A Long-Term Asset Management Plan is a document that -
- outlines the local government's goals, strategies and polices for managing the local government's assets and infrastructure, during the period covered by the plan; and
- covers a period of at least 10 years after the commencement of the plan.
Section 104(6) of the Queensland Local Government Act 2009 states that a local government must annually conduct, and report on the results of, a review of the implementation of its Long-Term Asset Management Plan.
Section 136 of the Local Government (Finance, Plans and Reporting) Regulation 2010 states that;
The long-term asset management plan must—
(a) provide for strategies to ensure the sustainable management of the assets mentioned in the local government’s asset register and infrastructure of the local government; and
(b) state the estimated capital expenditure for renewing, upgrading and extending the assets for the period covered by the plan; and
(c) be integrated with the long-term financial forecast.