Asset Management (AM) is a business approach that focuses on managing existing and new infrastructure such as roads, bridges, sidewalks, water, wastewater and stormwater infrastructure, parks and more. The purpose is of AM is to maximize its benefits, reduce risk and provide safe and reliable levels of service to the community. This is accomplished socially, culturally, environmentally and economically.
AM relies on four key organizational components:
good physical assets
highly trained professionals
integrated business processes
Newmarket’s vision for asset management is to be innovative and fiscally responsible stewards of our infrastructure assets for the benefit of the community the Town's serves now and in the future. The Town will develop and continuously improve how it manages its infrastructure assets throughout its lifecycle to ensure they support our goal of a healthy, happy, thriving, dynamic and extraordinary community in which to live, work and play.
The Town seeks to:
- Reach out and build understanding among residents, businesses, staff and elected officials about the role infrastructure plays in providing services that make our quality of life even better.
- Recognize and respond to current and emerging trends in regulations, society and environment.
- Maintain a balance between an acceptable level of service and a cost that is sustainable for residents and businesses now and into the future.
- Ensure that funding levels and revenue sources are sufficient to meet current and future infrastructure demands.
The Town will put best practices in asset management into effect, including an asset management strategy that links disciplines and departments, integrates data and software resources and coordinates decision-making so that we will be able to invest capital resources wisely and make informed choices about how we maintain our assets and deliver our services.