Victoria, BC– The Capital Regional District (CRD) Board has adopted a Corporate Asset Management Policy and Strategy and directed staff to report back on cost implications identified through the service planning process. The policy and strategy ensure the CRD continues to manage investments responsibly while maximizing the lifespan and value of critical assets, enabling more effective service delivery to residents of the capital region.
“Asset management is the pathway to delivering a sustainable service to our region,” said CRD Board Chair Colin Plant. “As a result, the CRD is enhancing its asset management practices at both a technical and corporate strategic level.”
The CRD’s service delivery system includes more than 200 services and a vast amount of engineered and natural assets, managed by approximately 1,100 employees.
The asset management policy outlines key asset management objectives, principles and governance all to promote sustainable service delivery, while the strategy sets out the improvement action plan to achieve the objectives of the policy. It will apply an integrated approach, evidence-based decision-making, life cycle management and continuous improvement all in order to maintain a level of service delivery that is sustainable, resilient and adaptive to changing needs and circumstance.
The policy establishes seven asset management principles, developed in alignment with industry standards, best practices and organizational values:
- Service Delivery & Community;
- Risk & Resiliency;
- Financial Strategy;
- Transparency; and
- Continual Improvement
The key objectives of the Corporate Asset Management Strategy are to:
- Establish asset management guidelines and targets to ensure all divisional activities are in alignment with organizational priorities;
- Specify tasks in a detailed Improvement Action Plan to achieve the objectives of the Corporate Asset Management Strategy and to improve the CRD’s asset management program; and
- Provide a baseline understanding of asset management practices.
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Proud to be recognized as one of BC’s Top Employers and Canada’s Greenest Employers, the CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and all levels of government to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at www.crd.bc.ca.
For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications