Asset Plan

The Victorian Local Government Act is currently being reviewed, and the new act is likely to require Councils to prepare an Asset Plan.

The act is likely to:

  • Require all councils to prepare and adopt a rolling asset plan of at least ten years by 31 December of the second year after a general election, in accordance with the principles of sound financial management, and for a council to review and approve this plan annually. This plan will guide asset planning and inform the council plan. (Direction 89)
  • Require the asset plan to include information about new assets, asset retirement, maintenance and renewal requirements for each class of infrastructure assets and to be informed by the deliberative community engagement process. (Direction 90)
  • Set out requirements for what is to be included in the financial and asset plans in Regulations and guidelines. (Direction 91)

Until the Act and associated regulations are in place it will be unclear if an asset plan will be equivalent to an Asset Management Plan or a Capital Works Program or a bit of both.

Related Pages

External Links & References

  1. Google Search
  2. Act for the Future - Directions for a new Local Government Act

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