Australian Infrastructure Financial Management Guidelines

Chris Champion

Abstract


The Institute of Public Works Engineering Australia (IPWEA) has recently published the Australian Infrastructure Financial Management Guidelines. The Guidelines provide new assistance to link the technical (engineering) and financial aspects of managing infrastructure and services, and to assist infrastructure owners such as local government to develop sustainable long-term asset and financial management plans.

Financial management for long-life infrastructure assets (such as roads, water, sewerage, and stormwater networks, and community buildings) is about ensuring sustainability in the provision of services required by the community. These new Guidelines offer advice for every organisation and individual with responsibility for the management of infrastructure assets. They assist in defining best practice approaches for:

• Accounting for infrastructure

• Depreciation, valuation, useful life, fair value

• Managing financial sustainability

• Integrating asset management planning and long term financial planning

• Meeting requirements for financial reporting

The project was a joint initiative of IPWEA and the National Local Government Financial Management Forum. A steering committee representing national and state governments, technical and financial professionals, local government associations and auditors oversaw it.


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References


ACLG 2008, Prime Minister's Address, 18 November 2008, Australian Council of Local Government, Canberra.

ACLG 2009, Information Paper â Asset Management and Financial Planning, Australian Council of Local Government, Canberra.

IPWEA 2009, Australian Infrastructure Financial Management Guidelines, Institute of Public Works Engineering Australia, Sydney, accessed 26 November 2009, .

LGPMC 2007, Framework 1 Criteria for Assessing Financial Sustainability, Local Government Financial Sustainability National Consistent Frameworks, Local Government and Planning Minister's Council, Canberra.

LGPMC 2009, Framework 2 Asset Planning and Management, Local Government Financial Sustainability National Consistent Frameworks, Local Government and Planning Minister's Council, Canberra.

LGPMC 2009, Framework 3 Financial Planning and Reporting, Local Government Financial Sustainability National Consistent Frameworks, Local Government and Planning Minister's Council, Canberra.

PriceWaterhouseCoopers 2006, National Financial Sustainability of Local Government, for Australian Local Government Association of Australia, Canberra.




DOI: http://dx.doi.org/10.5130/cjlg.v0i4.1367