City of Stirling Drainage Asset Managment Plan

8. Plan improvement and monitoring

8.1 Status of asset management practices 13 8.1.1 Accounting and financial data sources Accountabilities for financial systems The City’s utilises the FinanceOne application by TechnologyOne for tracking budgets and financial reporting. Accounting standards and regulations Accounting standards and regulations applicable to the City include: • WA Local Government Act 1995 • WA Local Government (Financial Management) Regulations 1996 • AASB 116 Property, Plant and Equipment • AASB 13 Fair Value Measurement. Capitalisation threshold The capitalisation thresholds for each financial asset class are shown in Table 8.1.1 below.

8.1.2 Asset management data sources The City has several systems that, when combined, improve the effective management of assets. These are: • Works and Assets – holds the asset register containing inventory, condition and historical data of assets. It is also used in managing projects, creating job priorities, maintenance schedules, work orders and tracking status • Intramaps GIS – holds the location of all assets • Assetic MyData – financial asset reporting tool • FinanceOne – contains the fixed asset register, tracking budgets and accessing financial data • Property Ci – allows the logging and processing of customer requests. Linkage from asset management to financial system Financial asset data is recorded in Assetic MyData and then recorded at a financial asset-class level in the financial system. Accountabilities for asset management system and data maintenance Processes have been established to ensure that data in the asset management systems are up-to-date. Required changes to asset management system arising from this DRAMP As a result of this asset management plan, the following changes are proposed for the asset management system: • A review of the maintenance management system for works-planning and asset-reporting improvements • Associating customer requests with specific assets.

Table 8.1.1: Capitalisation threshold table

Capitalisation threshold

Fixed asset classification

Land

$1

Building

$5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $50,000

Plant and equipment

Mobile vehicles and plant

Furniture and office equipment

Recreation equipment

Infrastructure

Software

Required changes to accounting financial systems arising from this DRAMP A review of the financial system has arisen from this asset management plan to improve the reporting of renewal/upgrade/new asset capital expenditure, reactive and planned maintenance, and operating expenditure.

13 ISO 55000 Refers to this as the asset management system

Drainage Asset Management Plan 2019 – 2029 | 39