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Asset Management Plan

Asset Management Plan

While a ‘Fixed Asset Register’ contains data on acquisition, asset identification, accountability information, performance and disposal, it is primarily used for accounting purposes. Building on this, an ‘Asset Management Plan is a forward looking document that clearly identifies the asset, service level (date of last upgrade / repair), date of next review, risk of repair (rating of importance), cost estimates and improvement schedule.

A basic asset management plan should:

1. Define the service levels

An asset management plan should define the level of service required of the asset. Service levels are defined as "defined service quality for an activity or service area against which service performance may be measured”. Service levels offered should be determined through stakeholder consultation.

Service levels relate to (for example):

quality	safety
quantity	responsiveness
aesthetics	capacity
reliability	environmental acceptability

An assessment of the impact of changes in demand over time on the level of service offered should be made.

2. Define the timeframe

Define the length of time the asset will be able to deliver the required service, e.g. indefinite life (asset in perpetuity) or a defined lifecycle.

3. Adequately describe the asset

The asset management plan should include data and information on:

Physical identification - quantity, location, construction materials, year built (or estimate); condition, capacity, performance
Financial information - original cost (if known), current replacement cost, estimate of remaining life, written down current cost replacement cost
The capacity to aggregate and disaggregate both physical and financial information

4. Incorporate strategies for the management of risk

The asset management plan should incorporate a strategy for the management of risk associated with the assets involved. The strategies should be consistent with the overall risk policy of the organisation.

5. Include financial information

The AM plan should include financial forecasts for at least the ensuing 5-10 years of expected expenditure. The forecasts should be costed out in a way that clearly reflects the translation of physical aspects of the planned maintenance into financial terms. Estimated costs must:

Be based on known and provable unit assets cost;
Be logically and clearly compiled and available as evidence;
Be updated regularly ;
Be recorded in present day costs;
Be easily assimilated into financial recording systems;
Provide a clear link to the Business Plan

6. Include sufficient information to enable changes in service potential of the asset to be recognised

Service potential describes the output or service capacity of an asset and is determined by quantity and quality of output and estimates of useful life. Any decline in service potential must be recognised as an expense in yearly statements of financial performance in accordance with Australian Accounting Standards. All categories of maintenance, renewals (or various terminology such as restoration, rehabilitation etc) and creation should be defined and stated as to their effect on service potential.

7. State assumptions and confidence levels

The asset management plan should:

List all assumptions and qualifications under which the AM plan is prepared
Indicate the degree of confidence in the reliability of the data underpinning outputs e.g. - accuracy of asset inventory, accuracy of data on condition of assets, accuracy of asset performance data or; and demand/growth forecasts
Confirm the remaining useful lives of assets
On the basis of the preceding assumptions and confidence of underlying data provide a level of precision, or confidence, of the forecasts of renewal and maintenance expenditure for the asset.

8. Outline an improvement program

All asset management plans should state what needs to be done to improve asset management practices (processes, systems, data, commercial tactics, and organisational/ people issues).

What are the weak areas?
What are the improvement targets?
The actions needed to address the “gaps”;
The timeframe over which the improvements will take place
The resources (human and financial) needed.

9. Be prepared by qualified persons

The person who has primary responsibility for the performance of the asset should prepare the asset management plan.

10. Have clear linkages to other strategic documents

The AM plan should link into the organisation’s Business plan, and budget.

11. Be regularly reviewed

An asset management plan template is included below.

DISCLAIMER

This resource has been designed as a guide to assist you to prepare, plan, and write your funding application. Please note that the use of this resource does not guarantee that you will necessarily be successful in your funding application. Success is dependent upon a range of factors including the funding body’s review processes and priorities and demands on available funds which are beyond the scope of this resource.

Therefore, to the extent that ‘this material is relied upon’, Regional Development Australia Limestone Coast gives no warranty as to the accuracy or correctness of the material or for any advice given or for omissions from the material. Users rely on the material at their own risk.

Asset Management Plan

for

Furlong Racecourse

(example/template)

Table of Contents Page No.

Introduction

Planning Frame work

Methodology

Rating

Asset Management Plan

Introduction

The objective of an Asset Management Plan (AMP) is to provide the physical asset status of Furlong Racecourse facilities/equipment in their current state and future development

The AMP will aim to optimise the efficiency for maintenance and capital programmes for major buildings/structure.

The AMP is aligned to the Furlong Racecourse Strategic Plan and Business Plan.

Planning Framework

The AMP combines current and future capital and maintenance programmes in conjunction with the key focus areas of the strategic plan

Strategic Plan	Asset Management Plan
Increase Members and patronage Improve facilities and green spaces Creating the Experience	Landscaping Physical upgrades to facilities Ease of access through automated entry points
Development of income streams and business opportunities	Enhancement of non race day conference market and facilities
High quality racing and increasing prize money	Racing surface – continual capital improvements Overall performance of track Training facility, including stables and all weather tracks

The above table provides the relationship between the Asset Management Plan and the Strategic Plan. The Asset Management Plan will play a major role in providing the required outcomes of the Strategic Plan.

Methodology

The AMP is segregated into a number of key areas of the racecourse facility:

Members Stand
Public Stand
External/Internal emergency exit area
Course Proper and race day infrastructure
Thoroughbred,Harness and Greyhound Training and associated facilities
Turnstile and access points
Car parks and external hard surfaces
Maintenance facility

The following guidelines will be used for assessing each defined segment:

The asset
Service level
Timeframe
Risk
Financial
Improvement schedule

The above guidelines will be able to assist a rating system which will determine the status of the asset.

Rating

A – First Class asset

B – Acceptable asset

C – Average asset

D – Below standard asset

E – Needs urgent attention

Additional to the rating system the schedule for each segment will also provide the following information:

Most recent upgrade
Current rating as per rating schedule
Required rating
List of any defects
Action required
Time frame for upgrade, whether immediate, in two, five or 10 years

Asset Management Plan

Asset Segment: Members Stand

Asset	Latest Upgrade Date	Current Rating A,B,C,D,E	Required Rating	Defects	Action	Time Frame	Estimation $
Floor Coverings		B	B	Nil	Nil	2017	$10k
Painted Surfaces		B	B	Nil	Nil	2017	$5k
Timber / Cabinet		B	B	Nil	Nil	2017	$10k
Electrical / Lighting		A	A	Nil	Nil	2017	$10k
Air Conditioning		B	B	Nil	As per capital reports from engineer	2018	$5k/yr
Fire Services		A	A	Nil	Continual upgrades to meet code	2018	$5k/yr
Kitchen / Bar		B	B	Nil	Nil	2020	$5k
Furniture		B	B	Nil	Nil	2020	$10k
Audio / Visual
Internal walls – Gyprock/masonry	Masonry/	B	B	Nil	Painting	2019	$15k
External Walls - Masonry	Masonry	B	B	Nil	Painting	2019	$75k
Roof material - Iron	N/A	N/A	N/A

Rating: A – First Class Asset, B – Acceptable Asset, C – Average Asset, D – Below Standard Asset, E – Needs urgent Attention

10144 CMR CHAPTER 336 TRANSFER OF ASSET PENALTY FOR
18 SWARTLAND MUNICIPALITY ASSET MANAGEMENT POLICY ASSET MANAGEMENT POLICY
1998 DISCLOSURE PACKAGE DISCLOSURE OF ADDITIONAL INFORMATION ON ASSET

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