Corporate Business Plan: 2024-2028

Informing strategies and plans: Asset Management Framework

The City of Stirling’s Asset Management Framework is a comprehensive set of guiding documents, designed to ensure the effective management of our infrastructure assets, essential for providing services to our community and meeting sustainability targets. The City’s commitment is to manage these assets responsibly and cost-effectively, reflecting our dedication to serving our residents.

strategic objectives. This alignment helps to provide transparent, high-quality services that meet our community’s expectations and are determined in consultation with the community. Key documents of the Asset Management Framework: • Asset Management Policy: The City’s approach to asset management outlining asset management intentions and direction, committing to the AS/ISO 55000 Standard • Strategic Asset Management Plan: A guiding strategic document for continuously updating the City’s systems and capabilities to provide fit-for-purpose asset management • Asset Management Plans: These include tailored plans for roads, paths, drainage, buildings, and parks and open spaces, detailing actions and resources for efficient service delivery • Input into the Long-Term Financial Plan to ensure accurate asset budgets are included for planning to meet the City’s needs • Various City plans which include elements requiring new or upgraded assets to meet identified needs. The City regularly reviews and updates the Asset Management Framework to improve strategies and plans, ensuring we continue to provide excellent and sustainable services to the City of Stirling community.

The City’s infrastructure assets include roads, drainage systems, buildings, parks and open spaces. These assets present various challenges as they have long lives and high value, and they also impact environmental sustainability. To manage them effectively, the City engages in careful, evidence-based financial and sustainability planning. This planning helps to prepare for future costs, such as renewing and replacing these assets. The community’s growing expectations for better services are considered, which adds complexity to financial planning. Due dates for renewals and replacement present an opportunity for adjusting the asset base to meet developing needs, which are identified in various strategies in the community. Introducing new assets brings additional financial responsibilities, including ongoing costs for operation and eventual replacement, to maintain or extend the level of service for the community. The Asset Management Framework aims to tackle these challenges. It outlines how the City will invest in assets to meet the needs of both today’s and tomorrow’s residents. This is achieved by providing adequate resourcing, developing skills, setting up good governance, refining processes, integrating systems, managing data, understanding risks, and maintaining service levels — all in the most sustainable and cost-efficient way possible. The Framework aligns with the AS/ISO 55000 standard for asset management and the Integrated Planning and Reporting Framework, ensuring it supports the City’s vision and

CORPORATE BUSINESS PLAN 2024–2028 | City of Stirling

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