Asset Management Plan
The Town of Latchford is committed to planning for the long-term sustainability of municipal infrastructure through effective asset management practices. An Asset Management Plan (AMP) helps the Town make informed decisions about maintaining, replacing, and investing in infrastructure that supports the community.
Ontario municipalities are required to comply with asset management requirements under Ontario Regulation 588/17. The 2025 requirements focus on expanding municipal asset management beyond physical infrastructure inventories and costs by incorporating service levels and long-term financial planning.
Purpose of the Asset Management Plan
The purpose of the Asset Management Plan is to:
- Identify and inventory municipal assets
- Assess the condition and expected lifecycle of infrastructure
- Establish current and proposed service levels
- Identify future infrastructure needs and risks
- Support long-term financial planning
- Help Council prioritize capital investments and funding decisions
- Improve sustainability and responsible use of municipal resources
What the 2025 Requirements Include
The 2025 requirements require municipalities to:
- Identify current service levels being provided to residents
- Establish proposed service levels over time
- Forecast activities needed to maintain those service levels
- Identify lifecycle and financial strategies for municipal assets
- Develop long-term financial planning for infrastructure sustainability
Municipal assets included in the Asset Management Plan may include:
- Roads and bridges
- Water and wastewater systems
- Buildings and facilities
- Vehicles and equipment
- Parks and recreation assets
- Landfill and other municipal infrastructure
Asset management helps ensure the Town continues to provide reliable services while planning responsibly for future infrastructure investments and reducing unexpected costs.