Councils must improve their asset management or risk increased management costs

Local government in Victoria needs to develop asset management strategies through consultation with the community that prioritise maintenance and renewal, the state’s Auditor-General says.

In his latest audit of local government finances, released in late December, Andrew Greaves found that 24 councils had $315 million worth of assets not recorded.

This was up from $175 million of “found assets” the year before, he said.

“This recurring issue for the sector needs to be resolved by placing greater emphasis on recording assets when they are acquired, especially those physical assets contributed to councils by developers,” Mr Greaves said.