Asset Management Explained

To learn more about the County's asset management planning processes, please watch the following video:

What is Corporate Asset Management?

Corporate Asset Management is an integrated approach to effectively manage the County of Wellington's assets in order to provide services to the community at Council approved levels in a sustainable manner. A Corporate Asset Management perspective will promote the development of asset management plans using life cycle best practice principles and allow for long term financial planning to reduce risk and achieve the best value from corporate asset investment.

Elements of an Asset Management Plan:

  • Executive Summary - an overview of the plan
  • Introduction - statement of what assets are included in the plan and how they will be managed to support goals of the corporation
  • State of Local Infrastructure - summary of asset type, quantity, location, historical and replacement cost valuation, useful life and condition
  • Expected Levels of Service - documentation of defined service levels through performance measures with targets and timeframes to achieve those targets
  • Asset Management Strategy - set of planned actions to manage the asset through its lifecycle including maintenance, renewal and replacement activities.
  • Financing Strategy - a forecast of annual expenditures for the strategy and identification of any funding shortfalls