Asset Management is defined as an organization's coordinated activities and practices that enables it to deliver approved levels of service in a financially sustainable way while managing risks associated with its infrastructure assets.
In addition to the state of municipal infrastructure assets and approved levels of service they provide, the City’s Asset Management Plan documents detailed strategies and practices utilized by each municipal business unit to ensure that the right investment is made on the right asset at the right time while managing risks at lowest cost.
The O. Reg. 588/17 - Asset Management Planning for Municipal Infrastructure was created under the Infrastructure for Jobs and Prosperity Act, 2015 and took effect on January 01, 2018. The regulation requires municipalities to create a strategic Asset Management Policy and an Asset Management Plan in respect of its infrastructure assets. The Asset Management Plan also helps the City in securing Provincial and Federal grants including Federal Gas Tax Funds that the City receives annually.
City of Markham continually evaluates its asset management program to identify gaps, how to bridge those gaps, and what resources, including human resources, are required to bridge the gaps. This enables the City in developing strategies and practices so that the community and businesses of Markham receive the best value for the tax and fees they pay.