City of Stirling Parks and Open Space Asset Managment Plan

5.4 Creation/acquisition/upgrade plan New works are those that create a new asset that did not previously exist, or works which will 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.

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. 5.4.2 Summary of future upgrade/new assets expenditure Projected upgrade/new asset expenditures are summarised in the following Figure 5.4.2. All amounts are shown in real values.

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

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$ (thousands)

$1,000

$500

$0

2019

2024

2031

2021

2027

2025

2037

2028

2020

2026

2023

2029

2022

2032

2030

2035

2036

2038

2033

2034

Year

Figure 5.4.2 Projected capital upgrade/new asset expenditure

Without these extra funds, the asset condition of the asset class will diminish as remaining maintenance funds are spread thinner. Expenditure on new assets and services in the capital works program will be accommodated in the Long-Term Financial Plan. This is further discussed in Section 7.

Acquiring new assets commits the City to the ongoing funding of operations, maintenance and renewal costs for the period that the service provided from the assets is required. It will be important to ensure additional maintenance funds are assigned when additional new playgrounds are commissioned (eg, Princess Wallington Park, Balga).

Parks Asset Management Plan 2018 – 2028 | 41