2009 Corporate total asset management plan
Darwin City Council
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Darwin City Council
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68 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Routine Maintenance: Day to day operational activities to keep the asset operating and which form part of the annual operating budget, including preventative maintenance. Section or segment: A self-contained part or piece of an infrastructure asset. Service potential: The capacity to provide goods and services in accordance with the entity's objectives, whether those objectives are the generation of net cash inflows or the provision of goods and services of a particular volume and quantity to the beneficiaries thereof. Service potential remaining*: A measure of the remaining life of assets expressed as a percentage of economic life. It is also a measure of the percentage of the assets potential to provide services that is still available for use in providing services (DRC/DA). Municipal Plan: Documents Councils objectives for a minimum four year period. It includes the principle activities to achieve the objectives, the means by which that will be carried out, estimated income and expenditure, measures to assess performance and how rating policy relates to the Councils objectives and activities in accordance with the requirements of the NT Local Government Act 2008 Sub-component: Smaller individual parts that make up a component part. Unplanned Maintenance: Corrective work required in the short term to restore an asset to working condition i.e. breakdown / emergent recovery works. Useful life: Either: (a) the period over which an asset is expected to be available for use by an entity, or: (b) the number of production or similar units expected to be obtained from the asset by the entity. It is estimated or expected time between placing the asset into service and removing it from service, or the estimated period of time over which the future economic benefits embodied in a depreciable asset, are expected to be consumed by the council. It is the same as the economic life. Value in Use: The present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. It is deemed to be depreciated replacement cost (DRC) for those assets whose future economic benefits are not primarily dependent on the asset's ability to generate new cash flows, where if deprived of the asset its future economic benefits would be replaced. Source: DVC 2006, Glossary Note: Items shown * modified to use DA instead of CRC Additional glossary items shown **