Asset Management Policy
A document that broadly outlines the principles and mandated requirements for undertaking asset management across the organization in a systematic and coordinated way, consistent with the organization’s plans.
Asset Management Plan
Long-term plans that outline the assets, asset conditions, levels of service, asset and service risks, activities and programs for each service area and resources required to provide a defined level of service in the most cost effective way. Each Asset Management Plan is a readable and user-friendly living document that is continuously improved to incorporate new information or changing requirements.
Asset Management Strategy
The high-level, long-term approach to asset management, including Asset Management Plans and objectives for managing assets.
Integrate to Long-term Financial Plan
Asset Management Plans are integral to a robust Long-Term Financial Plan and support Sustainable Service Delivery. This integration identifies gaps between long-term costs and available funding. The financial planning process identifies opportunities to close the gap through adjusting service levels (reducing costs) and/or increasing funding (raising revenue).