Asset Management: Overview
Green infrastructure provides many ecosystem services to communities but it has not historically been integrated into infrastructure management frameworks.
Why it Matters
Asset management has been identified as a promising strategy to support the effective management of green infrastructure assets in communities across Ontario. Incorporating green infrastructure into asset management planning frameworks has the potential to yield many benefits, including improved:
- Ability to explain and defend budgets;
- Oversight of critical infrastructure;
- Risk management;
- Decision-making in areas of appropriate investment and management;
- Greater inclusion of green infrastructure at the beginning of the development and planning process for all types of infrastructure;
- Development of robust business cases through improved reporting practices and diverse assessment methods;
- Ability to balance capital and operating expenses and reduce costs; and,
- Public reporting.
What GIO is Doing
GIO Asset Management Roadmap
The asset management approach to managing ecological systems still faces numerous challenges, especially where the services may not be fully understood or the nature of the assets may result in unanticipated outcomes compared to traditional infrastructure. GIO is currently developing a Roadmap for achieving green infrastructure asset management in Ontario.
GIO prepared a submission to the provincial consultation in the Infrastructure for Jobs and Prosperity Act. We strongly urged the province to integrate green infrastructure into its new municipal asset management planning regulation. Like other infrastructure, green infrastructure benefits from an asset management approach that helps ensure long term sustainability and delivery of benefits to residents (level of service).
Read the full submission here.
Submission to the Public Sector Accounting Board
The proposed changes to the Public Sector Accounting Board’s (PSAB) Statement of Concepts and Statement of Principles are an important step in addressing the need to properly account for green infrastructure and its benefits in major capital allocation and investment decisions.
GIO submitted a response to the PSAB, and offered four recommendations and next steps for future drafts that will help to ensure equitable and consistent management of green infrastructure assets in the same framework as its grey infrastructure counterparts.
Read the full submission here: GIO Public Sector Accounting Board Submission