2025 Toronto Parking Authority Asset Management Policy and Plan

An Asset Management Program is a structured policy, process, and procedures that outlines how an organization will manage its assets, such as buildings, equipment, or infrastructure, to support its strategic goals. Based on the international ISO 55000 standard, the plan includes an inventory of assets, strategies for maintaining and replacing them, performance targets, risk management measures, and long-term financial planning. Its purpose is to help organizations make informed, sustainable decisions that balance performance, cost, and risk over the entire asset lifecycle. The Toronto Parking Authority Asset Management Program provides the foundation for how Toronto Parking Authority manages its assets across their lifecycle to deliver safe, reliable, and sustainable mobility solutions and services. It is a key enabler of Toronto Parking Authority's vision to be a recognized leading provider of parking, bike share, and last-mile mobility solutions. Through this framework, Toronto Parking Authority will optimize resource allocation, reduce operational risk, enhance customer satisfaction, and improve capital investment planning, all of which are critical to delivering value to the public and maintaining a competitive edge in a rapidly evolving urban mobility landscape. Importantly, Toronto Parking Authority's Enterprise Risk Management (ERM) program has identified aging infrastructure and technology as key risks to service delivery and strategic growth. The Asset Management Program directly addresses these risks by embedding lifecycle planning, proactive maintenance strategies, and performance monitoring into core operations. It also enhances Toronto Parking Authority's ability to respond to evolving service demands and supports environmental, social, and governance (ESG) outcomes through more sustainable, risk-aware decision-making. The Asset Management Policy defines Toronto Parking Authority's organizational commitment to asset stewardship, ensuring alignment with best practices and accountability across the organization. It provides the principles for how asset decisions are made, balancing performance, cost, risk, and sustainability. The Asset Management Plan (AMP) provides a current snapshot of the program, outlining the assets that support service delivery, their condition, performance, and replacement cost. It answers key questions such as: What assets do we have? What condition are they in? How much will it cost to maintain or replace them? The Asset Management Plan also identifies future service demands, funding requirements, and includes a roadmap for continuous improvement, ensuring the program remains adaptive and responsive over time. Once approved by the Board, the Asset Management Policy and Plan will be submitted to the City of Toronto for integration into the City's broader municipal Asset Management Plan, supporting consistent standards and governance across City divisions and agencies.