Terminology

6. a snapshot in time of an asset's state of repair, at a current point its life.
7. a systematic approach to repairing and undertaking preventative work to optimize asset life expectancies, manage risks and sustain target service levels
8. the funds required if an infrastructure asset had to be renewed or replaced, in today's dollars
9. a program that ISC commissions, providing inspections every three years to evaluate the condition of all ISC funded infrastructure.
10. anticipated time left that an asset would remain functional (able to provide service).

1. a plan to fund a community's long-term capital and operating needs, including sustainable renewal funding for tangible assets
2. assets that are generally made up of components to form complex systems (e.g water systems, sanitary systems, stormwater/drainage systems, road networks, and community buildings)
3. a record of key information about community-owned infrastructure, including total quantities and value of all assets.
4. performance metrics that reflect the quantitative and qualitative goals of the community.
5. a physical component which has value, enables services to to be provided, and has an economic life of greater than 12 months. This is also referred to as a tangible capital asset.
8. the potential for undesirable outcomes resulting from an incident, event, or occurrence. This is made up of the consequence and likelihood of failure.