Asset Management Strategy
Document Review
ASSET MANAGEMENT STRATEGYINFRASTRUCTURE ASSETS POLICY REFERENCE NUMBER:
POL - 048
Original publication date July 2010 Revision number
Issue Date
Approved at
Approval date
0
July 2010
Ordinary meeting of Wagga Wagga City Council
1 September 2010
1
June 2012
Ordinary meeting of Wagga Wagga City Council
25 June 2012
This document is to be reviewed annually. Next review date: June 2013 RESPONSIBLE DIRECTOR
Director Infrastructure Services
Council is the custodian of the community’s assets and has a responsibility to manage these assets to maintain their ability to provide an acceptable level of service to the community.
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Table of Content SECTION 1 - INTRODUCTION .......................................................................................... 4 INTEGRATION OF ASSET MANAGEMENT AND COUNCIL’S FUTURE DIRECTION .................. 5 SECTION 2 - DEFINITIONS ............................................................................................... 6 SECTION 3 –LEGISLATION ............................................................................................... 8 ACCOUNTING REGULATIONS ......................................................................................................... 8 LOCAL GOVERNMENT ACT 1993 ................................................................................................. 8 WORKPLACE SAFETY ACT 2012.................................................................................................. 8 ROADS ACT 1993............................................................................................................................ 8 PLANNING & ASSESSMENT ACT 1979 ....................................................................................... 9 DISABILITY SERVICES ACT 1993 ................................................................................................ 9 LOCAL GOVERNMENT AMENDMENT (PLANNING AND REPORTING) ACT 2009.................. 9 SECTION 4 – COUNCIL’S PLANNING PROCESS ...................................................... 10 COUNCIL’S TRADITIONAL ASSET MANAGEMENT STRATEGY ............................................... 11 COUNCIL’S ADOPTED ASSET MANAGEMENT STRATEGY....................................................... 11 IMPLEMENTATION FRAMEWORK ................................................................................................. 14 ASSET MANAGEMENT CYCLE ...................................................................................................... 15 SECTION 5 – FUNDING ASSET MAINTENANCE AND RENEWAL ....................... 20 SECTION 6 – IMPLEMENTATION OF THE STRATEGY ........................................... 21
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The Asset Management Journey Since 2007, when Wagga Wagga City Council started to change the way data relating to the community’s assets was collected and utilised, a new approach for asset management has been gaining momentum. This philosophy has been built on the principles of the International Infrastructure Management Manual, yet is unique to Wagga Wagga City Council. This new approach has long term goals, continuously improves methodologies used, is focused on the lifecycle of infrastructure assets and is based on individual asset data and risk management. To ensure the infrastructure which supports our community is sustainable for future generations we must strive to optimise the decisions made to manage it. This means that decisions need to analyse financial considerations, the life cycle of the asset, social and environmental responsibilities as well as the impact on economic development as a result of the decision. The community’s satisfaction will also need careful consideration. Council’s first Asset Management Strategy focused on organisational change. A change from the traditional asset management practice of maintaining a technical list of assets divorced from a financial asset register and maintaining them based on the expected life of the asset. To a new approach where individual assets are condition rated and maintained based on this rating, regardless of their age and where the associated costs are integrated with Council’s long term financial plan. Reflective of the improving nature of asset management in Council this Asset Management Strategy is made up of sections, which build on each other. The first section titled The Asset Management Strategy, was developed in 2010 and sets the direction and parameters for asset management within Council. This section is then supported by documents which outline the initiatives to be implemented and the milestones to be achieved for Council to progress through the asset management journey, these documents are called Strategic Direction – The focus for Asset Management. In 2011 there are two such documents, one includes the period from 2007 to 2011 and the other begins at 2012. As milestones are achieved, the outcomes will be reported and included on Council’s website.
