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Council & Administration

Asset Management Program

Council's Strategic Priority - An Asset Management Program

The Sustainable Infrastructure Renewal Plan is the output of the Long-Term Financial Plan component of the Asset Management Strategy.

An asset management program update was presented to Council on June 28, 2021. The report included an update to the Asset Management Strategy document, as well as the current infrastructure capital improvement program documents. Those documents can be found at the links below:

The District’s Asset Management Policy captures Council’s direction to staff regarding asset management practices and infrastructure renewal. The policy describes the District’s approach to asset management, including the Asset Management BC definition of what asset management is and the District’s direction to adopt some of their best practices. The Asset Management BC Framework describes an asset management policy as a document that “… formalizes corporate commitment to asset management…” in a way that “…broadly outlines the principles and guides the development and implementation of asset management across the organization in a systematic and coordinated way.” Developing an asset management policy was flagged as a high priority task (categorized under People: Governance, Leadership & Staff) in the 2016 Opus International Consultants report on the District’s asset management practices.

The District’s asset management activities have been focussed on developing an “asset management plan” to address infrastructure and facilities challenges. It has become clear that the best way to manage assets in the District is to consider the ongoing and the planned activities as a program of projects, all aiming to achieve the end goals of sustainable service delivery through operationalized asset management practices. There are multiple projects, some of which are already underway or completed, that fall under the umbrella of asset management. In this context, a program is defined as a group of related projects managed in a coordinated way to gain a benefit that might not be realized by managing the projects individually. Oak Bay’s Asset Management Strategy serves as the program charter for the Asset Management Program. The strategy document clarifies the strategic intent, clarifies what the deliverables actually are and the activities/resources required to deliver them, and also serves to manage the expectations of staff, Council and the community.