Asset Management Strategy 2022 - 2026

The Office of Local Government developed an Integrated Planning and Reporting Manual to provide councils with information and guidance to assist their transition to the new planning and reporting framework.

The Guidelines stipulate the following requirements regarding a Council’s assets:

• Each Council must account for and plan for all of the existing assets under its ownership, and any new asset solutions proposed in its Community Strategic Plan and Delivery Program.

• Each Council must prepare an Asset Management Strategy and Asset Management Plans to support the Community Strategic Plan and Delivery Program.

• The Asset Management Strategy and Plans must be for a minimum timeframe of ten years.

• The Asset Management Strategy must include a Council endorsed Asset Management Policy.

• The Asset Management Strategy must identify assets that are critical to the operations and outline risk management strategies for these assets.

• The Asset Management Strategy must include specific actions required to improve Council’s asset management capability and projected resource requirements and timeframes.

• The Asset Management Plans must encompass all the assets under a Council’s control.

• The Asset Management Plans must identify asset service standards.

• The Asset Management Plans must contain long term projections of asset maintenance, rehabilitation and replacement costs.

• Councils must report on the condition of their assets in their financial statements in line with the Local Government Code of Accounting Practice and Financial Reporting.

2 Services Provided

Council delivers many services, such as childrens services, library services, waste, recreation, infrastructure, planning and emergency management. To provide these services, Council owns and maintains an extensive portfolio of infrastructure assets.

2.1 What Assets Do We Own?

This AM Strategy is designed to take into consideration all of Council’s infrastructure assets15 Assets are the physical objects which are maintained by Council to support the community’s social and economic activities.

Assets provide the foundation on which the community conducts its everyday activities whilst contributing to the overall quality of life. The challenge for asset management is to understand the way Council’s assets perform over time and whether they can be maintained in a “fit for purpose” condition, given the aging asset portfolio. Council’s population growth also presents significant infrastructure challenges for both existing gap funding and new infrastructure to cater for the changing population’s needs and expectations.

15 Excludes Land, Plant & Equipment, Office Equipment, Furniture & Fittings and Domestic Waste Vehicles

Inner West Council Asset Management Strategy 2022

Page 12

Transport