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2009 Corporate total asset management plan



2009 Corporate total asset management plan

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Darwin City Council


City of Darwin reports; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).






Darwin(N.T.) -- Council -- Periodicals

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Darwin City Council

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61 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Glossary Acquisition: The investment in a new asset to increase a level of service. Annual service cost (ASC): An estimate of the cost that would be tendered, per annum, if tenders were called for the supply of a service to a performance specification for a fixed term. The Annual Service Cost includes operating, maintenance, depreciation, finance/ opportunity and disposal costs, less revenue. Asset condition assessment: The process of continuous or periodic inspection, assessment, measurement and interpretation of the resultant data to indicate the condition of a specific asset so as to determine the need for some preventative or remedial action. Property, plant and equipment including infrastructure and other assets (such as furniture and fittings) with benefits expected to last more than 12 month. Average annual asset consumption (AAAC)*: The amount of a local governments asset base consumed during a year. This may be calculated by dividing the Depreciable Amount (DA) by the Useful Life and totalled for each and every asset OR by dividing the Fair Value (Depreciated Replacement Cost) by the Remaining Life and totalled for each and every asset in an asset category or class. Asset Hierarchy: A framework for segmenting an asset base into appropriate classifications. The Asset Hierarchy can be based on asset function, asset type or a combination of the two. The Asset Hierarchy levels have been defined below: Asset Class: the logical grouping at the highest functional level e.g. road Network, Stormwater, Facilities etc. Asset Group: the general grouping of asset types that allows for reporting of like asset types e.g. Road surfacing, Piped Network, Business Facilities etc. Asset Type: the lowest level of grouping of similar assets eg Asphalt Seals, AC Pipes, Mechanical etc. Asset: a physical component of a facility which has value, enables services to be provided and has an economical life of greater than 12 months e.g. Asphalt seals of a road block, Air conditioner, etc. Component: and element of an asset that has an independent physical functional identity and can be replaced without changing the identity of the asset e.g. wearing course, A/C chillier. Parts: smallest replaceable aspect of an asset that are typically replaced as part of maintenance e.g. mechanical bearings on a pump.