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ASSET MANAGEMENT POLICY
For
Town of Thessalon
February 16, 2022
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TABLE OF CONTENTS
POLICY STATEMENT .................................................................................................................................. 3
PURPOSE ................................................................................................................................................... 3
VISION ....................................................................................................................................................... 3
MISSION .................................................................................................................................................... 3
STRATEGIC ALIGNMENT ............................................................................................................................ 3
GUIDING PRINCIPLES ................................................................................................................................ 3
FINANCIAL PRACTICES ............................................................................................................................... 4
GOVERNANCE AND CONTINUOUS IMPROVEMENT .................................................................................. 5
POLICY DIRECTION .................................................................................................................................... 6
STAKEHOLDER ENGAGEMENT .................................................................................................................. 6
CLIMATE CHANGE ..................................................................................................................................... 6
CONSEQUENCES OF NON-COMPLIANCE................................................................................................... 6
REVIEW PERIOD ......................................................................................... Error! Bookmark not defined.
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POLICY STATEMENT
The Town will protect and enhance the quality of life by making the best possible decisions regarding
assets in a way that provides targeted levels of service and manages risk in a cost-effective manner
throughout the entire asset life cycle in order to create customer value through enhancing community
asset management. The Town will manage infrastructure assets with a strategic approach, based on
continuous improvement with the goal of improving overall infrastructure.
PURPOSE
The Town is dedicated to the development and maintenance of its entire asset inventory in order to
provide residents with sustainable, reliable services, are regulatory compliant, and ensure assets will
serve for their designated life. This policy demonstrates a commitment to the stewardship of the Town
capital infrastructure assets and to improved accountability and transparency. This policy will support
the Town in focusing its infrastructure efforts on managing risks, addressing priorities, and meeting
short and long-term needs within the bounds of possible funding.
VISION
Providing for a good quality of life for those who live, work and vacation in Thessalon is a guiding
principle of the Town. Thessalon will continue to contribute to a good quality of life by encouraging
economic diversity, providing for housing choice and affordability as well as open space and accessible
shorelines to encourage an active lifestyle. It is important to consider and mitigate the impacts of
change on the qualities that make the Town a desirable place to live.
MISSION
To advance local economic development and tourism through activities and actions which will help
retain existing enterprises, organizations, and services, as well as encourage economic growth.
STRATEGIC ALIGNMENT
The Town will follow an Integrated Approach to successfully develop practical Asset Management Plan
that align with the overarching accountabilities and aspirations of our community. This policy will
endeavour to work in concert with Council strategic direction and related plans and policies which
impact on scope.
The Council will review this policy and incorporate it into the asset management planning approach that
fosters the integration of municipal documents such as the Financial Plan, Strategic Plan, and Integrated
Community Sustainability Plan.
GUIDING PRINCIPLES
The key guiding principles for planning, and investment of the Asset Management Policy in line with the
Town's Vision and Mission and are following:
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Customer focused: The Municipality will have clearly defined levels of service and apply asset
management practices to maintain the confidence of customers in how Town assets are managed.
Value-based affordable: The Municipality will choose practices, interventions and operations that aim
at reducing the lifecycle cost of asset ownership, while satisfying agreed levels of service. Decisions are
based on balancing service levels, risks, and costs.
Systematic: Adopting a formal, consistent, repeatable approach to the management of infrastructure
assets, will enable services to be provided in the most cost-effective manner.
Optimal: Make informed decisions between competing factors such as service delivery, asset quality &
value, cost and risk by determining which option will deliver the optimal lifecycle value.
Fact Based Decision Making: Uses of a formal but flexible, consistent, and repeatable approach to cost
effectively manage our infrastructure assets.
Sustainable: The Town will make the appropriate decisions and provisions to better enable its' assets to
meet future challenges, including population growth, people expectations, legislative requirements,
technological and environmental factors, without compromising the ability of future generations to
meet their own needs.
Sustainable: Make the appropriate decisions and provisions to better enable its' assets to meet future
challenges, including population growth, customer expectations, legislative requirements, technological
and environmental factors, without compromising the ability of future generations to meet their own
needs
Regulatory Compliant: The Town will comply with all relevant legislative, regulatory and statutory
requirements.
FINANCIAL PRACTICES
The Town will integrate findings from the Asset Management Plan into its long-term financial planning
and budgeting processes. The department level budget submission prepared by each service area will be
evaluated by the administration in the preparation of the Town's annual budget. The asset management
plan will be referenced in the preparation of their budget submission to help them:
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Identify all potential revenues and costs (including operating, maintenance, replacement, and
decommission) associated with forthcoming infrastructure asset decisions;
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Evaluate the validity and need of each significant new capital asset, including considering the
impact on future operating costs; and
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Incorporate new revenue tools and alternative funding strategies where possible.
For the purposes of managing water/wastewater assets, financial plans will be used as a basis for
establishing user fees, and the strategic plan will be referenced in order to ensure alignment with the
budgeting process.
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GOVERNANCE AND CONTINUOUS IMPROVEMENT
Council's annual asset management review will be completed in order to continuously improve and
review the current progress. It will include:
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Progress on ongoing efforts to implement the asset management plan;
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Consideration of the asset management policy;
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Any factors affecting the ability of the Town to implement its asset management plan and a
strategy to address these factors including the adoption of appropriate practices.
Council, having stewardship responsibility, is the final decision maker on all matters related to Asset
Management in the Town. The Council and the Management Staff are committed to the success of Asset
Management Planning. The development and continuous support of the Town's Asset Management
Plan requires a wide range of duties and responsibilities. Within asset management planning, the
following stakeholders have been defined for the tasks listed:
1. Council
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Develop policy and policy updates;
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Approve the Asset Management Policy and direction of the Asset Management Plan and its
updates every five years;
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Conduct annual reviews of Asset Management Plan implementation progress on or before
October;
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Maintain adequate organizational capacity to support the core practices of the Asset
Management Plan;
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Prioritize effective stewardship of assets in adoption and ongoing review of budget; and
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Monitor levels of service.
2. Management Staff
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Responsible for facilitating Asset Management Planning across the Town and maintaining
compliance with the regulation;
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Provide corporate oversight to goals and directions and ensure the Asset Management Plan
aligns with the Town's strategic plan;
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Ensure that adequate resources are available to implement and maintain core Asset
Management practices;
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Ensure Asset Registers are kept up-to-date regarding the condition, creation /acquisition,
maintenance, renewal, refurbishment and disposal of assets;
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Establish and monitor levels of service; and
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Track, analyze and report on Asset Management Plan progress and results.
3. Asset Management Committee
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Facilitate in carrying out activities as per the Asset Management Plan;
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Establish and monitor levels of service;
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Provide support and direction for Asset Management Plan;
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Track, analyze and report on Asset Management Plan progress and results.
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POLICY DIRECTION
Action Item
Responsible
Due Date
Ensure Asset Registers are kept up-to-date regarding the condition, creation
/acquisition, maintenance, renewal, refurbishment and disposal of assets
Management
Staff/Finance
Ongoing
Maintain Council's basic understanding of asset management and governance
roles.
Council
Annually
Measure and compare the goals and desired outcomes stated in asset
management plan against what was achieved
Council
Annually
Address and investigate failure in plan implementation and reactive measures
Management Staff
Ongoing
Reporting progress of asset management plan to the Council and Government
(as and when required)
Management Staff
Annually
Update the Asset Management Plan
Council
2024/2025
STAKEHOLDER ENGAGEMENT
The Town recognizes the residents, businesses, provincial agencies and regulated utilities as an integral
part of the asset management approach. The Town may engage with stakeholders by:
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Provide sufficient information and education for stakeholders to make an informed decision.
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Providing opportunities for residents and other stakeholders served by the Town to provide
input in asset management planning; and
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Coordinating asset management planning with other infrastructure asset owning agencies such
as municipal bodies and regulated utilities.
CLIMATE CHANGE
The Town will address the risks and vulnerabilities of municipal infrastructure assets to climate change
and the actions that may be required including, but not limited to, adaptation opportunities and
mitigation approaches.
CONSEQUENCES OF NON-COMPLIANCE
Failure to adhere to this policy may result in:
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The risk that the Town is not investing in the asset infrastructure it manages at the most optimal
times in the asset's lifecycle. This risk potentially compromises the safety and service delivery
provided by the infrastructure owned and managed by the Town.
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The risk of sub-optimal planning of growth, maintenance and replacement of existing assets and
the development of new assets.
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The risk of compromising the alignment of financial, strategic plan and asset management plan
which may lead to lack of expenditure optimization and reduced level of service.