Canadian local governments are seeking new strategies to improve their ability to deliver core services in affordable, financially and environmentally sustainable ways. Many are turning to modern asset management. Asset management involves inventorying community assets, determining their condition and value, and preparing and implementing asset management plans to maintain or replace them, with the goal of ensuring sustainable service delivery to a community (Asset Management BC 2013). The urgency to adopt asset management is driven by factors including the poor state of Canadian infrastructure, and increased pressure on infrastructure2 from factors including climate change and land intensification. Furthermore, the 2009 Public Sector Accounting Board (PSAB) standard PS 3150 includes a provision for municipal tangible capital assets to be identified, counted, valued and amortized over their useful lifetime. This standard highlighted the need for proactive assessment and management of assets as communities clarified the magnitude of the value of the infrastructure they own.