Asset management planning is an ongoing and long-term process that allows municipalities to make the best possible investment decisions for their infrastructure assets. Effective January 1, 2018, the Province of Ontario implemented the Asset Management Planning for Municipal Infrastructure Regulation, O. Reg. 588/17.
The goal of this regulation is to help improve the way municipalities plan for their infrastructure. The regulation builds on the progress municipalities have made while bringing consistency and standardization to asset management plans to help spread best practices throughout the sector and enable the collection of comparable data.
Currently, the Municipality is working to produce a comprehensive Asset Management Plan in order to achieve compliance with O. Reg. 588/17, and will be required to meet a deadline schedule for July 1 in 2022, 2024 and 2025. Read more about the Municipal Asset Management Planning requirements from the Province of Ontario.