What is an asset?

The City of Vaughan delivers a wide range of services to residents and businesses which are dependent on physical assets such as:

• clean drinking water systems
• wastewater and stormwater systems
• safe roadways and walkways
• community centres, libraries and parks
• fire and rescue services

Are you wondering what an asset is? Watch this video to learn more about Asset Management and how it relates to the City.

Asset management plans

Managing the City’s assets to ensure high-quality service delivery means creating an approach for handling and investing in municipal infrastructure for the future. To do this, the City has developed Asset Management Plans. The plans are required for each municipality, as outlined in Ontario Regulation 588/17, and the plans have been endorsed by Council. The plans help detail how the City will maintain, manage, restore and replace these assets, when required, to ensure continued service delivery, a healthy environment and economic vitality for current and future generations.

The replacement value for the City’s assets is more than $9 billion. The City’s core infrastructure assets are relatively young, with more than 90 per cent of assets classified to be in “good” or “very good” condition. The Asset Management Plans will help review all City-owned inventory and assess their current conditions, performance abilities and forecast the lifecycles from current state to replacement. The plans also project growth-related and annual operating costs for City-owned assets and answer questions like: When does this watermain need to be replaced? How often does a road need to be repaved? What happens when a crack appears in a sidewalk?