At its meeting on 31 May 2022, Council adopted the City of Stonnington's first Asset Management Plan aligned to the Local Government Act 2020 legislative framework.
View the Asset Plan here
The Plan brings together all infrastructure asset classes into the one document, with initial chapters discussing matters relevant to all assets followed by chapters and data specific to individual asset classes - roads, drainage, buildings and open space.
The Plan documents the current status and operational activities of the four main asset classes, and is the first step in a three-year program to develop a Strategic Asset Management Framework. Once developed, the Framework will uplift the city's asset management systems, data, processes and resources - and will align how we manage assets with the global standard, ISO 55001 - Asset Management.
The Plan also documents current Asset Management Objectives, which were formulated in consideration of the deliberative engagement completed to develop the City of Stonnington Community Vision 2040 and Council Plan 2021-2025:
Objective 1: Define service levels for major asset classes that are sustainable and fit for purpose in consideration of user and customer expectations and technical and legislative requirements.
Objective 2: Ensure resources engaged in asset management activities are appropriately qualified and experienced.
Objective 3: Adopt a 'whole of life' perspective for the development and management of Council's assets to minimise life cycle costs and risk while maximising service delivery potential.
Objective 4: Embed a Risk and Benefit approach to the life cycle management of Council's assets.
Objective 5: Comply with relevant legislative frameworks, industry standards and Codes of Practice.
Objective 6: Embed a culture of continual improvement in the development and life cycle management of Council's assets.
Objective 7: Data and information relevant to Council's asset management framework shall be 'fit for purpose' and procured and maintained in a sustainable manner.
A key focus of the Plan is the consolidated and specific renewal forecasts of the four asset classes, generated by asset modelling methodologies and informed by the City's Financial Plan. Modelling indicates our current level of investment in asset renewal is sufficient to maintain existing service levels provided by the four main asset classes in the short- to medium-term.
The next stage of our asset management program - the Strategic Asset Management Framework - will provide the opportunity for more proactive and sustainable management of assets that will improve how we plan our asset maintenance and renewal programs now and over the long-term.
