For more than 30 local councils across Australia , gone are the days where departments use standalone spreadsheets and databases to track and report on the performance of their respective assets.
Asset management is rapidly emerging as a top agenda item for local councils, particularly since the introduction of AAS27, the new accounting standard for local government financial reporting.
TechnologyOne Executive Chairman Mr Adrian Di Marco said local councils are now required to report not just on the size of their asset bases, but also their value, condition and lifespan.
“Local councils are under pressure to be more transparent and accountable for their increasing asset management budgets, despite the added toll on assets caused by population growth,” Mr Di Marco said.
“Without access to centralised asset data sourced from all departments, compliance with new accounting standards is problematic.”
The asset management reporting challenge faced by local councils is daunting with asset classes ranging from water, road and bridge infrastructure to buildings, parks and gardens, car fleets and construction machinery.
“With ageing assets looming as a major trigger for investment, timely information delivery to local councils is critical,” Mr Di Marco said.
In 2005, TechnologyOne capitalised on this opportunity to support its base of more than 100 existing local government customers with the launch of TechnologyOne Works & Assets, an integrated project management, asset maintenance and capitalisation, billing and reporting solution.