2009 Corporate total asset management plan
Darwin City Council
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67 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Rate of annual asset consumption*: A measure of average annual consumption of assets (AAAC) expressed as a percentage of the depreciable amount (AAAC/DA). Depreciation may be used for AAAC. Rate of annual asset renewal*: A measure of the rate at which assets are being renewed per annum expressed as a percentage of depreciable amount (capital renewal expenditure/DA). Rate of annual asset upgrade*: A measure of the rate at which assets are being upgraded and expanded per annum expressed as a percentage of depreciable amount (capital upgrade/expansion expenditure/DA). Reactive maintenance: Unplanned repair work that carried out in response to service requests and management/supervisory directions. Recoverable amount: The higher of an asset's fair value, less costs to sell and its value in use. Recurrent expenditure: Relatively small (immaterial) expenditure or that which has benefits expected to last less than 12 months. Recurrent expenditure includes operating and maintenance expenditure. Recurrent funding: Funding to pay for recurrent expenditure. Rehabilitation: The investment in an existing asset, maintaining the current level of service by reinstating the original life of the asset. Remaining life: The time remaining until an asset ceases to provide the required service level or economic usefulness. Age plus remaining life is economic life. Renewal: the investment in a new asset to replace an existing asset while maintaining the current level of service. Residual value: The net amount which an entity expects to obtain for an asset at the end of its useful life after deducting the expected costs of disposal. Revenue generating investments: Investments for the provision of goods and services to sustain or improve services to the community that are expected to generate some savings or revenue to offset operating costs, eg public halls and theatres, childcare centres, sporting and recreation facilities, tourist information centres, etc. Risk management: The application of a formal process to the range of possible values relating to key factors associated with a risk in order to determine the resultant ranges of outcomes and their probability of occurrence.