How do we manage municipal assets?

Posted on October 11 2021

Reading time: 6 minutes

Municipal managers have many things to consider in order to ensure smooth operations and a peaceful environment for their citizens.

Managing Municipal assets

There are many elements that must be considered in order to make informed and educated decisions. This can only be achieved through well-established municipal asset management within a city.

But what is the purpose of municipal asset management?

Municipal asset management ensures that all of a city’s assets, such as community centers, roads, vehicle fleets and buildings, function properly by making decisions based on asset condition, budgets and risk factors.

This can be a real headache, as municipal managers have an essential duty to ensure the safety of citizens and to provide them with appropriate services and facilities in exchange for their tax payments.

To do this, both municipal staff and managers need to know everything about the condition of the assets.

This is why an inventory becomes particularly important.

Available materials, year of construction, replacement date, budget, they must be able to quickly obtain all the information needed to protect current assets and avoid exorbitant costs.

Why can asset management be beneficial to a municipality?

Whether you are a large municipality or a small one, there is no disadvantage to organizing your municipal assets well.

First, having an inventory management system will allow you to track assets effectively and invest in what really matters.

In the short and medium term, you will be able to better plan the replacement of your assets. You will be able to establish a budget forecast based on future investments.

In addition, by centralizing information in one place with an inventory management software, for example, you will be able to promote a collaborative work environment within your institutions. Employees will be able to access all the necessary information quickly in order to gain in productivity.

Municipal asset management allows a city to better manage infrastructure, maintenance and investments. Accurate knowledge of asset condition also allows them to make transparent decisions to limit unexpected events.

How to set up an effective system in 5 steps

An efficient system in 5 steps

1 – Prepare the inventory

The first step is to conduct an inventory of municipal assets. To do this, it is advisable to use a cloud-based asset management software.

This type of software makes it possible to centralize information in one place and to access it at all times. The information collected is updated in real time, which allows you to quickly see the assets that need to be modified, repurchased or repaired.

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Hector is an inventory management software that is part of a cloud solution, to help you in your municipal asset management process.

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2 – Assessing the risks

Then it’s time to identify and assess potential risks. Are there roads that potentially need to be repaired on an emergency basis? Know it and make a note of it! This is the time to be prepared for any eventuality.

3 – Plan the costs

This is the step that allows you to assess costs to forecast budgets. With inventory management software that gives you a better view of your assets, you will see what potential savings the city will be able to make. It will then be easier to determine where to best invest the city’s money.

4 – Decision-making

Once you have everything in place, you will have a better overall picture of the financial situation and the state of the city’s assets. It’s time for city managers to make decisions and set goals that will support the needs of the city and its citizens.

5 – The assessment

As with all good management, it is important to step back and evaluate the decisions made to ensure that they are the right ones. This is the time to make adjustments before putting the plan into action.

The information gathered during this assessment period can also be used to better assess the condition of municipal assets for the future. Items or assets that have performed well or less well should be recorded in the data sheets available in the inventory.

Is this process too expensive?

As a small municipality, you might be thinking, “Implementing a project like this is surely going to be very expensive!”

Think again!

In Canada, there are even grant programs!

The Federation of Canadian Municipalities (FCM) provides grants to municipalities to help them learn to better manage their municipal assets.

In addition, there are inventory management software programs that offer a customizable and affordable service, such as Hector!

Hector inventory management municipality

How can Hector help your municipality?

Hector is an inventory management software that is part of a cloud solution, to help you in your municipal asset management process.

It is a 100% customizable and inexpensive software that allows you to quickly inventory your assets. Hector also offers a support service to facilitate the implementation of the software in your municipality, like for public works asset management and with the users.

Being a cloud solution, all you need is access to an internet connection to access all municipal assets.

All users can track the status of assets from their phone or computer at any time during the day. This is great for fostering teamwork! You will also receive notifications to alert you when an asset needs to be updated or replaced.

You won’t forget anything and you’ll be in total control of your inventory and your budget.

Easy to use, accessible and affordable, what more could you want?

And if you’re still not sure, why not try it?

Try Hector now!