8Asset management policy

8 Asset management policy

(1)  In this clause –

asset management policy of a council means an asset management policy prepared by the council in accordance with section 70C of the Act;

whole of life costing means the calculation of the total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs.

(2)  An asset management policy of a council is required to include the following matters:

(a) the council's goals and objectives for asset management to facilitate delivery of services;

(b) the principles, requirements and other matters relating to the management of relevant assets including –

(i) agreed service levels; and

(ii) information on those assets; and

(iii) resourcing for those assets; and

(iv) compliance with all applicable legislation; and

(v) continual improvement of the management of those assets; and

(vi) the promotion of sustainability and community resilience; and

(vii) planning for climate change adaptation and mitigation; and

(viii) the adoption of whole of life costing;

(c) the assignment of responsibility for service delivery and for the management of relevant assets.