Parks & Sporting Grounds Asset Management Plan 2022-2032

Regulation / Standard / Guide Requirement

AASB 1041 Accounting for the reduction of Non-Current Assets –specifies the frequency and basis of calculating depreciation and revaluation basis used for assets; and

AAS 1015 Accounting for the acquisition of assets – method of allocating the value to new assets on acquisition.

All other relevant Australian Standards

AS/NZ Standards such as Risk Management Standard.

Construction standards, Maintenance contracts, etc. International Infrastructure Management Manual, Sixth Edition, IPWEA, V6.0, 2020

All Local Laws and relevant policies of the Organisation

The IIMM has been developed with public and private sector industry input from Australia, New Zealand, the United States Canada, South Africa and the United Kingdom to promote best asset management practice for all infrastructure assets.

The following is a summary of policies relevant to this asset class. Many of these policies are available from Council.

Policy Requirement

Infrastructure, Plant, Property and Equipment

Determination

Protocol 2019

Asset Management Policy 2022

To define Inner West Council’s asset classes and associated methodologies in capturing and recording asset related information, guided by relevant accounting and industry standards as well as legislation.

The Policy acknowledges Council’s commitment to asset management and provides a consistent asset management approach with clear principles and guidelines in order to manage Council’s assets for the current and future community. It establishes a framework to ensure a structured, coordinated, cost effective and financially sustainable approach to asset management across the organisation.

3.6 Level of Service

It is considered that this PSGAMP has improved the level of sophistication in the documentation of the levels of service that will be delivered by Council’s open space