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A physical component of a facility which has value,enables services to be provided and has an economic life of greater than 12 months. Dynamic assets have some moving parts, while passive assets have none. IIMM
An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service. LGAM
Asset - An item with an independent physical and functional identity and age, within a facility (e.g. pump, motor, sedimentation tank, main). Asset - Service potential or future economic benefits controlled by entity as a result of past transactions or other past events. DERM
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost. IIMM
Long-term financial plans take the funding projections for delivery of services from infrastructure, developed in asset management plans into a corporate financial plan covering all activities and services of the organisation. Long-term financial plans typically cover a period of 10 years. Accuracy and reliability of financial projections vary over the planning period ranging from good accuracy in the early years (1-3 years) to a lesser accuracy in the later years of the period. These relative accuracies are taken into account in annual updating and review of long-term financial plans. Based on the results of Australian local government financial sustainability reports, initial versions of the long-term financial plan may indicate that existing income levels will be insufficient in future to sustain existing service levels from infrastructure.
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
A risk is the probability of a failure of an asset as a result of the occurrence of a hazard. There may be a resulting cost associated with the risk.
A system supplying a public need such as transport, communications, or utilities such as electricity and water.
An organisation responsible for providing a service.
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost.