Asset management planning is a comprehensive process to ensure delivery of services from infrastructure is provided in a financially sustainable manner.
Asset Management Planning commences with defining stakeholder and legal requirements and needs, incorporating these needs into the organisation’s strategic plan, development an asset management policy, strategy, asset management plans and operation plans, linked to a long term financial plan with a funding plan (Australian Infrastructure Financial Management Guidelines, 2009).
Key elements of the plans are
- Levels of Service
Specifies the levels of service based on community needs and available resources and monitors that performance against ‘safety, ‘function’ and ‘quality’.
- Future Demand
How this will impact on future service delivery and how that demand will be met.
- Lifecycle Management
How Council will manage its existing and future assets to provide the required services.
- Financial Summary
What funds are required to provide the services.
- Asset Management Practices
what systems, standards and guidelines are utilised to maintain and further develop asset management practices.
- Plan Improvement and Monitoring
How the plan will be assessed to ensure it is meeting Council’s objectives.
Infrastructure Asset Management Plans (IAMPs) are reviewed during the annual budget preparation and amended to recognise any changes in service levels and/or resources available to provide those services as a result of the budget decision process. The plans have a life of four (4) years and are due for revision and updating within 12 months of each Council election.