About Asset Planning and Management - the basics

The NSW Local Government Act (s8) requires councils to account for and manage the assets for which it is responsible.

Asset Management is a core function that is inextricably linked with a council's strategic plan. It involves financial, technical, information management and associated operational activities to construct, create, maintain and renew public assets over their lifespan.

Asset Planning sets aside resources to ensure assets are in a condition fit to provide a particular "level of services" into the future. A 'whole of asset life' perspective is taken to understand how asset condition changes over time and when particular 'management interventions' might be applied to prolong an asset's useful life. Very simply speaking, interventions for built assets include routine maintenance, corrective maintenance and major asset renewal. The range of possible interventions for natural waterways ² includes:

• Maintaining a waterway's existing ecological health or condition,
• Remediating to improve a waterway within its current context,
• Rehabilitating to reinstate a waterways' features and function as much as possible, and
• Restoring a waterway to its natural, 'pre-european' state.

	Asset classification, registration and mapping What assets does council have. What are we about to inherit? What kind of asset is this? What services does it deliver? What are its components or 'attributes' (operational, financial, historical, spatial, ecological, geomorphological, biodiversity)? What other assets does it relate to?
	Condition assessment, monitoring and inspection What condition are these assets in?  How do we assess this? What risks do these assets currently pose – to safety and property? How might its condition change over time? What does this tell us about the need for preventative or remedial action? Is this asset we are about to inherit in adequate condition or is it a 'lemon?
	Setting Service Levels What is the desired 'service level' for this particular asset? (For example, the desired level of stormwater treatment). Is there a clear mandate from the community on this? Is the asset in a condition fit to deliver this? What actions are required to ensure this condition is maintained? Is the community willing to pay to improve this asset's condition?
	Prioritising and planning for works and maintenance Which assets in our LGA are most critical for investment? When is the best time to invest - in maintaining or improving this asset's condition? What are the likely future demands and needs for our assets? Where is it most important to invest across the whole Local Government Area, to maintain services and function over time?