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

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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