Asset Management (AM) is an integrated, active, process to effectively manage the lifecycle of a community’s assets to minimize risk and maximize benefits to the public.
It requires the bringing together of Peoples’ skills, expertise, and activities with Information about a community’s physical land and built Assets; and its Finances; to make informed decisions and provide satisfactory and sustainable levels of service.
To achieve sustainable service delivery, it is necessary that local governments assess, plan, and implement asset management practices that are tailored to the specific needs and capacity of individual local governments.
Union of BC Municipalities
What is the Village is doing
We are proud to be one of BC’s local governments that have formalized Asset Management Practices.
The Village of Lumby delivers a wide range of services to our residents, businesses, neighbours, and visitors through the physical assets that we own, operate and maintain including the water and sewer system, facilities, vehicles and equipment, as well as natural assets such as the park and trail system, paths and parks.
The Village has an Asset Management Plan to help us monitor the state of our community’s assets and plan for maintenance, upgrades, and replacement. By investing in the management of these assets, we can reduce our risk and working towards sustainability.
Our Plan in 3 Steps
- Inventory: Data is valuable. It is important to update.
- Prioritization: Review Risk Assessment
- Implementation Strategy for high priority assets: Risk Mitigation. Guide Capital and Operational Planning
The Asset Management Plan
An asset management plan helps the Village identify:
- Aging infrastructure that needs to be replaced
- Potential Sources of Funding
- What to fix first
- Provide information to make decisions
Click here to view the Village of Lumby Asset Management Plan.
Why invest in asset management?
The Federation of Canadian Municipalities has produced a short video explaining why investing in asset management process is important..
How we are investing in Asset Management
Our work began with the Village of Lumby Asset Management Policy, in 2013.
Now, in partnership with the Village of Nakusp, to take advantage of the scale of economy with
the two municipalities financial contributions, LandinfoTech Technologies was tasked with
collecting and reviewing reliable infrastructure data for both municipalities and formulating a
concise Asset Management Plan with valuable input from municipal staff.
Lumby received three Provincial planning grants over several years to help navigate the
process of implementing the asset management data. This final planning grant tied in the
components for the plan by capturing all of the “natural capital assets” and implementing
them into a digitalized database.
A financial plan has been developed for future asset replacements through this grant.
The November 2023 report to Council is available online at https://lumby.civicweb.net/filepro/documents/6506/?preview=6569
To Learn More about Asset Management
https://www.assetmanagementbc.ca/resources/
https://pwabc.ca/what-is-asset-management/
https://www.ubcm.ca/funding-programs/canada-community-building-fund/asset-management