|Date Policy Took Effect||11 June 2018|
|Last approved revision||28 August 2020|
|Sponsor||Director, Property Services|
|Responsible officer||Strategic Asset Manager, Property Services|
To ensure that the University's infrastructure assets support the achievement of the University's Vision, Mission and Strategic Imperatives at the optimal long-term cost.
This Policy applies to all infrastructure assets owned or leased by the University.
- Asset Management
- Managing an organisation's assets to deliver the required level of service, the objective being to meet current and future demand at the optimal long-term cost.
- Optimal Long-Term Cost
- The cost which provides the optimum balance between capital costs, operating costs and risk over the life of an asset, including consideration of economic, environmental, social and cultural costs.
- Infrastructure Assets
- All assets classified for accounting purposes as Property, Plant and Equipment, which are owned or leased by the University. This includes land and buildings, site improvements, information technology hardware, plant, equipment and motor vehicles.
To guide decisions in the acquisition, operation, maintenance, renewal and disposal of infrastructure assets across the University, including the use of best practice, an understanding of the asset lifecycle, and consideration of the current and future needs of users, the University will:
- Operate, maintain and manage infrastructure assets at defined levels of service to support the Vision, Mission and Strategic Imperatives of the university.
- Adhere to all applicable laws, legislation, regulations, and University policies.
- Monitor standards and service levels to ensure that they meet/support the agreed goals and objectives.
- Apply informed decision-making principles around all infrastructure decisions, considering and balancing risk against cost and performance outcomes.
- Develop and maintain asset inventories of its entire infrastructure at sufficient detail to enable achievement of a minimum of Intermediate rating on the Tertiary Education Commission's Capital Asset Management maturity rating scale.
- Establish infrastructure replacement strategies through the use of full optimised life cycle costing principles.
- Plan financially for the appropriate level of operation and maintenance of assets to deliver the defined service levels.
- Ensure there are sufficient resources to deliver on the asset management objectives.
- Plan for and provide stable long-term funding to replace and/or renew and/or decommission infrastructure assets.
- Consider and incorporate asset management requirements and achievements in other corporate plans as appropriate.
- Demonstrate accountability and responsibility in its infrastructure management through regular reporting on the status and performance of the implementation of this asset management policy.
- Implement a continuous improvement programme to ensure infrastructure management meets policy objectives.
- To give effect to the above, the University will ensure that at all times there is a current Strategic Asset Management Plan in place, reviewed annually by the Asset Management Committee and approved by the Senior Leadership Team.
- The University's Asset Management Committee will guide and monitor the implementation of this Policy and the Strategic Asset Management Plan.
- The University's Asset Management Committee will regularly review, and if appropriate update, this Policy and any associated supporting documents.
Related policies, procedures and forms
- University of Otago Strategic Direction to 2020
- Fixed Assets Procedure
- Strategic Asset Management Plan
- Procurement Policy
- Procurement Procedure
- Risk Management Framework (PDF)
- Risk Management Policy
- Seismic Strengthening Policy
Contact for further information
If you have any queries regarding the content of this policy or need further clarification, contact:
The Strategic Asset Manager
Property Services Division