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Asset Management Project
Project Overview and Purpose

Asset management is a systematic process of operating, maintaining, and upgrading physical assets cost-effectively. The purpose of the Asset Management Project is to develop a set of procedures and methodologies that will facilitate effective management of HRM owned assets.  These procedures and methodologies include:

  • Regular reports that track the location, value and condition of the asset base,
  • Recapitalization and associated reserve standards and policies,
  • Performance and condition indicators.

The Asset Management Project is a multi-year initiative.  Asset management is not a difficult field in the sense that the standards and best practises are established and straightforward.  For HRM, the challenge in Asset Management is created by the enormity of the task and the fact that for many assets we are staring at ground zero in terms of information and asset data priorities.  The Asset Management Project supports a number of Corporate Scorecard outcomes:

HRM has sound financial management practices.

  • Buildings, properties, fleet and infrastructure in HRM are safe, healthy and well maintained.
  • Reasonable amount spent to maintain buildings, properties, fleet and infrastructure.
  • Development is appropriately planned and fiscally sustainable.