UBCM has released a Status of Asset Management in BC report that summarizes results from a survey conducted among Canada Community-Building Fund recipients. Results show a significant improvement in understanding and planning for asset management among BC local governments, which sets them up well in preparation of potential new and expanded asset management requirements to be included in the 2024-2034 Canada Community-Building Fund.
More than half of BC local governments have now developed formal asset management processes, compared to only 24% at the last survey in 2016, and almost half have developed an asset management strategy, up from 19% in 2016. Within the local governments with an overall asset management strategy, about half have started to integrate their asset management strategy with long-term financial plans.
Assessing and integrating levels of service and risk, as well as collecting data and calculating asset replacement costs both continue to be a challenge.
Local governments are improving their understanding of the value and importance of asset management and marked advancement in the development and implementation of asset management best practices. This positions local governments well in preparation of potential new and expanded asset management requirements to be included in the 2024-2034 Canada Community-Building Fund.
The survey and subsequent report are required under CCBF agreement, to report on improvements in asset management among BC local governments since 2016.