Asset Management Plans (AMPs) are a combination of management/financial/economic/engineering and other practices applied to assets to provide the required level of service in the most cost effective manner.
There is not a legal requirement to prepare AMP's, but there is a legal requirement to prepare a long term financial strategy, fund depreciation of infrastructure assets and report on changes in service potential of infrastructure assets. The Audit Office view AMPs as the means of compliance with the above legal requirements.
The key components of AMP's are:
- Levels of Service and performance standards
- Growth forecasts
- Asset Portfolio/Register containing data on inventory, condition, valuation, performance and maintenance etc.
- Management Strategy covering non asset solutions, operation, maintenance, renewal, capital and risk profiles.
- Financial forecasts, cash flow forecasts and valuation forecasts.
- Key assumptions
For more information refer to the individual Asset Management Plans as listed below: