2026/27 FINANCIAL POLICIES · Attachment 13 - Asset Management Policy

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Attachment 13 – Asset Management Policy


   •   Identify value for money and fit for purpose approach on asset and material selection.

Lifecycle Approach
    • Manage assets from acquisition to disposal to maximise value and service delivery.
    • Implement best practice lifecycle management to optimise asset performance and cost-
       effectiveness.
    • The development of proactive maintenance programs across all asset classes.

Continuous Improvement
  • Regularly review and enhance asset management practices, by developing robust reporting on
      asset management activities, asset condition and establishing annual state of the asset reports
      for each major asset classification.
  • Adopt industry best practices and technological advancements that are appropriate for Noosa
      Council.
  • Conduct audits and assessments to evaluate the effectiveness of asset management, as
      defined within the Strategic Asset Management Plan.
  • Provide ongoing training and development for staff to enhance asset management skills and
      knowledge.

Asset Management Framework

Noosa Council’s Asset Management Framework includes:
   • Strategic Asset Management Plan: Long-term strategic approach to managing assets in line
      with Council’s vision through the development of a Strategic Asset Management Plan
   • Total Asset Management Plans: Detailed plans for each asset category, outlining service
      levels, lifecycle management, and financial strategies
   • Asset Register: A comprehensive database of all assets, including their condition,
      performance, and value
   • Performance Monitoring: Systems to monitor and report on asset performance against
      defined service level catalogues and reporting of state of the asset reporting.

Service Levels

Council will:
   • Define and document clear, measurable service levels for all asset categories
   • Regularly review service levels to ensure they align with community needs and Council’s
       strategic objectives
   • Ensure that service level catalogues are updated during the annual budget
   • Balance service delivery with available resources and Council’s ongoing financial sustainability
   • Acknowledge that service levels can also be developed based on standards, legislation, and
       regulatory requirements.

Financial Management

To ensure that Council is sustainable in both the short and long term, Council will:
   • Integrate asset management planning with the Long-Term Financial Plan
   • Ensure that adequate funding is available for maintenance, renewal, and replacement of assets
   • Use lifecycle costing to inform budget and asset investment decisions
   • Ensure that Local Government Financial Sustainability Indicators are met or exceeded.
   • Consider whole of life cost implications in all infrastructure investment decisions.




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Attachment 13 – Asset Management Policy


Risk Management
   • Identify and assess risks related to asset management against Council’s tolerance levels for
      service delivery risk including:
         • Health & Safety (community & employees)
         • Environment
         • Legal & Compliance
         • Technical Infrastructure / Cyber
         • Financial Management
         • People & Management
         • Service Delivery
         • Reputation / Public Trust
         • Assets
         • Economy.

   •   Develop and implement risk mitigation strategies for each asset class and document these
       within each Total Asset Management Plan.
   •   Ensure critical assets are resilient and capable of withstanding adverse conditions, climate
       change, environmental values and are identified in each Total Asset Management Plan for all
       asset classes.

Community and Stakeholder Engagement
  • Actively engage with the community to understand their needs and expectations.
  • Foster transparent communication regarding asset management decisions and impacts.
  • Incorporate community feedback into asset management planning and decision-making.

Decision Making
   • Evidence based – risk, demand, whole of life (WOL) costs and community benefit are defined.
   • Systematic and sustainable, supported with an agreed level of service (LOS).
   • Minimum sustainability targets are achieved.

 ROLES AND RESPONSIBILITIES

   •   Council Responsibility Matrix: a detailed Council wide asset responsibility matrix will be
       defined within the Strategic Asset management Plan.

   •   Councillors: approve the Asset Management Policy, Strategic Asset Management Plan and
       Total Asset Management Plans.

   •   Chief Executive Officer (CEO): Ensure policy implementation and allocate necessary
       resources.

   •   Asset Management Steering Committee: Provide strategic direction, develop and implement
       asset management plans, maintain asset registers, and monitor performance.

   •   Asset Management Working Groups: Provide the technical expertise in the decision making
       on the relevant asset class and develop an asset specific responsibility matrix.

   •   Infrastructure Planning Team: Reference the asset management plans in the development of
       Council’s capital works programs to ensure asset renewal requirements are prioritised and met.

   •   All Staff: Adhere to asset management policies and procedures, contribute to effective asset
       management.


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Attachment 13 – Asset Management Policy


 RELEVANT LEGISLATION

   •   Local Government Act 2009
   •   Local Government Regulation 2012

  Council Policies
  • Noosa Council policies.
  • Financial Sustainability Policy,
  • Enterprise Risk and Opportunity Management Policy,
  • Community Engagement Policy
  • Climate Change Response Policy
  • Environment And Sustainable Living Policy
  • Tree Management on Public Land Policy
 HUMAN RIGHTS COMPATIBILITY STATEMENT

In developing this policy, the subject matter has been considered in accordance with the requirements
of the Queensland Human Rights Act 2019. It is considered that the subject matter does not conflict
with any human rights and supports a human rights approach to decision making by Council.




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Attachment 13 – Asset Management Policy

 Version control:
  Version       Reason/ Trigger    Change (Y/N)   Endorsed/ Reviewed by   Date

  1.0           Create New         N              Council                 25/09/2014

  2.0           Review             Y              Council                 17/11/2016

  3.0           Review             Y              Council                 28/06/2024

  4.0           Review             Y              Council                 30/06/2025

  5.0           Review             N              Council                 23/06/2026




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