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Introduction Section 1 - Introduction The City of Wagga Wagga has invested significant funds in infrastructure assets over many years in order to service the needs and enhance the quality of life of the communities within the Local Government Area (LGA). The importance of these assets to our community and their significance in relation to Wagga Wagga City Council’s budgets means that asset management must be a critical part of Council’s planning and service delivery. This strategy recognises the need to manage assets effectively as part of an overall service delivery philosophy rather than from a purely technical position. This means that the effective management of assets has a direct relationship to the asset’s ability to deliver services to a defined standard. Failure to adequately maintain existing assets, plan for the renewal or replacement of existing assets and develop new assets will result in agreed levels of service not being met by Council. The objective of this Strategy is to describe how Council will meet its commitment to asset management as documented in its Asset Management Policy and the process by which Council will implement the Infrastructure Asset Management System. This Strategy and the individual Asset Management Plans, developed as a result of the Strategy, will provide Council with detailed comprehensive information and knowledge to assist it with its short and long term planning to achieve its vision for the LGA. Infrastructure assets in the Wagga Wagga LGA include the following: • • • • • • • •
roads - including footpaths, kerb and gutter, bridges, public shelters, culverts and carparks recreation facilities, which are assets contained within parks and open spaces drainage infrastructure buildings and their components airport saleyards sewer infrastructure and flood protection infrastructure.
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Introduction Assets which are evolving in importance, some of which are also unique to our LGA, but are not contained within the Strategy include: • • • • • •
office furniture and equipment information technology assets art works image and marketing items such as the community art flagpoles library content and public art
Integration of Asset Management and Council’s Future Direction Council prepares a ten year Community Strategic Plan on behalf of the community in the Wagga Wagga LGA. The purpose of the Plan is to identify the community’s main priorities and aspirations for the future and plan strategies to achieve these goals. Eight future directions form the basis of the Community Strategic Plan, the Asset Management Strategy and supporting suite of documents integrate with three: • • •
Future Direction 2 – a community with health and wellbeing Future Direction 3 – viable and connected rural and urban communities, and Future Direction 6 – a sustainable environment
The implementation of the Asset Management Strategy and the Asset Management Plan and supporting sections will contribute the following Strategies of the Community Strategic Plan: • • •
2.4 keep our community spaces clean and healthy 3.2 improve and maintain local community facilities, and 6.4 develop sustainable built and natural environments for current and future generations through effective land-use management and planning
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Definitions Section 2 - Definitions The following terms are used in this Strategy and associated asset management documentation for the City of Wagga Wagga: Asset A physical component or sub component of infrastructure which has value, enables services to be provided and has an economic life of greater than twelve months. Asset Management The combination of management, social, 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. Asset Management Plan A plan developed for the management of infrastructure assets associated with the delivery of a service that combines multi-disciplinary management techniques (including technical and financial) over the lifecycle of the asset in the most cost-effective manner to provide a specified level of service. Asset Management Strategy A strategy for asset management covering the development and implementation of plans and programmes for asset creation, operation, maintenance, rehabilitation/replacement, disposal and performance monitoring to ensure that the desired levels of service and other operational objectives are achieved at optimum cost. The strategy includes Council’s methodology for achieving these outcomes. Average Annual Asset Consumption (AAAC) The dollar amount of the replacement cost consumed per year of the life of the asset. Current Replacement Cost The cost of replacing the service potential of an existing asset, by reference to some measure of capacity, with an appropriate modern equivalent asset. Depreciation The wearing out, consumption or other loss of value of an asset, whether arising from use, passing of time or obsolescence through technological and market changes. It is accounted for by the allocation of the cost (or revalued amount) of the asset less its residual value over its useful life. Economic Life The period from the acquisition of the asset to the time when the asset, while physically able to provide a service, ceases to be the lowest cost alternative to satisfy a particular level of service. The economic life is at the maximum when Page 6
Definitions equal to the physical life; however obsolescence will often ensure that the economic life is less than the physical life. Fair Value The fair value of an asset when no depth of market can be established is defined as the current replacement cost less the accumulated depreciation calculated to reflect the consumed or expired service potential of the asset. Where a depth of market can be established, fair value is the most advantageous price reasonably obtained by the buyer in an arms length transaction between knowledgeable and willing parties Level of Service The defined service quality for a particular activity (e.g. roads) or service area (e.g. street lighting) against which service performance may be measured. Service levels relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost. Life A measure of the anticipated life of an asset or component; such as time, number of cycles, distance intervals, consumption etc. Lifecycle Cost The total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs. Replacement To complete replacement of an asset that has reached the end of its life, so as to provide a similar, or agreed alternate, level of service. Replacement Cost The cost of replacing an existing asset with a substantially identical new asset. Risk Management Coordinated activities to direct and control an organisation with regard to risk. Service Standard The service delivered by a particular asset as expected by the community. This service delivery standard is expressed in the form of a number representing asset condition (ie. 1-5) Sustainability Sustainability for asset managers is not simply about prolonging the life of their assets, and ensuring that they operate efficiently and economically. It is also about considering how the delivery and operation of their asset impacts on the environment and on society.
