Asset Inventory

You will need a clear and current plan of your water system. If you don’t have a plan, you will need to create one. First, collect information on all the components of your system from all available sources; from your water source, treatment system, reservoir/storage, distribution system, etc. Keep this information in one place to allow easy access to the data. This will ensure you have the data handy when you prepare your asset management plan or when you communicate with stakeholders (during meetings or when you prepare your annual report).

Look for information on your system in: as-built plans, well logs, maintenance logs, land surveys, manuals and receipts, construction permits, risk assessment reports, annual reports, and the Water, Data & Tools web site of the BC government.

Next you should create a schematic drawing of your water system that consists of (at a minimum): the water source, the treatment system, and the distribution system components. The schematic will help you list your assets.

When you are listing the assets, also collect and record the following information for each:

• Condition
• Installation/Construction Date
• Service History
• History of Breaks and Malfunctions
• Useful Life

Detailed information may include the manufacturer’s name, the item’s model and serial number and the original cost. 

The figure below is an example of a schematic for a small water system. Of course, each system is different.

Source: Sustainable Infrastructure Society 

Find information about the expected life of your water system’s components by researching the typical life expectancy of your particular components. You can consult manufacturers, or search the web for user reports.

Knowing when to repair, rehabilitate or replace an asset will help you get the most value from your assets. At some point, continuing to repair the asset will no longer be cost-effective and you will need to rehabilitate or replace it. To prepare and budget for replacements, you will need to calculate the remaining service life of each asset with reference to the step above.

There is some flexibility in the way you define an “asset”. Some of your water system’s “assets” may consist of a single component, such as a pump. Other “assets” may result from the combination of several components that together make an “asset”, such as a pumping station, which includes pumps, pipework valves and other components. You might consider grouping components of similar life expectancy as one “asset”, for example, group curb stop valves and corporation stop valves together as one asset.

Several factors can affect an asset’s service life: the quality of routine servicing and maintenance, excessive use and environmental conditions (such as poor source water quality, soil quality, or climate). Use your local knowledge, combined with the manufacturer’s recommendations, to calculate the remaining service life. Assets that are in poor condition, not regularly maintained, or subject to excessive use or soil quality issues will be at the lower end of the expected useful service life range.

Once you have an up-to-date inventory of assets, it is a good idea to record details of the people and companies who service the assets and who can supply replacements or upgrades (we recommend using the Operator’s Hub of this website, or the Canadian Water Directory). Store this information with your inventory records to save time in the future. You can consult them when you have questions or concerns about individual assets. This information can also be used to help explain repair and replacement costs to water users when developing a budget or proposing a rate increase.