Council Discusses Asset Management Plan

The Council approved a contract with Kayuga Solution, Inc., for the development of a comprehensive Asset Management Plan for Addison on May 23, 2017. The purpose of the plan is to manage the Town's assets to minimize the total cost of owning, operating, and maintaining those assets, while delivering the desired service level at an acceptable level of risk. Over the past 18 months, Kayuga has been identifying and assessing all the Town's physical assets and capturing that data in their Infrastructure Reinvestment Intelligence System (IRIS). At a January 10 work session, Kayuga presented their findings to Council and Council began a policy discussion related to Town's management of its assets.

According to Kayuga's analysis, Addison has 57,535 assets with a total replacement cost of approximately $950 million. Assets include the Town's buildings, parks, landscape areas, water and wastewater facilities, pavements, curb ramps, bridges, sidewalks, traffic signals and signs, streetlights, fleet, airport, and storm water systems. Each system was assigned a physical health score that reflects its condition and the total replacement cost.  Kayuga also developed a 10-year snapshot of the expenditures the Town will need to make in order to maintain the assets at their current physical health score. This information will be invaluable in helping the Town make informed decisions about prioritizing needs and budgeting for future projects.

Kayuga then provided Council a short demonstration of IRIS. The system will be used by staff to prioritize and plan future capital improvement projects. 

Staff committed to Council that they will conduct a full financial analysis to help determine what the Town can afford to help Council provide policy direction. Additionally, staff committed to develop management strategies and processes to effectively implement the asset management plan and will bring this item back for continued discussion to finalize policy direction once the financial analysis is complete.

You can watch Council's Asset Management discussion here.