Asset Management Strategy 2022 - 2026

5 How will we deliver on this Strategy?

The AM Strategy proposes strategies to enable the objectives of the Strategic Plan, Asset Management Policy and Asset Management Vision to be achieved.

Table 6: Asset Management Strategies Item No.

1. Shift from Annual Budgeting to Long Term Financial Planning. The long-term implications of Council services are considered in annual budget deliberations.

2. Shift from a budget driven service level model to a service driven budgeting model.

3 Develop and annually review Asset Management Plans covering at least 10 years for all major asset classes (ideally for more than 80% of asset value).

4 Adopt a Long-Term Financial Plan covering 10 years incorporating asset management plan expenditure projections with a sustainable funding position outcome.

5 Incorporate Year 1 of Long-Term Financial Plan revenue and expenditure projections into annual budgets.

6 Review and update asset management plans and long-term financial plans after the adoption of annual budgets. Communicate any consequence of funding decisions on service levels and risks.

7. Report Council’s financial position at Fair Value in accordance with Australian Accounting Standards, financial sustainability, and performance against strategic objectives in Annual Reports.

8 Ensure Council’s decisions are made from accurate and current information in asset registers, on service level performance and costs and ’whole of life’ costs.

9 Report on Council’s resources and operational capability to deliver the services needed by the community in the Annual Report.

Levels of Service are developed, documented and drive future funding need requirements, which are used as inputs into capital works programs and maintenance works.

Identification of services needed by the community and required funding to optimise ‘whole of life’ costs.

Sustainable funding model continues to provide desired levels of service.

Long term financial planning drives budget deliberations.

Council and the community are aware of changes to service levels and costs arising from budget decisions.

Revaluation schedule is in place for regular review and update of asset valuations. Regular independent verification of unit rates and useful lives.

Processes in place to ensure accurate asset attribute and condition data are regularly reviewed and updated.

Services delivery is matched to available resources and operational capabilities.

Inner West Council Asset Management Strategy 2022 Page