The Peace River Regional District has contracted PSD Citywide to help create a formal asset management plan for the local government, building an inventory of assets and guidelines to keep those assets in acceptable condition.
Citywide presented a progress update at the PRRD's Dec. 8 board meeting, focusing on capital assets and infrastructure owned by the regional district.
“The idea there is to help you make the right decisions on your infrastructure portfolio, make sure you’re investing in the right assets, make sure you’re setting aside enough funds on an annual basis to keep your assets in good condition,” said Israr Ahmad, Citywide's Director of Integrated Product Development.
The management plan also aims to keep track of asset investment affordability, added Ahmad.
“The first stage is usually the data stage,” said Ahmad of the plan. “This is where we build a comprehensive inventory of all of the assets, that are in place and functioning, and providing services at the district.”
A total of 2,300 individual asset records have been collected, says Ahmad, with the list continuing to expand as new assets are accounted for, ranging from machinery to sewer lines and more.
“There’s no way to make any progress unless you have a good, solid inventory, the caveat there is that the inventory is always evolving,” he added.
Data collection is largely finished, with PRRD staff and Citywide moving on to collecting life cycle and financial information about the ever-evolving inventory, explained Ahmad, which will help inform long-term strategies for managing those assets, such as replacement costs and levels of service frameworks.
It would cost $284 million to replace all of the PRRD’s assets, and the assets consist of approximately $197.7 million in community services, $23.3 million in sewer systems, $21.3 million in protective services, $18.8 million in administrative services, $9.8 million in solid waste infrastructure, $8.5 million in water systems, and $4.9 million in parks.
Ninety-two percent of the assets assessed are considered in fair or better condition, and a full draft of the asset management plan is expected in the new year.
