Key requirements for the Asset Plan stated in the Victorian LG Act 2020 are:
'…Council must develop, adopt and keep in force an Asset Plan in accordance with its deliberative engagement practices'.
Be for 'a period of at least the next 10 financial years'.
'Include the following-
(a) information about maintenance, renewal, acquisition, expansion, upgrade, disposal and decommissioning in relation to each class of infrastructure asset under the control of the Council;
(b) any other matters prescribed by the regulations'.
Takes 'effect from 1 July 2022'.
The upside is, IPWEA has always advocated for a scalable and consistent approach when aligning the Asset Management task with the Financial Planning & Reporting requirements.
NAMS+ is the affordable toolkit that delivers, with over 600 subscribing organisations using it for continuous asset management and financial planning & reporting improvement in line with the Asset Management Strategy. This more than covers the requirements listed in the new Act.
IPWEA (Vic) is delivering a two-part webinar specifically on this topic in April and I suggest tuning in for more information on the 'how to' meet the principles outlined in the new Act.
FYI, the Department has invited IPWEA to be part of the working group considering the requirements for the development of the Asset Management Plan. Something we look forward to with keen interest.
Hope this helps.
Victorian colleagues, it's time to reset your organisation's asset management frameworks. The Asset Plan prescribed under the LG 2020 is not new to us, but thank goodness it provides the accountability which has been sadly lacking.
I would strongly recommend that we come together and peer review each other's Organisations National Asset Management Assessment Framework positioning. To know where your at in the journey is critical to writing your AM strategy to work towards Advanced AM practices.
AM is not a race or competition between Councils. Unfortunately when I arrived in Victoria 4 years ago this is what appeared to be the case. The City of Port Phillip reset back then and that was the hardest discussion but essential to have. You must have the foundations and trust to move forward.
You cannot have informative and deliberative engagement with your community unless you know where your at in your AM journey, what you need to do to ensure continuous improvement and how you communicate this to your community.
I strongly recommend the IPWEA asset management courses and NAMS plus system. It is a simple system that will help prepare your AM plan to allow you to have informative discussions with your Executive Teams.
My advice, be honest, courageous, show leadership, reset your Council's by providing the foundations to build off. Again it's not a race, our community doesn't value who comes first, they value the services we provide, the assets which enables the service and all of us been responsible custodians of their assets.
------------------------------MarkThompsonCity of Port PhillipHead of Asset Management------------------------------
I think this one will be of intense interest to most of us in AM. Clay Drysdale is right with the DJPR documents and our IPWEA respondents are right too with the non prescribed methodology, so as usual everyone's going to do the same thing but in a different way, all of which will be correct. There has been discussion before that the ASSET PLAN required is not necessarily going to be the same as an ASSET MANAGEMENT PLAN as we all understand. S92 of the act doesn't mention any real structure just what it must contain, this opens up what classes of asset will be used, again no doubt there will be variation across the state. In fact when you read the section it seems more obsessed with Community Engagement than Asset Management!It would be nice if some framework had been developed and hopefully the IPWEA can drive this. We've adopted the NAMS+ model for AM planning as our standard and the Financial Reporting Framework for our assets classes, trying to tie the two together. We are also using the Practice Notes as the guidance which complements the AMP's.I am beginning to think the intent of this section is to reinforce community consultation and financial planning (LTFP).
T: 1300 416 745