City of Stirling Corporate Business Plan

Informing strategies and plans: Asset Management Framework

Many of the services that the City delivers to its community are reliant on its infrastructure assets and it is imperative that the City manages the full life cycle of these assets in the most cost-effective manner. As a result, the provision and maintenance of infrastructure assets and associated Infrastructure assets such as roads, stormwater drainage, buildings, parks and pathways present particular challenges as they have long lives and high values. Long-term financial forecasts are significant and require planning for peaks and troughs in expenditure to ensure the City has the available funds to renew and replace such assets. The demand for new and improved services from these existing assets adds to the complexity of planning and financial forecasting. The creation of new assets also presents challenges in terms of the additional funding required for the ongoing operating and replacement costs necessary to provide the required level of service over the assets’ full life cycle. services is at the heart of the City’s long-term commitment to its community.

The goal of the City’s Asset Management Framework is to address these challenges and demonstrate how the City’s assets will meet the service delivery needs of present and future communities through the development of skills, governance, processes, systems and data. It also addresses the management of its assets, risk and levels of service in the most sustainable and cost-effective manner. The City’s Asset Management Framework has been prepared under the guidance of the AS/ISO 55000 Standard for Asset Management, the Integrated Planning and Reporting Framework and guidelines developed by the Department of Local Government, Sport and Cultural Industries, the City’s Strategic Community Plan and the Corporate Business Plan. As a result, the framework is well-aligned to deliver the City’s vision, objectives and strategies in providing cost-effective, transparent, high-quality and affordable service levels in accordance with community expectations. The City’s Asset Management Policy outlines its approach to asset management and commits to aligning asset management with the AS/ISO

55000 standard. The City’s Asset Management Strategy is a ‘higher- level’ enabling document (with a detailed four-year implementation plan) that underpins the Asset Management Policy. Currently in development is the City’s Strategic Asset Management Plan (SAMP). The SAMP will demonstrate how the City’s Asset Management System ensures achievement of the City’s asset management objectives and ultimately its organisational objectives. The City has developed Transport, Drainage, Buildings and Parks and Open Space Asset Management Plans that specify the asset activities and programs for each service area and the resources applied to provide a defined level of service in the most cost-effective manner. The City’s Asset Management Framework is reviewed in conjunction with the Strategic Community Plan and Corporate Business Plan. In summary, the City’s Integrated Planning and Reporting Framework links all its service delivery options to the Strategic Community Plan’s vision and objectives and to the Corporate Business Plan.

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Corporate Business Plan 2021 – 2025 | 55