City of Stirling Buildings Asset Managment Plan 2018 - 2028

5.4 Creation/acquisition/upgrade plan New works are those works that create a new asset that did not previously exist, or works which upgrade or improve an existing asset beyond its existing capacity. They may result from growth, social or environmental needs. Assets may also be acquired at no cost. These additional assets are considered in Section 4.4.

5.4.1 Selection criteria New assets and upgrade/expansion of existing assets are identified from various sources such as community requests, proposals identified by strategic plans or partnerships with others. Candidate proposals are inspected to verify need and to

develop a preliminary renewal estimate. Verified proposals are ranked by priority and available funds and scheduled in future works programs.

The priority ranking criteria are detailed in below Table 5.4.1.

Criteria

Weighting

Community cost benefit

70%

Building ranking

10%

Building condition

20%

Total

100%

Table 5.4.1 New assets priority ranking criteria

5.4.2 Capital investment strategies Capital upgrade and new projects will be planned to meet level-of-service objectives by: • Planning and scheduling capital upgrade and new projects to deliver the defined level of service in the most efficient manner • Undertaking project scoping for all capital upgrade/new projects to identify: • other service delivery ‘deficiency’, present risk and required timeline for delivery of the upgrade/new asset • the project objectives to rectify the deficiency, including value management for major projects • the range of options, estimated capital and lifecycle costs for each option that could address the service deficiency

• best management of risks associated with alternative options and evaluate these options against evaluation criteria adopted by the City • the best option to be included in capital upgrade/new programs • Reviewing current and required skills base and implementing training and development to meet required construction and project management needs • Reviewing management of capital project management activities to ensure the City is obtaining best value for resources used. Standards and specifications for new assets and for upgrade/expansion of existing assets are the same as those for renewal shown in Section 5.4.2.

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