Asset Management Policy

Purpose

Strategic municipal asset management involves the challenge of planning and investing in municipal infrastructure assets, while ensuring sound stewardship of public resources and delivering valued customer services.

The purpose of this policy is to affirm the Town of Midland commitments in asset management through defined principles and processes, and to align and integrate asset management into strategic planning processes and long-term financial planning. This will help identify and prioritize investments in existing and future infrastructure assets, as the town continues its efforts to maintain assets in a safe, efficient, and effective manner, capable of supporting the level of service desired by the community.

Policy Statement 

Pursuant to Ontario Regulation 588/17, the Town of Midland makes the following commitments:

1. Manage assets over the entire lifecycle to ensure the long-term sustainability of its services is achieved in the most fiscally responsible manner possible for current and future generations.
2. Optimize asset value while minimizing lifecycle costs.
3. Manage risks to service delivery.
4. Address vulnerabilities caused by climate change and to undertake necessary adaptation and mitigation approaches.
5. Continual improvement of the asset management program.