Capital assets are the largest investments for most governments: from planning, to financing, to construction, to operations, maintenance, and replacement. Asset Management is the strategic process that begins once capital assets are put into service. What does the governmental entity own, where is it located, what is the condition, what is the replacement cost, and where are the resources to maintain, refurbish, or replace? Asset Management involves the plans for the resources and processes to catalog and maintain capital infrastructure in the condition necessary to preserve and enhance your community’s vitality and quality of life and optimal stewardship of the finite resources of the jurisdiction.

This course will walk you through examples using best practices in Asset Management planning which includes, but is not limited to; long-term financial planning (LTFP), capital improvement planning (CIP), budgeting for maintenance, and asset maintenance planning as a foundation to discuss successful methods and many of the common challenges associated with longitudinal investments in existing assets.

Those who successfully complete this seminar should be able to:

• Learn the importance of preparing a long-range capital improvement plan (CIP)
• Identify the key characteristics of an effective Asset Management
• Explore the utilization of a long-term financial plan (LTFP) as an essential tool to inform Asset Management and capital improvement plan (CIP) development
• Learn what information you need to initiate an effective Asset Management process
• Leverage existing work from across departments in the development and ongoing work of Asset Management
• Identify common obstacles to developing an Asset Management plan
• Strategize ways to prioritize Asset Management in the long-range capital improvement plan (CIP)
• Develop strategies for incorporating meaningful internal stakeholder feedback in the Asset Management and capital improvement plan (CIP) development process
• Develop linkages between the capital improvement plan (CIP) and the operating budget to effectively implement Asset Management and maintain existing infrastructure
• Gain a better understanding of the role and responsibility of the finance officer in Asset Management
• Differentiate capital planning priorities and strategies between new projects and existing infrastructure Asset Management

This course is taught by experienced capital management practitioners and GFOA staff. Instructors will be familiar with GFOA best practices, are subject matter experts, and have experience as an analyst, finance director, budget director, CFO, or CEO of various size local governments.