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Asset Management Legislation Section 3 –Legislation Council is required to comply with the following legislation and standards in relation to asset management. Accounting Regulations The following Australian Accounting Standards apply to Local Government: • • • •
AASB 116 Property, Plant and Equipment AAS 27 Financial Reporting by Local Government AAS 136 Impairment of Assets AAS 137 Provisions, Contingent Liabilities and Contingent Assets
Local Government Act 1993 Section 8 - The Councils charter is: •
•
•
to directly or on behalf of other levels of government provide (after due consultation) adequate, equitable and appropriate services and facilities for the community and to ensure that those services and facilities are managed efficiently and effectively to bear in mind that it is the custodian and trustee of public assets and to effectively plan for, account for and manage the assets for which it is responsible, and to engage in long term strategic planning on behalf of the local community
Section 403 (2) Asset Management Planning- included in Council’s resourcing strategy for the provision of resources required to implement the Community Strategic Plan, this comprises the Asset Management Strategy and Plan. Workplace Safety Act 2012 An act to promote and improve standards for workplace safety and welfare. The Act places obligations on employers to provide a safe working environment (including plant maintenance) for its employees and to ensure that they are adequately trained and that the plant they use is safe and fit for purpose. Roads Act 1993 The Act specifies a new framework and principles for the management of the road network as well as specifying the rights and duties of road users, the roles and functions of road authorities and the preparation of Road Management Plans. Page 8
Asset Management Legislation Planning & Assessment Act 1979 The Act specifies the framework that applies for planning the use, development and protection of land in the present and long-term interest of all members of the community. Disability Services Act 1993 This Act requires Council to ensure that the service it provides does not discriminate against any person or group of persons. Where existing infrastructure does not conform to current design standards, then Council may produce an action plan detailing the actions it intends to undertake to ensure that all of its assets comply to universal access provisions and Codes of Practice. Local Government Amendment (Planning and Reporting) Act 2009 The Integrated Planning and Reporting framework aims to: •
• • •
improve integration of various statutory planning and reporting processes undertaken by councils as required by the Local Government Act 1993, the Department’s Guidelines and the Environmental Planning and Assessment Act 1979 strengthen Councils’ strategic focus streamline reporting processes ensure that the Local Government Act 1993 and the Integrated Planning and Reporting Guidelines support a strategic and integrated approach to planning and reporting by local councils.
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Council’s Planning Process Section 4 – Council’s Planning Process Council’s planning process is continuous, allowing Council to implement its vision over the next four years and further into the future. Not only does this planning set goals and objectives for the next four years but it also links with a longer term strategic view for the future needs of the community it serves. This longer term view is derived from Council’s Community Strategic Plan and reflected in the Long Term Financial Plan. As infrastructure provides the platform for community wellbeing, economic development and environmental sustainability, asset management is a key feature of the planning framework and forms part of the resourcing strategy. The relationship between Wagga Wagga City Council’s Community Strategic Plan and annual planning is shown below:
Council’s planning process provides an over-arching framework, under which key strategic components such as this Asset Management Strategy are developed. Page 10
Council’s Planning Process As part of our business, Council owns and maintains assets depreciated to a value of approximately $1.2 billion (in 2010 dollars) which enables the delivery of services to the community. Council acknowledges that it has a duty and responsibility to maintain these assets and strives to ensure that optimum usage is achieved and that the community’s expectations are met.
