ASSET MANAGEMENT FOR SUSTAINABLE SERVICE DELIVERY: “Asset management is not new. What is new are the accounting standards around asset management and the attention being paid to a long-term financial strategy to support it,” wrote Khalie Genereaux, Deputy Director of Finance with the City of Terrace (Winter 2023 issue of Asset Management BC Newsletter)
Note to Reader:
The Winter 2023 edition of the Asset Management BC Newsletter includes an article by Khalie Genereaux, Deputy Director of Finance with the City of Terrace, wherein she provides her perspective on what to say to a new Council about asset management for sustainable service delivery. Her article is one of a set of 9 articles representing different perspectives. The theme for the Winter 2023 edition is Asset Management for Sustainable Service Delivery: Why Should Council Care?
Perspective from a Deputy Director of Finance and Chair of Asset Management Leadership Team
“In 2009, PSAB 3150 was adopted by the Public Service Accounting Board. PSAB 3150 requires local governments to amortize their tangible capital assets over their expected useful life. Prior to this there were no standards in place for the valuation and deterioration of the local government assets,” wrote Khalie Genereaux.
“Consequently, the funding for renewal and replacement has not always been top of mind or top priority. As many of our aging communities are seeing their assets reach the end of their useful lives, the funding portion can no longer be ignored. If it is, we could all see ourselves declaring a local state of emergency.”
How can you influence Asset Management in your term?
“Asset management will not succeed without support from the top. It is an organization-wide function that will fail if Council does not buy into the work that is going into it.”
“Financial strategy gets adopted by Council and trickles down to the rest of the organization through processes and policies.”
“It starts and ends with decisions made at the top!”
TO LEARN MORE:
To read the complete article, download the Winter 2023 issue of the Asset Management BC Newsletter.
