Asset Management
Woodstock's Asset Management Program
The Asset Management Program supports the City in strategically overseeing and managing its infrastructure to minimize lifecycle costs and maximize service delivery. As the City continues to grow and evolve, the Asset Management Program ensures that infrastructure investments are aligned with the City's expanding needs-delivering long-term value and sustainable service levels for both current and future generations.
Effective asset management balances priorities across cost, performance and risk to ensure sustainable service delivery. It allows the City to direct resources and activities where they're needed most.
Watch the below video from the Federation of Canadian Municipalities to learn why the City invests in asset management.
Legislative Requirements
Ontario Regulation 588/17, Asset Management Planning for Municipal Infrastructure requires all municipalities to develop an asset management plan for both core and non-core assets. An asset management plan (AMP) is a strategic document that guides the City's management of infrastructure assets and other assets to deliver corporate objectives in the most cost-effective manner. The regulation also outlines the following legislative requirements.
| Legislative Requirements | Deadline | Status |
|---|---|---|
| Strategic Asset Management Policy | July 2019 | Complete |
| Asset Management Plan for Core Infrastructure (Roads, Stormwater, Bridges and Culverts) - Current Levels of Service | July 2022 | Complete |
| Asset Management Plan for All Infrastructure - Current Levels of Service | July 2024 | Complete |
| Asset Management Plan for All Infrastructure - Proposed Levels of Service | July 2025 | Complete |
| Annual Reporting on Asset Management Progress | 2026 | Ongoing |
Strategic Asset Management Policy
The City's Strategic Asset Management Policy provides a framework for implementing asset management to enable a consistent and strategic approach at all levels of the organization and provide guidance to Council and staff in matters related to asset management.
Service Areas
The City's Asset Management Plan includes 7 service areas:
- Transportation (roads, sidewalks, bridges and culverts)
- Stormwater (gravity mains, catchbasins, manholes, stormwater management ponds)
- Corporate Facilities (administrative buildings, fire and police services)
- Transit (transit terminal, bus shelters, and buses)
- Recreation and Culture (parks, trails, recreational facilities, and cultural facilities)
- Natural Assets (forestry)
- Corporate Fleet (snow plows, trucks, fire engines, and equipment)
The combined current replacement value of these service areas is $1.05 billion. The average condition of the assets ranges from fair to good.
State of the Infrastructure
The State of the Infrastructure assesses and quantifies the service areas in terms of overall condition, replacement value and estimated remaining service life. With an estimated replacement value of over $1 billion, it's imperative the City works with the best available data to ensure sustainable service delivery.
| Service Area | Percentage of Asset Portfolio | Overall Condition Rating | Replacement Value |
|---|---|---|---|
| Transportation | 37% | Good | $393,417,146 |
| Stormwater | 17% | Good | $180,988,474 |
| Corporate Facilities | 10% | Fair | $100,594,372 |
| Transit | 2% | Fair | $24,013,152 |
| Recreation and Culture | 30% | Fair | $316,247,854 |
| Natural Assets | 1% | Good | $7,882,650 |
| Corporate Fleet | 3% | Fair | $30,885,768 |
For more information about the City of Woodstock's asset management planning, please email the Asset Management Division.
Continuous Improvement
The City of Woodstock is committed to continuous improvements to its Asset Management Program and practices, which includes improvements to data collection, standardization, strategic planning and decision-making. The City conducts regular reviews of its Asset Management Program and practices to ensure line of sight with the aim to meet and exceed legislated requirements of providing City services.
