Asset Management BC was established in 2008. For the first 9 years, Asset Management BC operated with financial support from the Province and UBCM, and the volunteer efforts of a few dedicated individuals, developing resources and tools, delivering workshops and training, developing and managing a website, publishing newsletters and supporting BC communities in implementing asset management practices. In 2017, the core partners at that time, Union of BC Municipalities, Local Government Management Association of BC, Government Finance Officers Association of BC and the BC Ministry of Municipal Affairs & Housing, engaged in a governance review, to establish an appropriate governance structure for Asset Management BC.
On January 1, 2018, the Asset Management BC Partnership Agreement was signed, establishing the formal partnership between Union of BC Municipalities, Local Government Management Association of BC, Government Finance Officers Association of BC, Planning Institute of BC, Municipal Insurance Association of BC, BC Water & Waste Association, CiviInfo BC, Public Works Association of BC and the Province of BC.
Under the Agreement, a Partnership Committee was established and is required to meet a minimum of 2 times a year. The Partnership Committee is responsible for approving a budget, development of a strategic plan and approval of a work plan for Asset Management BC. The Partnership Committee also supports the Community of Practice Working Group.
Under the Asset Management BC Partnership Agreement, the partners established a Strategic Plan, a three-year budget, and a three-year work plan. The Strategic Plan identified the key priority areas as well as the strategies needed to implement.