Asset management principles for underground pipeline infrastructure (UPI) are used by municipalities for efficient delivery of water, wastewater, and storm sewers. Due to budget constraints and limited resources, municipalities need to improve their operations, utilizing an optimum cost to provide their asset management services. Life cycle costs (LCC) include the total cost of facility ownership taking into account all capital costs, operation and maintenance costs, and renewing or disposing costs. Asset management costs include the maintenance and renewal portion of LCC. The main objective of this research is to develop asset management strategies with consideration of all the cost factors that include the concept of True Cost (TC). True Cost includes design, construction, operation, and maintenance as well as municipal administrative costs, which are not usually considered as part of the life cycle costs.