United States Department of Transportation
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Incorporating Asset Valuation into Transportation Asset Management Financial Plans
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2016-03-01
[PDF-772.78 KB]
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Abstract:Transportation agencies face the challenging task to maintain, preserve and improve infrastructure assets for current and future generations while grappling with limited funding. Because assets such as pavements and bridges have long useful lives, sound asset management requires a long-term approach. This fifth and last report in the financial plan series addresses asset valuation and depreciation. Asset valuation translates infrastructure conditions into monetary terms as public wealth or equity. Its corollary is depreciation. Depreciation captures the cost to public wealth or equity as assets age or deteriorate through use or neglect. Valuation and depreciation help portray infrastructure as part of the public’s “portfolio of wealth” that merits sound management, investment, and preservation. Asset valuation plays a much larger role in asset management in England and Australia than it does in the United States. This report compares and contrasts U.S. practice to that in other countries and it explores the potential for asset valuation to play a larger role in U.S. asset-management efforts. It also explores challenges to expanded use of asset valuation and depreciation.
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