2009 Corporate total asset management plan
Darwin City Council
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Darwin City Council
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66 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Maintenance and renewal sustainability index: Ratio of estimated budget to projected expenditure for maintenance and renewal of assets over a defined time (eg 5, 10 and 15 years). Maintenance expenditure: Recurrent expenditure, which is periodically or regularly required as part of the anticipated schedule of works required to ensure that the asset achieves its useful life and provides the required level of service. It is expenditure, which was anticipated in determining the assets useful life. Materiality: An item is material is its omission or misstatement could influence the economic decisions of users taken on the basis of the financial report. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. Modern equivalent asset: A structure similar to an existing structure and having the equivalent productive capacity, which could be built using modern materials, techniques and design. Replacement cost is the basis used to estimate the cost of constructing a modern equivalent asset. Non-revenue generating investments: Investments for the provision of goods and services to sustain or improve services to the community that are not expected to generate any savings or revenue to the Council, eg. parks and playgrounds, footpaths, roads and bridges, libraries, etc. Operating expenditure: Recurrent expenditure, which is continuously required excluding maintenance and depreciation, eg power, fuel, staff, plant equipment, oncosts and overheads. Pavement management system: A systematic process for measuring and predicting the condition of road pavements and wearing surfaces over time and recommending corrective actions. Planned Maintenance: Planned maintenance is proactive in nature and falls into three categories: Periodic Maintenance: necessary to ensure the reliability or to sustain the design life of an asset. Predictive: condition monitoring activities used to predict failure. Preventative: maintenance that can be initiated without routine or continuous checking (e.g. maintenance manuals / manufacturers recommendations) and is not conditioned based. PMS Score: A measure of condition of a road segment determined from a Pavement Management System.
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