The Regional District of Nanaimo has added up its assets and calculated a value of $382 million.
The 2019 asset management review and implementation report, the first of its kind that the RDN has undertaken since it was created in 1967, is now finished.
Historically, asset management within the regional district has been handled by individual departments that are often operating in isolation, resulting in varying levels of maturity in asset management practices across the RDN.
General manager of strategic community development Geoff Garbutt informed the RDN board at its committee of the whole meeting on March 12 the goal is to eliminate departmental isolation and establish a consistent organization-wide program.
The review report took three years of collaborative effort that involved all departments who manage RDN-owned assets, excluding non-physical and natural assets. It is a key tool for advancing the strategic priority to fund infrastructure employing an asset management focus.
The report is divided into three sections. The first is to provide an overview of asset management in the regional district, the second is about current state of assets owned by the RDN, and the third entails implementation framework to further advance asset management practices at the RDN.
The key immediate tasks identified in the third section are to complete a comprehensive replacement cost study funded through a provincial grant; continue program co-ordination through the RDN Asset Management Working Group; initiate a formal condition assessment famework; and further invest in staff training and development.
Regular updates and revisions will also be an integral part of the process in order to maintain the currency of the review document. An asset snapshot will be updated as well on a regular basis to support service delivery and financial planning.
One of the highlights of the review is the total current replacement value for all RDN assets, which Garbutt indicates is of particular importance and is the first time the regional district has ever reported. The value, $382 million as of 2017, will be updated later this year.