The town of Gibsons, British Columbia is undertaking an assessment of its natural assets to incorporate them in the town’s asset management plan. This document presents the assessment of the Whitetower Park ponds. The methods, following the Municipal Natural Assets Initiative Guidance document, are as follows: i) characterize the natural asset, ii) develop alternative scenarios around the natural asset, iii) develop and run a hydrologic model (SWMM), iv) conduct an economic valuation (using the replacement cost method), and v) assess beneficiaries. Based on the SWMM model, we found that the ponds have a value of between $3.5M and $4M. These estimates could be further refined by using a more sophisticated model, or by taking a different economic valuation approach, such as assessing avoided costs related to flood damage. Overall, the approach allows the town to obtain an initial estimate of the value of the Whitetower Park ponds to incorporate their value in an asset management plan.