Asset management is helping us work toward financial sustainability
Lismore City Council owns and manages assets with a current replacement cost of around $1.5 billion.
These assets include:
- Roads, footpaths and bridges.
- Parks and ovals.
- Stormwater drainage.
- Operational and community land.
The objective of asset management is to ensure our assets are maintained and renewed in a systematic way to ensure present and future residents of Lismore and our surrounding villages have adequate services and facilities.
Our overriding objective over the last few years has been to work towards financial sustainability. This includes addressing the fact that for many years we have been under-funding our infrastructure assets. We need to ensure we are maintaining and renewing our assets appropriately and we have developed an Asset Management Strategy and subsequent Asset Management Plans as the first step in achieving this goal.
Our Asset Management Plans provide information on asset condition, lifecycle analysis, asset replacement costs and future maintenance requirements. Council has now completed Asset Management Plans for all major infrastructure asset classes and these are published below.
These plans clearly demonstrate that Council needs to spend more on maintaining and renewing our assets in order to ensure our community has the services and facilities it needs.
Our strategic direction includes finding savings over the next 10 years to redirect more funds into asset management. The next stage of the process is to develop more advanced Asset Management Plans that clearly define how we can fund our assets adequately into the future and which assets we should focus on renewing first and why.
For more detailed information on asset management and how it relates to our Long Term Financial Plan, you should refer to our guiding strategic document, the Imagine Lismore 10 Year Plan.
Along with Asset Management Plans, Council has a number of documents that supplement these.