2009 Corporate total asset management plan
Darwin City Council
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Darwin City Council
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45 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Twenty Year Projected Renewals and Planned Renewals Funding Gap (Roads, Buildings and Stormwater) $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Projected Renewals + Maintenance Planned Renewals + Maintenance Ave Projected Renewals + Maintenance Ave Planned Renewals + Maintenance 20 Year Average Shortfall in Renewal Expenditure = deficit $1.84m p.a. Fig 14. Twenty Year Projected and Planned Renewals Funding Gap Figures 13 and 14 show the projected asset renewals in the 10 and 20 year planning periods from the asset registers. This identifies a possible renewal/rehabilitation works funding shortfall of around $3.7 million in the next decade, and a possible $37 million deficit by 2027 when the Civic Centre and West Lane Carpark are expected to be at the end of their useful life by the late 2020s and will require major refurbishment works or replacement. While there is a funding shortfall indicated over the next decade for capital renewals, between 2009 and 2015, significant funds of around $32 million are also flagged for potential planned upgrades or replacements of Darwin City Councils three swimming pools. Decisions relating to these key assets will need to be made through a formal process to identify and prioritise all potential solutions, with consideration to Councils overall financial sustainability, social and environmental responsibilities and the appropriate cultural outcomes. Achieving sustainability in providing services requires reaching two equilibrium positions. Firstly, projected asset renewals (from the asset register) should be the same as planned renewals in forward works programs. Secondly, capital renewal funding should match projected capital renewal expenditure.