Stronger focus on upgrading ageing asset base

Thursday, 28 April 2022

Council proposes to progressively increase the share of funding allocated towards renewing its extensive asset base over the next decade.

The commitment to lift the level of investment in maintaining public infrastructure is a key feature of Council’s new draft Asset Plan 2022-2032.

Council on Tuesday night voted to release the release the draft Asset Plan 2022-2032 for public consultation, alongside its Proposed 2022-23 Budget.

Deputy Mayor Trent Sullivan said Council had made a strategic decision to place more emphasis on improving the condition of ageing assets across the community.

While Council will continue to deliver new facilities and infrastructure to cater to our population growth, we will have a strong focus on renewing our existing assets so they can continue to meet the community’s needs. This is aimed at ensuring residents have equal access to the places, spaces and services that Council provides, regardless of where they live.

The City of Greater Geelong is responsible for hundreds of thousands of individual assets, with a total value of $3.1 billion.

This includes civil infrastructure - such as roads, kerb and channel, bridges, drainage and footpaths – worth $2.2 billion, and social infrastructure, such as buildings, open spaces, arts and culture and recreation facilities, worth $956 million.

The draft Asset Plan 2022-32 sets out how our assets will be managed and maintained over the next 10 years, including specific plans for each of the key infrastructure classes.

This includes information about maintenance, renewal, acquisition, expansion, upgrade,
disposal and decommissioning.

Finance portfolio chair, Councillor Anthony Aitken, said while the majority of our assets were currently in good condition, some were deteriorating rapidly.

The Council has developed a 10-year asset plan strategy and this document has informed the Council about how to spend money associated with its assets. The purpose of the plan is to look at how we maintain and manage both our existing assets and new assets that we acquire and build.
With a growing asset base, and anticipated degradation, the challenge is to ensure our assets are maintained in a financially sustainable way over the next 10 years. The size of our asset base will only increase as we invest in new facilities and assume management of assets such as parks, roads, drainage and footpaths in newly developed areas.

Feedback will be received on the draft Asset Plan 2022-2032 here until 24 May.

Page last updated: Thursday, 28 April 2022