DRAFT 2019/20 Budget CITY OF KINGSTON
10. Asset Management Strategy 10.1
STRATEGY DEVELOPMENT
In February 2018, the Council adopted an asset management strategy, which sets out in detail the capital expenditure requirements of the Council (rolling) for the next four years and is a key input to the long term financial plan. It predicts infrastructure renewal needs and considers the other asset needs to meet future community service expectations. The strategy has been developed through a process of consultation with the community and evaluation by Council. The key aspects of the process are as follows: •
A long-term capital planning process which integrates with the Council Plan, Strategic Resource Plan and annual budget processes;
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Listing of all known capital projects; and
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Transparent processes for evaluating and prioritizing capital projects.
Kingston is a participant in the MAV’s STEP program for continuous improvement of Victorian Councils Asset Management capability and maturity. The major milestone is to achieve ‘core maturity’ which requires an assessment score over 1000, out of a possible 1100 points. Kingston has achieved Core Maturity. The capital planning process is reviewed annually to ensure that the Asset Management Strategy represents the current capital expenditure requirements of the Council in line with the Council Plan. The Asset Management Strategy addresses the issues of: •
Development of Asset Management Plans for the key asset categories of roads, drains, buildings, playgrounds and sports field infrastructure;
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Review of the Asset Management Policy;
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Finalising the implementation of the Asset Management Information System (a key initiative of Kingston’s Information Services Strategy);
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Review staff training requirements in asset management practices and to ensure appropriate capacity for the development of the information system;
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Review predictive modelling systems particularly for road pavements;
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Demand forecasting for the each of the asset categories, which is to be coordinated with the preparation of respective Asset Management Plans;
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Review of Levels of Service with the 4 Year Financial Plan; and
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Develop a capital evaluation system for each asset category, to be coordinated with the Asset Management Plan development.
Kingston is committed to optimising its infrastructure and community assets and recognises their importance in achieving better services to meet the social, economic and environmental needs of the community now, while sustaining resources for future generations.
CITY OF KINGSTON 2019/20 BUDGET #25
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