Asset Management
Asset Management in Woodstock
The City owns and maintains over $679 million in assets that are used to deliver a variety of services to the community. We use Asset Management principles to make data-driven, fiscally responsible and proactive decisions about our asset portfolio. We use analysis and data to help determine levels of service (LOS), manage risk and implement asset management strategies.
Why Invest in Asset Management?
View the below video from the Federation of Canadian Municipalities (FCM)s about why municipalities should invest in asset management.
Strategic Asset Management Policy
The City's 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 staff responsible for asset management.
Asset Management Plan
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 a municipality’s management of infrastructure assets and other assets to deliver corporate objectives in the most cost-effective manner.
It details specific activities to be undertaken, resources required, responsibilities, timescales, and risks involved for the achievement of corporate objectives. The plan provides a clear line of sight for on-the-ground activities being undertaken back to the strategic plan of the City.
The City's 2024 Asset Management Plan includes:
- Transportation assets such as roads, sidewalks, bridges and culverts
- Stormwater infrastructure such as gravity mains, catch basins, manholes, and stormwater management ponds
- Corporate facilities and buildings
- Recreational and Cultural facilities and buildings such the Reeves Community Complex, Art Gallery, and more
- Parks and natural assets (forestry)
- Fleet vehicles and equipment (fire trucks, snow plows, and buses)
State of the Infrastructure
The State of the Infrastructure assesses and quantifies the assets in terms of overall condition, replacement value and estimated remaining service life. The City’s current infrastructure has an estimated replacement value of $679 million.
| Service Area | Percentage of Asset Portfolio | Overall Condition Rating | Replacement Value |
|---|---|---|---|
| Transportation | 50% | Good | $337,099,072 |
| Stormwater | 15% | Good | $98,732,655 |
| Corporate Facilities | 11% | Fair | $75,229,823 |
| Recreation and Culture | 17% | Fair | $118,487,779 |
| Natural Assets | 1% | Good | $7,882,650 |
| Corporate Fleet | 6% | Poor | $41,952,148 |
For more information about the City of Woodstock's asset management planning, please email the Asset Management Team.
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.
