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Asset Management

The concept of highway asset management is becoming increasingly important for those responsible for managing highway networks. Asset management is not a new concept and most highway authorities are practicing elements of asset management already. However, the service wide application of asset management is a new concept.

The latest and current guidance on Asset Management is contained in the document:  Highway Infrastructure Asset Management


The latest and current guidance on financial reporting is available in the document Code of Practice on Transport Infrastructure Assets: Guidance to Support Asset Management, Financial Management and Reporting (2010)
 

For past records, the asset management working group of the UK Roads Board produced guidance on asset management; the guidance is comprised of four documents that form a singe suite to provide a good overview of asset management. The four documents are included below:

Highway Asset Management Quick Start Guidance note –getting started sets out a practical means of getting started with asset management, and identifying the sensible steps that should be taken to progress this practice, and in what order should you address these.

Highway Asset Management Quick Start Guidance note –risk assessment is intended to assist those authorities who have not yet commenced this central aspect of asset management planning but who are familiar with the principles of managing risk and may have applied risk management techniques to other parts of their business.

Highway Asset Management Quick Start Guidance note –levels of service has been produced in order to assist organisations, particularly local highway authorities, in defining and implementing Levels of Service for their networks.

Highway Asset Management Quick Start Guidance note –life cycle planning forms a key part of an Authority’s Highways Asset Management Plan (HAMP). Effective lifecycle planning requires several fundamental asset management activities to have been carried out and considerable asset knowledge to have been established. Without this knowledge, lifecycle plans will not target the effective maintenance and renewal of assets, leading to either premature maintenance or deterioration and possible safety risks to road, and non-road users, and to roadworkers.

 

Code of Practice on Transport Infrastructure Assets: Guidance to Support Asset Management, Financial Management and Reporting (2010)

Click here to access the Code of Practice on Transport Infrastructure Assets. This new Code of Practice from CIPFA provides guidance on the development and use of financial information to support asset management, financial management and reporting of local highways infrastructure assets. It has been prepared at the request of the Government and implements a key recommendation from the CIPFA review of local authority transport assets which reported in 2008.

Primary users will be finance staff responsible for highways’ financial management, corporate budgeting and financial planning and highway engineers in charge of managing and operating the assets. The content will also be used to report the assets on a current value basis in Whole of Government Accounts. HM Treasury has set a timetable for a gradual transition to reporting on this basis, starting with limited, unaudited data submissions for 2009/10, building up to a full audited dry run in 2011/12 and the withdrawal of historic cost-based reporting from 2012/13.

The Code will also be used as a tool by auditors in assessing relevant aspects of authorities’ performance.

This code supersedes the Asset Valuation Guidance that was published in 2005 (available above).

The County Surveyors Society (CSS), together with the Local Authority Technical Advisors Group (TAG) have produced the framework detailed in this document to facilitate the meaningful exchange of knowledge and experience on the subject. The framework, published in June 2004, was drafted by a team from Opus International Consutants (UK) Ltd.  The Code is available above. Print copies are published by the County Surveyors Society (CSS), price £40 (for details, see http://www.cssnet.org.uk/).