Council’s Traditional Asset Management Strategy Wagga Wagga City Council has managed its assets in a traditional manner by maintaining a technical list of assets divorced from any financial asset register, and monitored the condition of those assets based on a technical deterioration model. This model identifies the frequency of intervention for any preventative or corrective maintenance action and applies that to its assets, thereby treating each individual asset to some form of maintenance at a point in its life cycle that equates to that intervention period. This model has no relationship to community expectations of service delivery of the asset nor does it allow for differing rates of deterioration of assets of a similar category. This variable deterioration is identified in part through asset surveillance. This surveillance identifies assets deteriorating at increased rates and highlights these assets for maintenance at reduced intervals. The application of a standard intervention timeframe across every asset category would, in principle, allow for simplistic application of maintenance funding across asset categories by dividing the sum of a particular category by the intervention frequency thereby determining the amount of annual intervention required and the subsequent annual cost. Unfortunately the varying rates of asset deterioration and the subsequent reallocation of maintenance, and therefore funding to address the varying asset deterioration, has led to a situation whereby current practice is to allocate a budget based on historical expenditure levels but there is no clear link between a budget allocation and long term service consequences. This leads to funding and budget distribution that has no direct relationship to asset condition, life cycle, renewal or depreciation.
Council’s Adopted Asset Management Strategy This Strategy details how Council will meet its commitments stated in the Asset Management Policy which was adopted by Council in February 2009, and revised in 2011. Council allocates significant funds to the improvement of its asset base (i.e. creating new assets). Approximately 64% of the funds allocated by Council are directed to creating new assets or improving the level of service provided by existing assets. As the asset base continues to grow Council’s sustainability will decrease unless additional funding is provided, or Council begins to rationalise its current asset base. This may mean not replacing assets when they reach the Page 11
Council’s Planning Process end of their useful life, disposing of assets by selling them, or stemming the growth of the asset base by reducing the development of new assets. There are a number of individual asset categories that are significantly under funded, based on their general condition. The implications of this underfunding lead to these asset categories deteriorating at an accelerated rate which is greater than the rate their condition is being improved, this increases the potential for asset failure. The below graph indicates the actual annual funding for asset maintenance as identified in Councils audited annual reports versus the required annual maintenance, also identified in the audited annual reports for the period. The graph clearly highlighting a funding shortfall for the period 2000/01 to 2010/11 between the required maintenance for infrastructure assets and the funds actually allocated. In fact, the graph represents a shortfall estimated at $84 million dollars over the previous decade in maintenance funding identified as required to maintain these assets to a ‘satisfactory’ condition. This reported shortfall is a clear indication that the traditional methodology for maintaining infrastructure has failed.
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Council’s Planning Process The infrastructure assets of Council at 30 June 2009 as reported in the audited Annual Financial Statements are as follows: Asset Drainage assets (including sewer and flood protection) Roads (including kerb and gutter, footpaths, car parks and bridges) Buildings TOTAL
Replacement Value $985,302
Written Down Value $792,996
$362,357
$300,900
$103,754
$92,197
$1,451,413
$1,186,093
Local Government faces a major challenge in asset management, Councils across NSW must to try maintain existing assets to standards which meet the needs of the community regarding service delivery for its infrastructure. Wagga Wagga City Council, in recognising the significant investment required to maintain our infrastructure assets, has taken a strong position and is committed to funding the depreciation costs of our existing asset base over a period to ensure the infrastructure is maintained to a condition which will enable it to provide the level of service agreed to by the community. This strategy sets the future direction of asset management within the Wagga Wagga LGA. In order to do this effectively, it must consider other Council strategies and plans and how they impact on this Strategy. In turn, this strategy will impact on some of these plans and may require them to be reviewed and altered as necessary to ensure consistency between strategies and plans. This Asset Management Strategy may impact on the following Council documents: • • • • • • • • • • • •
Risk Management Strategy Resource Recovery Strategy Sewer Business Plan Parking Strategy Shared Path Strategy Integrated Movement Study Playground Strategy Urban Salinity Management Plan Recreation and Open Space Strategy Forward Works Plan Road Corridor Strategies Long Term Financial Plan Page 13
Council’s Planning Process • •
Community Strategic Plan and Cultural Plan.
Further consideration of these strategies will be undertaken as part of the preparation of detailed asset management plans as a number of these are asset specific. This Asset Management Strategy must consider the requirements of the Community Strategic Plan and Council’s IT and E business Strategies. In relation to the IT and E business Strategy, this Asset Management Strategy requires the review of asset management systems and therefore this review will be done under the guidance of the existing policies and recommendations within the IT Strategy.
