An asset inventory is a comprehensive catalogue of everything a municipality owns, including roads, bridges, water and sewer systems, buildings, vehicles, equipment, land, and parks. This inventory records key information about each asset: what it is, where it is located, when it was acquired, its original cost, expected lifespan, and current condition. A complete asset inventory is foundational for good asset management—you cannot maintain what you do not know you have. Many municipalities have discovered incomplete records when undertaking asset management planning, particularly for underground infrastructure installed decades ago.