Asset Management Planning
A council’s asset management is supported by three key documents:
- an asset management policy – endorsed by the council.
- an asset management strategy – that identifies assets that are critical to the council’s operations and outlines risk management strategies for these assets. The Strategy must also include specific actions required to improve the council’s asset management capability and projected resource requirements and timeframes.
- asset management plans – for all assets under a council’s control, which identify asset service standards and contain long-term (at least 10 years) projections of asset maintenance, rehabilitation and replacement costs. These costs should then be reflected in the Long-Term Financial Plan.
When undertaking its asset management planning, a council will review its assets to determine that they are fit for purpose: that is, that they support the council’s achievement of the Delivery Program, and community goals and outcomes identified in the Community Strategic Plan.
If an asset solution is proposed in the Delivery Program, all elements of the Resourcing Strategy should be adjusted to include the financial, workforce and asset resources required to implement the asset solution.