This paper presents a decision support system for the integrated management of water distribution and wastewater collection networks. The proposed methodology utilizes system dynamics to integrate water mains and sewers with finance and sociopolitical sectors. It enables user rate-setting and planning of integrated water and wastewater infrastructure operational and capital works over their life-cycle (50+ years). The integrated asset management model is implemented using data from a large-sized utility in Southern Ontario, Canada. The result indicates that the integrated framework enables the utility to accelerate funding for capital and operational works due to the integration of the water and wastewater financial resources and improve the integrated levels of service. In practice, the proposed integrated framework empowers and encourages water utilities to manage and plan their assets in an integrated approach to enhance their water and wastewater assets' infrastructure, financial, and sociopolitical performance relative to managing them in isolation.