Asset management is the art and science of balancing the relationship between money, risk, and performance in businesses that depend on physical assets for their success. It is a proactive, lifecycle approach to reducing build, operation, and maintenance costs and risks. This is achieved by:
The concept of asset management in the Town of Deep River has expanded and progressed over the Town’s history. Council and staff have long regarded the long-term management of assets as critical; the formalization of integrated asset management practices was initiated in the early to mid-2010s. The Town’s first asset management plan was adopted in 2016, followed by a Strategic Asset Management Policy in 2019.
Ontario Regulation 588/17 is a provincial regulation under the Infrastructure for Jobs and Prosperity Act, 2015. The Act is intended to help address the large-scale problem of aging municipal infrastructure and funding shortfalls by promoting better asset management planning at the local government level. The regulation required all municipalities to have an Asset Management Policy adopted in 2019, and an Asset Management Plan for Core infrastructure adopted by July 1st, 2022.
The Town of Deep River Council adopted the Deep River Asset Management Plan 2022 (Core Assets) on June 29th, 2022. The AMP is a dynamic, guiding document that will be used in coordination with the Town's Strategic Plan, Financial Master Plan, Official Plan, and other long-range planning documents for long-term Operational and Capital budgeting, and overall management of the Town's infrastructure.
Read the Deep River Asset Management Plan 2022 (Core Assets) here: Deep River Asset Management Plan 2022 (Core Assets)
Read the Deep River Strategic Asset Management Policy here: Strategic Asset Management Policy
The 2016 Asset Management Plan is provided for reference here: Archived 2016 Asset Management Plan