Asset Management is coordinated activities that help an organization to realize value form its assets. It encompasses all asset types – tangible and intangible, individual components or complex systems, and all activities involved in the asset’s life cycle. Asset management translates organizational objectives into asset-related decisions, plans and activities while managing risk. (ISO 55000,2014)
In 2016, the City of Revelstoke was selected as one of 12 municipalities across Canada to take part in the Federation for Canadian Municipalities (FCM) Leadership in Asset Management Program (LAMP). Phase 1 of the program focused on peer learning and collaboration and development of and strengthening of asset management governance. As part of Phase 1 the City revised the Asset Management Policy and developed an Strategic Asset Management Plan (SAMP).
The Asset Management Policy describes the City’s intentions and directions for asset management, as formally expressed by its top management. It confirms the City’s commitment to infrastructure asset management in a short and concise document and sets out the principles that will be adopted in applying asset management to achieve the Council’s strategic objectives.
The Strategic Asset Management Plan (SAMP) is a high-level document that describes how the asset management policy will be implemented. It documents the City’s objectives for asset management and describes the role of the asset management system to achieve those objectives.
The City will begin Phase 2 of LAMP in early 2018. Phase 2 will develop a “levels of service” framework for the City of Revelstoke which details customer (resident, regulatory, environmental) and technical (assets) levels of service for the City’s asset classes. The City’s asset classes include: roads, parks and trails, buildings, water, sewer and stormwater/drainage. Phase 2 will build on the principles and approach in the Strategy Asset Management Plan developed in Phase 1 of the program.