achieve the organization's Asset Management objectives as
per the Asset Management Procedure.
City - The Corporation of the City of Peterborough.
Green Infrastructure - Infrastructure Assets consisting of natural or human-made elements
that provide ecological and hydrological functions and processes and includes natural heritage
features and systems, parklands, stormwater management systems, street trees, urban
forests, natural channels, permeable surfaces and green roofs.
Intangible Asset - Assets or Elements, that may be non-physical, that will be considered to
the extent that they influence the City's decision making with respect to Tangible Capital
Assets. (For example: Green Infrastructure, Urban Forests, Operations, Maintenance
Activities, Lifecycle Activities, Studies, Agreements, Leases, etc.)
ISO 55000 - The internationally recognized standard in Asset Management.
Levels of Service (LOS) - A measurable result used to assess the quality of a particular
Activity or Service.
Risk - The chance an event will have an adverse impact on the City's liability, exposure and
delivery of the organization objectives. It includes both the probability and consequence as well
as disasters and planning for such events.
Service - The benefits gained by the Stakeholders through our Assets.
Stakeholder - People or organizations that can affect or be affected by a Service or Asset.
Tangible Capital Assets - Non-Financial Assets having physical substance that:
a) Are held for use in the production or supply of goods and service, for rental to
others, for administrative purposes or the development, construction,
maintenance or repair of other Tangible Capital Assets;
b) Have useful economic lives extending beyond an accounting period;
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Asset Management Policy
Policy 0038
c) Are to be used on a continuing basis; and
d) Are not for resale in the ordinary course of operations.
4.1.
The City shall adopt ISO 55000 series of standards, and its amendments, as the guiding
standards for Asset Management.
4.2.
The City's Asset Management Workflows shall comply with all applicable laws and
regulations as well as account for provincial mandates such as Infrastructure for Jobs
and Prosperity Act and Climate Change Action Plans.
4.3.
The City commits to:
.1
Establish and maintain an Asset Management Plan that accounts for
infrastructure Risk, LOS and optimised life cycle management.
.2
Align the Asset Management Plan with key City plans and strategies including
but not limited to those listed in 5.1.
.3
Collaborate with internal and external Stakeholders related to Asset Management
planning and decision-making.
.4
Develop and demonstrate effective use of Stakeholder funds through the
evaluation of Asset investment needs.
.5
Continuously improve its Asset Management practices and long-term capital
budget vision through internal and external audits.
.6
Educate all staff about their role in the delivery of Asset Management.
.7
Review this Policy every five years or in response to any significant changes.
4.4.
The City shall report Capital Assets as defined by the financial threshold in Policy 0009
Tangible Capital Asset Accounting.
Note: All references refer to the current version, as may be amended from time to time.
5.1.
Pertinent Resources:
Infrastructure for Jobs and Prosperity Act (2015) - Ministry of Infrastructure
Planning Act (1990) - Ministry of Municipal Affairs
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5.0
Appendix, Related Documents & Links
4.0
Policy Statement(s)
Asset Management Policy
Policy 0038
Places to Grow Act (2005) - Ministry of Municipal Affairs
Official Plan (2023)
City of Peterborough - Strategic Plan (2023)
Related Policies:
0009 - Tangible Capital Asset Accounting 2013
5.2.
Related Procedures:
0038-P01 - Asset Management Procedure
0009-P01 - Tangible Capital Assets Inventory Management
5.3.
Related Forms:
ISO 55000 - Audit tool
5.4.
Miscellaneous:
ISO 55000 - Standard for Asset Management
ISO 55001 - Asset Management - Management System Requirements
ISO 55002 - Guidelines for Application of ISO 55001
5.5.
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Asset Management Policy
Policy 0038
Page 5 of 5
2031-03-05
6.0
Amendments/Reviews
Asset Management Policy
Date (yyyy-mm-dd)
Section #
Amended
Comments
2016-10-13
Council approved the Asset Management Policy as set
out in Appendix A to Report USEC16-021.
2018-04-09
Council approved revised Asset Management Policy as
set out in Appendix A to Report USEC18-004.
2019-06-17
Policy reviewed by Asset Management Steering
Committee. No changes.
2021-12-01
Revision #2 - No changes were made to the content
of the Policy. Policy moved to updated Policy
Template; (Section 2.0 moved to Section 4.0, Section
3.0 moved to Section 2.0, Section
4.0 moved to Section 3.0). Policy Document format
has been updated to become compliant with the
Accessibility for Ontarians with Disabilities Act
(AODA) Regulation 191/11 Integrated Accessibility
Standards.
2026-03-05
Revision #3. Revised document list in Section 5.1
Pertinent Resources for relevancy. Revised
Department and Division names to align with Corporate
restructuring
Next Review Date: