Code A 1.34 - Asset Management — full text

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^ Town of Heart of the Valley © Town ofEVIiddleton Policies Code A - Administration # 1.34 ASSET MANAGEMENT POLICY Effective Date 2020-10-19 Approved by Council 2020-10-19 1.0 Purpose The Town of Middleton is committed to improving the long-term sustainability of our infrastructure. This asset management policy formalizes our commitment to asset management. The principles in this asset management policy will provide for a transparent and accountable process to demonstrate the legitimacy of decision-making which combines strategic plans/ budgets/ service levels and risks. 2.0 Strategic Alignment The principles in this asset management policy and our asset management planning will align with the Town's Strategic Plan, Municipal Planning Strategy and Land Use Bylaw, Integrated Community Sustainability Plan/ Municipal Climate Change Action Plan, and Active Living Strategy/ Financial Policies/ Source Water Protection Plan and Subdivision Bylaw. 3.0 Scope This Policy applies to assets owned and managed by the Town of Middleton and the Middleton Water Utility. 4.0 Guiding Principles 4.1 Service Delivery to Customers The Town will clearly define level of service objectives that balance community expectations and regulatory requirements with risk/ affordability and available resources. The Town will carefully weigh the benefits and costs of increasing or decreasing levels of service before making investment decisions. 4.2 Holistic Approach The Town will take an integrated and coordinated approach to decisions on infrastructure/ maximizing value to the community in a larger service delivery context/ not just as an isolated asset. The Town will ensure input is received from key departments and individuals such as finance, maintenance/ operations, A 1.34 Asset Management Poiicy Page 1 of 3 Heart of the Valley ® Town of Middleton Policies Code A-Administration# 1.34 engineering, planning, parks and recreation when making decisions about renewing and replacing existing assets or building new assets. 4.3 Long term Sustainability and Resilience: The Town will consider the impacts of climate change on our infrastructure in asset management planning and service delivery. The Town s asset management dedsion- making will consider the needs of both current and future generations and potential challenges associated with changing community demographics and expectations related to service delivery. 4.4 Fiscal Responsibility and Asset Management Decision-Making Consideration will be given to all life-cycle costs including the cost to build/ operate and maintain infrastructure in budgeting and financial planning. Decisions are based on balancing service levels/ risks and affordability. Funding requirements and reserve policies will be integrated with asset management planning 4.5 Continuous Improvement: Our municipality recognizes the value of asset management planning in improving information for decision-making and commits to: supporting asset management awareness and training for staff and council; progressing in the asset management process; - the integration of asset management systems; - community engagement. 5.0 Roles and Responsibilities Council is responsible for approving the asset management policy and funding and resources required to implement the asset management policy. The Chief Administrative Officer is responsible for leading the asset management working group in the planning, implementation and overall compliance of the asset management policy. Staff are responsible for abiding by the requirements of the asset management policy and participating in this implementation as required. A 1.34 Asset Management Policy Page 2 of 3 ^ Town of Heart of the Valley ® Town ofMiddleton Policies Code A-Administration # 1.34 I/ Jennifer Boyd, Town Clerk of the Town of IVliddleton, do hereby certify that the Policy/ of which the foregoing is a true copy/ was duly passed at a duly called meeting of the Town Council of the Town of Middleton held on the 19th day of October 2020 . Jbnnifer Bovfcl Town Clerk Policy Adoption Date of 7 day notification to Council Date of Approval October 5, 2020 October 19,2020 A 1.34 Asset Management Policy Page 3 of 3