Like many communities in the Province, the District of Hope has turned toward asset management as a process for making informed infrastructure decisions, build financial capacity to renew, operate and maintain existing infrastructure, effectively manage risks, and provide tax payers with the best value for money.
In early 2015, the District of Hope decided, in alignment with the BC Asset Management Framework, to improve their asset management capacity by undertaking an asset assessment (cost forecast) of the community’s future infrastructure renewal investment requirements. This assessment provided staff with improved information (location, cost and timing) to inform infrastructure investment decision-making. To accomplish this, the District undertook an assignment to develop a long term (integrated) Asset Management Investment Plan (AMIP) and location based inventory using a Geographical Information System (GIS).
The results of the AMIP concluded that Hope owns $256 million in infrastructure that requires significant strategic investment over the next 20 years in order to ensure the infrastructure is sustained.
Based on the results of the AMIP, Hope’s information, and the process outlined in the Asset Management for Sustainable Service Delivery, A BC Framework, a number of recommendations and next steps were identified. The following are a series of initiatives and strategies that Hope is working to accomplish in order to contain costs, increase revenues and improve infrastructure information related to cost, service, risk and affordability;
- Consider cost, risk and service in existing budgeting process;
- Undertaking condition assessments for assets that have passed their service life;
- Complete infrastructure risk assessment(s) to determining the likelihood and consequence of failure for each asset;
- Develop maintenance management plans to extend service lives of assets;
- Consider adjusting levels of service to reduce asset replacement costs;
- Review rates, taxes and fees to forecast future revenue and determine affordability limits;
- Consider seeking alternative revenue sources and economic development;
- Develop decision-support tools such as policy, budgeting process;
- Build Infrastructure renewal reserves over time;
- Continually update and refine infrastructure data over time with consideration of completing an inventory and valuation of natural assets;
- Update infrastructure master plans and pertinent bylaws using asset management principles; and
- Develop a prioritized capital plan that considers all infrastructure and service needs – condition, capacity, and compliance.
As the District of Hope strives to pursue the existing recommendations within the Asset Management Investment Plan, community decision-makers will continue to seek funding through available programs, to further improve and enhance community sustainability with the use of sound asset management policies and practices.
For more information on asset management in Hope, please refer to the Asset Management Plan