Council has streamlined its Asset Management Policy, which covers physical assets such as buildings, roads, pathways, art collections, land, bridges, trees and vehicles to name a few.
Improvements approved last night include a focus on strategic themes and aligning the policy to the new Local Government Act (2020).
The sustainable delivery of our services depends on asset infrastructure which has been developed and maintained over generations. This investment continues to grow strongly as a result of our capital investment program.
The current value of our existing asset base is $2.3 billion. Most City assets require significant ongoing investment in maintenance and renewal activities to ensure they deliver service levels that meet community expectations.
The initial focus will be our long-life assets, such as the road network, drainage network, park and recreation facilities, buildings, plant and equipment, land assets, including open space and environmental land, trees, waste management assets, and arts and culture collections.
Councillor Stephanie Asher - Mayor
This policy supports financially sustainable management practices and principles, making sure assets like buildings, bridges and pathways are protected and funded for current and future generations. We commend the team for making good progress with this policy and the program of work that is ongoing.
Councillor Anthony Aitken, Chair, Finance portfolio
This updated policy sets the framework of understanding for the City on how to manage our region's $2.3 billion assets to meet our service delivery levels and community expectations.
It also ensures the City has a strategic direction, as we try to balance the challenge of building new assets and renewal of our existing assets. That balance is not right at the present time as the City does not have enough income to spend on renewal of our existing asset base.
