How Can Asset Management Help Me?
Applying the practices recommended in this guide will help you improve the management of your system by:
- Increasing your knowledge of your system, which will allow you to make better financial decisions. This is useful information when considering options to address various system challenges such as meeting regulatory requirements or upgrading system security.
- Reducing system “down-time” and the number of emergency repairs, since you will have planned for the replacement and rehabilitation of your assets.
- Prioritizing rehabilitation and replacement needs and providing time to research cost-effective alternatives.
- Showing investors and the public that you are using their money effectively and efficiently, which may make them more likely to increase investment or tolerate rate increases.
- Giving you greater access to financial assistance. Some funding sources give applicants extra credit (higher priority ratings) for having an asset management plan or a capital improvement plan.
For additional information on funding sources, see:
Contact your State or Regional Capacity Development Program through Primacy Agencies or Tribal Contacts to help you develop and implement an asset management plan.