Implementation Framework The philosophies underpinning the development and implementation of asset management within Wagga Wagga City Council are as follows: •
• • •
• •
involvement of all stakeholders (including the community, elected Councillors and staff, Government Departments) in the development of strategies, policies and service standards, the delivery of services and in the decision making of relevant matters concerning Council’s infrastructure adoption and implementation of best practice asset management achievement and maintenance of financial sustainability of all Council assets Managers responsible for delivering a service will also be responsible for the management and care of assets involved in the delivery of their services asset management is not a stand alone function but must be integrated in the delivery of services asset management is a corporate tool and is supported by the entire organisation
The following principles guide Council and its staff in making decisions and formulating policies and strategies: •
•
funds will be allocated to asset categories based on assessments of community need, community satisfaction, utilisation of the asset, importance of the asset to the community and Council, risk, impact on the environment and other matters generally in accordance with quadruple bottom line analysis an integrated planning approach will be used to obtain the best outcomes for the community and Council in relation to asset management Page 14
Council’s Planning Process The current responsibilities for asset management within Council are detailed in Council’s Asset Management Policy. Implementation of this Strategy is the responsibility of the Manager, Infrastructure Planning in consultation with the Asset Management Reference Group. This Strategy, the Asset Management Plan and supporting Sections will be reviewed by the Asset Management Reference Group on an annual basis. The Manager Infrastructure Planning is responsible for the review and amendment of this Strategy.
Asset Management Cycle
The above diagram outlines the Asset Management Cycle adopted by Council that supports this Asset Management Strategy. The principles embodied in the cycle support community based service delivery expectations of asset functions and provide continual up to date information on Council’s asset base. This information pertains to each individual asset’s condition, financial status, service delivery capacity and depreciated position. This cycle will allow the organisation to provide asset data to the elected Council and the community on the service delivery capacity of its assets, the true asset category condition and Council’s true depreciation position. It will Page 15
Council’s Planning Process allow renewal budgets to be based on holistic infrastructure data allowing funding distribution to more closely reflect infrastructure condition and community expectation. The condition of each individual asset will be captured and collated in a single database. This database will identify those assets not deemed to be meeting the community service delivery needs and will form the basis of a works program, to which funding can be allocated by the elected Council. As the condition of the asset is improved via maintenance or renewal, the information relating to the works will be captured in the database. Appropriate elements from that information will be allocated to the individual asset to change its condition rating and also its financial position, identifying if the work was either capital or maintenance and the subsequent change to the depreciation of the asset. The newly changed asset will then be listed as being above the agreed level of service and will be monitored as its delivery and performance is consumed over its lifetime. When the asset condition decreases to below the agreed level of service, the asset will again be added to the list of assets requiring maintenance or renewal for consideration in forming the works program. Key elements of the Asset Management Cycle Asset Register Council will implement a system to catalogue all assets contained within the categories identified in the Asset Management Policy (POL-001). This register of assets will capture all associated data for every asset including, but not limited to: • • • • • •
• •
•
unique identification number location – captured via GPS and stored in Councils ARCGIS system date of birth- date asset was introduced into service dimension construction material asset sub-category- certain assets are comprised of sub assets and these assets will be recorded as such. An example of subcategories is the breakdown of a sealed road into, formation, pavement and seal. Generally an asset is broken into sub assets when elements of the asset are consumed at varying rates and therefore have varying depreciation and service life. The sub categorising of assets allows accurate recording of asset deterioration and associated depreciation and provides more accurate financial and condition data for Council asset condition data – based on specific criteria for each asset category asset performance - related to assets where condition is not the defining parameter for asset renewal or maintenance (i.e. some underground assets) annual depreciation Page 16
Council’s Planning Process • • • • • •
accumulated depreciation original cost replacement cost residual value unit rates for renewal step change cost (i.e. the cost to improve an asset by one or more condition ratings)
Service Standards – Works Programming A significant output of the Asset Management System is the production of annual work programs based on asset condition, contained in the Asset Register. These work programs are a result of the assessment of each asset in each category against a certain service delivery standard developed by Council, based on community consultation. These service standards are created to identify the minimum community accepted standard for every asset category based on the asset’s ability to provide service, rather than its technical condition. These standards will correlate to a condition rating number which will allow assets to be categorised based on condition. The assessment of assets against these standards will identify those assets requiring maintenance, in the form of maintenance, replacement or renewal of a particular sub category or the entire asset. This list of assets requiring maintenance will provide the data used to determine the annual works program. The actual assets to receive maintenance from this list each financial year, and therefore provided for in the budget, will be determined by: • • • •
the capacity of the organisation to perform maintenance the distribution of available funding to all asset categories competing for maintenance to increase the service delivery standard the level of risk the asset is considered to pose to the community and/or Council staff and Council’s internal strategic decision making in relation to asset maintenance ( e.g. which asset categories take priority)
Completed Works Upon completion of the elements of the annual works program, advice will be received by Council’s Asset Integrity Section who will update the condition of the asset. The advice will contain information about the works carried out, the list of materials used, the amount of work completed and other information including cost. This advice will be provided to the Asset Integrity Section via the Divisions responsible for the delivery of the works. This includes advice from Development Services on developer contributed assets.
