Asset Management

Vision

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. This strategy:

Links disciplines and departments
Integrates data and software resources
Coordinates decision-making

This ensures that we will be able to invest capital resources wisely and make informed choices about how we maintain our assets and deliver our services.

Asset management policies and procedures

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:

Well-planned strategies
Good physical assets
Highly trained professionals
Integrated business processes

Asset Management Policy and Procedures

Asset Management Plans

The Corporate Asset Management Plans are a long-term strategic plans that ensure good planning and financial management. Asset Management (AM) Plans guide Newmarket’s processes to reflect accountable governance of its municipal infrastructure. The plans provide an understanding of current and future asset needs, conditions and costs, service levels, risks and future growth planning and funding.

The AM plans are a living document that will be reviewed and updated as the environment changes. This includes considering and incorporating standards, adding new data, updates that demonstrate continuous improvement, changing demographics and trends, provincial policy, and corporate documents and studies. At a minimum, the plans will be reviewed annually and updated every five years as mandated by O.Reg 588/17.

The 2021 Corporate Asset Management Plan includes five core asset specific plans completed at the end of December 2021. Those plans are:

Roads Assets Management Plan
Bridges Asset Management Plan
Drinking Water Assets Management Plan
Wastewater Asset Management Plan
Stormwater Asset Management Plan

In 2024, the Town completed a Parks Asset Management Plan and a Facilities Asset Management Plan to address its non-core assets. In 2025, the core and non-core assets will be combined.

Plan Documents

State of the infrastructure

The annual infrastructure report card provides important information about Town assets that can inform stakeholders, guide decision makers, and support long-term planning. Infrastructure supports many Town services and are an investment shared by the community. It is common in municipalities conducting asset management to review and update this information annually. The report cards can be used standalone, but are part of the Core Asset Management Plan.