The Regional District of Nanaimo is currently working on an Asset Management Resource Plan.
An update report was presented at the RDN Committee of the Whole meeting last week.
This year, the RDN plans to complete the key components of the plan, which include departmental asset registries, asset age profiles, replacement costs, initial lifecycle cost analysis and preliminary asset management plans.
All the data collected will be compiled into asset snapshots for 40 RDN services that include water, sewer, streetlights, wastewater, recreation, solid waste, IT, transit, wharves, fire, community parks, regional parks, vehicles and administration building.
The plan will benefit taxpayers, the RDN says, as it will provide greater predictability in year-to-year taxes, fairness between present and future ratepayers, stronger ability to sustain service levels over the long-term, and reduced reliance on borrowing when major investments are required.
In drafting the preliminary plan, excerpts from the asset snapshot for the Nanoose Bay Peninsula Water Service Area were used as an example to illustrate how the key components are applied.
Each asset recorded identifies historic costs, age, remaining useful life and current replacement costs. It’s a critical step in understanding the lifecycle infrastructure costs and helps plan for sustainable services in the future, RDN directors said.
Asset life will help determine when the cost to replace an asset will happen and provide the time needed to raise funds for the replacement.
Electoral Area E director Bob Rogers supports the asset management plans. He said it’s a “mammoth task” to look after all the RDN’s assets.
Parksville Mayor and director Marc Lefebvre noticed that the plan also looks at recreation services.
“I look forward to seeing this, especially what kind of a priority those buildings would be given in relationship to water and other utilities,” said Lefebvre “It’s quite an interesting scenario we’re looking at.”
Chris Midgley, the RDN’s manager of water services and asset management, indicated that the work is proceeding on schedule and the date for completion of the preliminary asset management resource plan is 2017. RDN staff are meeting and having discussions with staff from member municipalities, neighbouring regional districts and other municipalities to share information and tools.