The Town of Newmarket has taken a responsible and sustainable approach to asset management. The Town's hard assets include buildings, equipment, roads, vehicles, storm water networks, machinery and much more. Soft assets include things like software, furniture and planning studies. Most hard assets are also commonly referred to as infrastructure. The Town's total replacement cost of these assets is approximately $1 billion dollars.
Over a decade ago, Newmarket created the Asset Replacement Fund (ARF) to prepare the Town for the inevitable replacement of water mains, pipes, vehicles, sidewalks, roads and much more. The ARF was created to ensure that Newmarket could afford to replace and renew future capital assets. The Town invests over $12 million each year into this fund.
Asset Management Plan will act as a strategic planning and financial management document linking other corporate plans and processes. This reflects the Town's commitment to accessibility and accountability and focuses on the governance of municipal infrastructure and how tax dollars are invested in the future.
AMP Information Report-December 22, 2014