City has new Asset Management Policy

The City of Yorkton has a new Asset Management Policy.

"Infrastructure needs throughout the Province have prompted municipalities to begin implementing Asset Management Policies. This policy will aid the City in planning for our infrastructure needs to effectively service a dynamic community," explained a report circulated to Council at its regular meeting Monday.

Infrastructure needs throughout the Province have prompted municipalities to begin implementing Asset Management Policies. This policy will aid the City in planning for our infrastructure needs to effectively service a dynamic community.

As part of this City-wide initiative, the working group has developed a policy to guide the development of an Asset Management Framework and further formulation of a dynamic Asset Management Plan to aid City Council in decision-making with sustainability at the forefront, explained Shannon Bell, Director of Finance.

"The objective of this policy is to prescribe the guidelines and framework to effectively manage the capital assets for the City of Yorkton and establish organizational accountability for asset inventory, condition, use, and performance," she told Council.

Currently, the City of Yorkton owns assets with a replacement value of approximately $390 million.

"The aging infrastructure and growing economy in Yorkton are the key reasons why asset management has become a critical project for the City," offered Bell.

As part of a complete framework, Asset Management Plans will be drafted that outline procedures to:

*provide level of service statements

*outline decision making methodologies and processes taking into account criticality factors

*provide accountability over capital projects

*establish work flow, reporting and funding for infrastructure sustainability

*gather and maintain information needed to prepare financial records

 Council was unanimous in approving the new policy.