An updated corporate Asset Management Policy promises to help York Region better manage $11 billion worth of assets through new measures that include aligning plans with approaches to mitigate climate change and the development of its Climate Change Action Plan.
Over the last five years, the region has continued to grow its asset base and put programs in place to manage its assets. Policy updates also include making decisions based on life-cycle data of an asset to maximize its value, as well as integrating industry standards and best practices while balancing asset cost, performance and risk.
“Regional assets, such as roads and water treatment infrastructure, are essential to provide services and contribute to the high quality of life enjoyed by our residents,” said Wayne Emmerson, York Region chairman and CEO. “An updated policy will play an important role in providing guidance and ensuring alignment with provincial regulations when managing these assets across our region.”
More than 90 per cent of the region’s assets are included in departmental asset management plans. Some of these plans account for core infrastructure, such as roads, bridges, treatment and conveyance of water and wastewater systems and storm management systems.
“The region continues to balance the need to build new infrastructure with maintaining our existing infrastructure in a fiscally responsible way,” said Mario Ferri, City of Vaughan regional councillor, who also serves as environmental services chair. “Input from local cities and towns, residents and businesses will ensure a coordinated approach and identify the many levels of service needed when managing regional assets.”