Asset Management

 Asset Management in Thorold

"Asset Management (AM) is a comprehensive business strategy employing people, information, and technology to effectively and efficiently allocate available funds amongst valid and competing asset needs." (Transportation Association of Canada)

Asset Management involves:

• Processes, procedures, and practices to assist and define the management of infrastructure
• Achieving total lowest cost of ownership
• Established measures for performance, risk and cost

• The City will create an Asset Management Team that allows for collaboration across all departments to meet the City’s Asset Management goals
• Knowing what assets the City is responsible for by maintaining an asset register
• Keeping track of the condition of these assets, through condition assessments and other methods
• Maintaining and taking care of these assets to ensure they are used to their full service life
• Budgeting for necessary infrastructure maintenance and replacement

• Provide consistent and accurate means of tracking and reporting on City assets and improving decision-making accountability and transparency
• Provide a framework that enables the City to implement plans, define goals, and work toward enterprise asset management to achieve medium and long term sustainability and demonstrate fiscal stewardship
• Meet legislative reporting and organization financial planning requirements
• Improve customer service
• Learn more about the City of Thorold's Asset Management Strategic Plan Policy.

Read the City of Thorold's 2021 Asset Management Plan for Core (Infrastructure) Assets.

Read the City of Thorold's 2023 Asset Management Plan for Non Core Assets