FAQs
Why is asset management planning important?
Asset management planning helps the County of Prince Edward deliver safe and sustainable services in a predictable and cost-effective way. By following the plan, the municipality will meet service-level expectations while managing risk and using resources wisely.
In late 2017, the Government of Ontario introduced O. Reg. 588/17. The intent of these regulations is to establish standard content for municipal asset management plans. Specifically, the regulations require that asset management plans be developed that define the current levels of service, identify the lifecycle activities that would be undertaken to achieve these levels of service, and provide a financial strategy to support the levels of service and lifecycle activities. In addition to meeting provincial regulations, municipalities are required to have an asset management plan to access most federal and provincial grant funding.