The district is considering hiring one or two asset managers who would evaluate the condition and replacement needs of Mission’s infrastructure assets.
The estimated value of the municipality’s assets is between $700 million and $900 million, and by ensuring they’re replaced or serviced before they fail will safeguard against unexpected costs or liability, said district design engineer Hirod Gill.
He said Mission can find cost savings of between 40 to 75 per cent of the replacement cost of an asset by identifying the value and servicing it before failure.
Gill said other, smaller municipalities, such as Squamish, already utilize some form of asset management, and added New Zealand already regulates long-term capital plans for municipal assets every three years.
Staff will now return to council with an estimated cost of hiring an asset manager, as well as the timeline and implementation costs.