Asset management is a systematic process of maintaining, upgrading, and operating physical assets cost-effectively. It combines engineering principles with sound business practices and economic theory, and it provides tools to facilitate a more organized, logical approach to decision-making. Thus, asset management provides a framework for handling both short and long range planning.
Asset Management BC
Asset Management BC is the greater community of any person, organization or agency engaged in or has an interest in asset management. The ‘community’ is supported by the Local Government Asset Management Working Group (LGAMWG), which is a group of associations, local governments and first nations representatives brought together to recognize and integrate the political, administrative, technical, operational, financial and planning aspects of asset management.
Local Government Asset Management Working Group
To provide leadership and support for the management of community infrastructure assets.
- The Local Government Asset Management Working Group will provide support, guidance and direction to the greater community of Asset Management BC.
- To consider all matters respecting the broadest interpretation of asset management strategies, tools and results for the betterment of our communities.
- To define specific projects and develop a strategy to seek funding and deliver the projects.
- To suggest specific programs, tools or consideration on other matters that will assist our communities respecting asset management.
- To disseminate information to the greater community.
- To support the development of a local government asset management strategy for the province.
- The membership focus is associations and groups representing local governments and other selected agencies focused on asset management for communities.
- Membership in the group may be altered as is appropriate by the nature of activities and/or by the wish of participants.
- The Province of British Columbia is represented through the Ministry of Community and Rural Development.
- Membership in the group is voluntary.
- LGAMWG is the core group aligned with the National Asset Management Working Group. A mailing/communications list will be maintained. As required, the group may form sub-groups or task committees, drawing on the broad membership of the various stakeholders
- The Group shall meet at the pleasure of the chair.
- The Group will aim to meet at least four times per year
The Group may pass resolutions giving status to its conclusions and recommendations
- The Province, through the Ministry of Community and Rural Development, has supplied support and resources for the group. LGAMWG members, including the Ministry of Community and Rural Development, at their discretion, may supply support and resources for the group in the future.
- LGAMWG members, at their sole discretion, may manage expenditures; this includes but is not limited to the Ministry of Community and Rural Development.
For Further Information:
Wally Wells, Coordinator
Ministry of Community and Rural Development
Also see The Centre for Infrastructure Management for further learning opportunities