New Asset Plan to guide future investment and priorities for community assets
Council has adopted a new Asset Plan which provides a strategic framework for managing Council-owned assets in the community now and into the future.
Mayor Cr Andrea Metcalf said the Local Government Act required all Victorian Councils to develop an Asset Plan with an outlook of at least 10 years therefore community input was an important part of the process.
“I wish to thank community members who completed the survey and provided feedback on the draft plan in March and April,” Cr Metcalf said.
“The adopted Asset Plan provides a 10-year strategic framework to guide how to manage $1.99B worth of fixed infrastructure that is Council-owned. These assets also support 69 services the City of Greater Bendigo provides to the community.
“We know that our community values the assets we have in Greater Bendigo. As our community grows, this plan will help guide us to make informed decisions about where to prioritise funding and ensure our services remain sustainable and meet the ongoing needs of the community now and into the future,”
During the public consultation period, residents provided insights on eight different asset groups.
- Sealed roads – total replacement value $693,129,471
- Buildings and structures – total replacement value $482,634,769
- Drainage – total replacement value $391,656,524
- Pathways – total replacement value $148, 849,721
- Recreation and open space – total replacement value $122,822,537
- Bridges and culverts – total replacement value $76,476,778
- Unsealed roads – total replacement value $33,304,212
- Aquatic facilities – total replacement value $17,213,081
The Asset Plan includes six strategic initiatives that are designed to help drive improvements and efficiencies in asset management over the life of the plan.
Council asset investment must consider several factors:
- Community’s current and future needs
- Cost and financial sustainability
- Legal and regulatory obligations
- Social responsibilities and changes
- Environmental impacts and responsibilities
- Advances in technology
- Risks and community safety
The Council’s Financial Plan outlines that nearly $649.5M will be invested in maintaining, renewing, upgrading, and acquiring assets over the next ten years.
“We face a growing gap between the demand to renew existing assets and investing in new assets. Like many other Local Governments in Victoria, the City is facing the challenge of managing an increasing number of assets when less funding is available from income streams. The City’s renewal gap is forecast to reach around $70M by 2031/2032.
“This Asset Plan was close to completion when Greater Bendigo was chosen to be a joint regional host for the Victoria Commonwealth Games in 2026. This opportunity is likely to impact the City’s Asset Plan and Financial Plan and both will be adjusted accordingly in future years.
“The adoption of the Asset Plan is important and will help guide decisions on the life cycle of assets over the next ten years. We want to ensure assets can deliver the required level of service to the community in a consistent and effective way based on priorities and needs.”
The Asset Plan is available to view on the City website: https://www.bendigo.vic.gov.au/About/Document-Library/city-greater-bendigo-asset-plan-2022-2032-pdf