Risk-Based Asset Management

Consistent with nationally recognized attributes of effective water sector utilities, GBMSD recognizes that asset management is critical to delivering cost-effective, high quality, and reliable service. Asset management is an integrated optimization process for managing infrastructure assets to minimize the total cost of owning and operating them, while continuously delivering the service levels customers' desire, at acceptable levels of risk. Though GBMSD historically has ensured that its infrastructure assets are well-maintained, renewed, and replaced as needed to deliver reliable service like most of the water utility sector, its efforts have not methodically focused on minimizing lifecycle costs related to defined service or based on assessment of risks.

Significant developments throughout the industry afford important opportunities to enhance GBMSD's asset management practices. Standard procedures for asset condition assessments and risk evaluation have been promulgated and disseminated. Increasingly powerful software tools are available to facilitate record keeping on asset characteristics, maintenance histories, and performance attributes. Accordingly, GBMSD will elevate its asset management practices by implementing successful tools and techniques tailored to its asset inventory and operating conditions.

Implementation and Update

GBMSD has initiated implementation of components of its strategic investment portfolio. The following describes what has been accomplished to date:

• Asset condition assessment
• Accounting-based asset management inventory and value
• Long-term planning for renewal and replacement of aging assets