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Council’s Planning Process This information will be uploaded against the particular asset (or sub asset) to identify the asset’s renewed condition and subsequent change to the asset value and depreciation etc. The continual capture of data by the Asset Management System will provide Council with an accurate, current and valid valuation and depreciation methodology for all assets. Data Feedback The return of data from those Divisions of Council performing the annual works program will be by way of: •
•
•
electronic update – the application of software available on worksites to upload information pertaining to works program details. This data may contain such information as amended condition rating, materials used, variations to location data, material costs and so on informal notification – unsolicited information pertaining to changed asset condition from the community, Council staff or contractors performing works formal notification – asset condition data reported by contractors and consultants performing asset renewals or maintenance
The Asset Register will be updated based on methods developed by Council’s Asset Integrity Section as it is unlikely that one method will suit all functions providing information to the Asset Management System. Continual management of this asset knowledge will maintain an accurate financial position for Council in relation to its infrastructure and will also provide immediate and accurate information on the condition, service delivery standard and renewal requirement of a single asset or asset category. In addition Council will gain the ability to track, monitor and forecast asset depreciation and future costs for renewals to the community, subject to a variable service delivery standard model determined by the community. New Assets Council’s infrastructure asset base increases by several means, including: •
•
delivery of Council’s Capital Works Program. Council will develop strategic infrastructure plans relating to the retrofitting of existing assets to meet increasing or changing standards of infrastructure, or the development of new infrastructure to meet the growing needs of the community the inheritance of developer delivered infrastructure. As new subdivisions and growth areas of the City and surrounds are developed there is a requirement to create the necessary infrastructure for the subdivision. This infrastructure is developed as a condition of consent associated with the Development Approval process and once accepted by Council the infrastructure (eg roads, footpaths, drainage, open space etc) is included in Councils asset base
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Council’s Planning Process New assets will be introduced to the Asset Management System via notification to the Asset Integrity Section of the Infrastructure Planning Division. Each asset will be assigned a unique identification, and the financial and relevant technical details associated with the asset will be recorded against this number. The new asset will then be treated in the same manner as existing assets.
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Implementation of the Strategy Section 5 – Funding Asset Maintenance and Renewal Asset management influences the funding of maintenance and renewal of assets as well as the replacement, improvement or acquisition of assets. The levels of funding for these activities are contained in Councils Long Term Financial Plan, the Four Year Delivery Plan and annually in Councils Operational Plans. The development of service standards for assets and the condition rating of assets against these standards will provide Council with a priority list of works that will identify assets requiring intervention to improve their condition to meet the community expectation of asset service delivery. Council will be able to make data based decisions on asset improvements in the context of the entire asset category, thereby allocating adequate funding to the asset on an annual and future basis. This will assist in preventing the decline of assets due to inadequate funding based on the current budget process that doesn’t provide for more than a fiscal year’s worth of data. Forecasting asset renewal and maintenance budgets against community service standards will assist to ensure that adequate funding is allocated to each asset category over a period necessary to ensure the standard is met and maintained. This will assist in removing the inconsistent application of funding from year to year and replace it with a process that will effectively forecast funding required to maintain assets which meet the community expectation.
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Implementation of the Strategy Section 6 – Implementation of the Strategy The implementation of the Strategy will be demonstrated through the achievement of a set of strategic milestones as outlined in the Strategic Direction for Asset Management documents. The focus of the milestones will change over time as Council progresses through the asset management journey.
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