Policy Review - Draft Asset Capitalisation and Disposal (Excluding Land) Policy & Recission of Asset Disposal Policy

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Consultation has concluded

Council has under its control over $2.6B worth of Community assets, with the majority of value being in the roads, bridges, stormwater, footpaths, water and sewer classes. The ongoing financial governance and management of the Community’s assets and associated expenditure is a fundamental of Council’s activities.

As the Asset Disposal Policy was last reviewed in 2013 and the Asset Capitalisation Policy was last reviewed in 2015, both the Asset Capitalisation Policy and Asset Disposal Policy have recently been reviewed. With major updates proposed, it is intended to combine both of these into the one policy to cover the full life-cycle management of asset and associated financial governance. Council are also therefore proposing to rescind the Current adopted Asset Disposal Policy (noting it is proposed to combine with the updated Asset Capitalisation Policy).

As the proposed Asset Capitalisation Policy covers the operational governance of asset expenditure and disposals, it is intended that moving forward, the Policy be approved by the Executive Group rather than needing to go to an Ordinary Council Meeting. For completeness, the Draft Asset Capitalisation and Disposal (Excluding Land) Procedure is also attached, which will also be approval internally.

It is to be noted that the policy does not cover the disposal of Council owned land, this will be covered by a separate standalone policy being developed.

The Draft Policy will be on exhibition from Wednesday 29 June 2022 to Wednesday 27 July 2022.

Council has under its control over $2.6B worth of Community assets, with the majority of value being in the roads, bridges, stormwater, footpaths, water and sewer classes. The ongoing financial governance and management of the Community’s assets and associated expenditure is a fundamental of Council’s activities.

As the Asset Disposal Policy was last reviewed in 2013 and the Asset Capitalisation Policy was last reviewed in 2015, both the Asset Capitalisation Policy and Asset Disposal Policy have recently been reviewed. With major updates proposed, it is intended to combine both of these into the one policy to cover the full life-cycle management of asset and associated financial governance. Council are also therefore proposing to rescind the Current adopted Asset Disposal Policy (noting it is proposed to combine with the updated Asset Capitalisation Policy).

As the proposed Asset Capitalisation Policy covers the operational governance of asset expenditure and disposals, it is intended that moving forward, the Policy be approved by the Executive Group rather than needing to go to an Ordinary Council Meeting. For completeness, the Draft Asset Capitalisation and Disposal (Excluding Land) Procedure is also attached, which will also be approval internally.

It is to be noted that the policy does not cover the disposal of Council owned land, this will be covered by a separate standalone policy being developed.

The Draft Policy will be on exhibition from Wednesday 29 June 2022 to Wednesday 27 July 2022.