City Asset Management
The City of Toronto delivers many important services to residents that are dependent on infrastructure such as transit, roads, bridges, community centres, clean water and wastewater treatment.
The Corporate Asset Management Policy establishes the framework for asset management and ensures that the City has the capacity to maintain its infrastructure, make strategic decisions about future investments and provide the level of services needed to support Toronto residents.
This corporate asset management policy applies to all municipal infrastructure assets that are owned and/or controlled by the City of Toronto for services. These assets may be managed solely by the City, by an agency or corporation of the City, or a combination of the above. It may also be used for third-party assets that the City has a significant interest in. Infrastructure assets may include:
- Buildings and building improvements
- Machinery and equipment
- Water, wastewater and stormwater
- Land and land improvements
To ensure the sustainability of municipal services through the effective stewardship of assets and the management of risk, while optimizing asset value.
To provide a framework and principles for asset planning and management that will:
- Ensure legislative requirements for asset management are achieved.
- Optimize asset life-cycle costs while achieving defined levels of service.
- Continually seek opportunities for improving efficiencies in operations, maintenance and asset renewal practices.
- Foster an environment where staff across the organization are integral in the overall management of assets through training and development of asset management knowledge and competencies.
- Ensure existing and future asset needs are prioritized.
- Link infrastructure investment decisions to service outcomes.
- Improve decision-making, accountability and transparency.