LGAM Knowledge Base

Asset Management is the combination of management, financial, economic, engineering and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner.

Reasons for Asset Management

• Asset Management is a key function that must be performed by staff of Local Government entities.
• Councils look after a broad range of infrastructure (assets) to deliver services (to the community). These assets include roads, parks, property as well as water, sewerage, waste treatment etc
• Councils need to ensure that these assets can deliver the services that the community requires now and into the future.
• Councils are responsible for providing "sustainable" services and maintaining a life style for their communities.
• This will only be achieved through a concerted effort across "whole of council" and improved financial and engineering management of the assets.
• Getting Asset Management "right" is one of the most important challenges Councils (and Councillors) face in the medium to longer term.
• Improved Decision Making

Related Pages

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External Links & References

1. International Infrastructure Management Manual
2. Wikipedia
3. LGAQ Circular - State and Commonwealth Asset Management and Reporting Requirements
4. Vicnet Asset Management Glossary
5. Google Wave