Asset Management is a process that strives to answer the fundamental questions about how we best care for the assets that deliver services to the residents of our community and about how we manage our assets to be able to deliver services in a safe, sustainable and cost-effective manner.
We all have assets – consider a house, a car, a boat, a bike, or a cell phone. If we want these assets to work well, we must operate them correctly and maintain them regularly. Regular review of our assets can help ensure we receive the maximum value from our possessions.
Asset management requires that we have a good knowledge of what we own, where it is located, how old it is, what condition it is in, how critical it is to us, how much longer we think it will last, and how much it is worth. We also need to ask ourselves whether our assets are even meeting our needs and the needs of our family. Do we own the right assets? Do we need to invest in something completely different?
We must plan for when we have to replace or upgrade our assets when the cost to maintain them outweighs their value to us. Are we putting enough money into savings each month or will we need to borrow funds?
qathet Regional District (qRD) manages a wide variety of assets on behalf of our citizens. To do this, we are asking the same questions and working to balance the same factors you would for your personal assets.
In April of 2019, the Board adopted the Regional District’s Asset Management Policy and in June of 2019, the Board adopted the 2019-2021 Asset Management Strategy to help guide our practices.
For more information about what asset management is, why we do it, and further details on qathet Regional District’s asset management program, policy and strategy, check out our website at qathet.ca.