Asset Management for Water and Wastewater Treatment Systems: Local Officials Primer Aging infrastructure, projected lower growth in the economy, and increasingly sophisticated demands from regulators and other stakeholders are creating a perfect storm of challenges for water and wastewater utilities, placing conventional maintenance and capital planning practices under pressure. Many utilities are looking to recent developments in asset management best practices. The essence of this is the value realization from assets—ensuring that the right things are being done right, and that these activities support an organization’s strategic objectives. But how does your organization define value, and where should you begin? This article is primarily intended for local officials who are directly or indirectly involved in decisions affecting water and wastewater utility systems.
Asset Management Asset management is maintaining a desired level of service for what you want your assets to provide at the lowest life cycle cost. Lowest life cycle cost refers to the best appropriate cost for rehabilitating, repairing, or replacing an asset. Asset management is implemented through an asset management program and typically includes a written asset management plan. Water and wastewater systems need asset management to: S A ddress aging water infrastructure assets before they fail. S K eep assets productive, and not allow them to become disruptive liabilities. S T reat all decisions as investment decisions to maximize limited financial resources. S M ake costs transparent to support financial decisions. Asset management requires: Continued on page 44
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