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Practical Solutions: Asset Management

What is asset management?

WSDOT has established asset management plans supported by needs descriptions and funding strategies; managing assets to appropriate service levels is a priority for WSDOT.


Asset management plans delivered

How do we measure asset management plans delivered?

WSDOT is reporting the percent progress toward completing documented formal asset management plans, with a goal of finishing by June 2021. As of July 2019, the 20 individual initial asset management plans that make up the Statewide Asset Management Plan (STAMP) have been completed. These initial plans document the asset class’s current approach to managing the assets within their respective class.


Current Target
July 2019
   
June 2021
100%  Arrow to right  100% Meets goal status icon
Meets goal

Why did we pick this target?

Well documented, well defined asset management plans will be used by the agency to make more informed investment decisions. WSDOT is establishing multiple asset management plans to assist with this effort. All Asset Classes have submitted their respective Asset Management Plans ahead of the June 2021 target. This measure provided an indicator of progress in completing the documented plans.


More about WSDOT asset management

Why are WSDOT assets important?

Asset management is a key component of transportation system stewardship and delivering Practical Solutions. While WSDOT has had asset management processes in place for many years that identified needs and gaps in each of the asset categories and informed current decision making, this effort will improve the breadth and depth of information being used as the basis for trade-offs decision making, more fully identify risks and incorporate risk management strategies, and highlight future performance outcomes anticipated at planned and proposed funding levels. Practical Solutions prioritizes innovative, timely, and cost-effective decisions to plan, build, operate, and maintain Washington state’s transportation system. Asset management plans are an improved approach and key management tool for WSDOT to make decisions about where and when to invest state and federal funds in the transportation system. These plans are documents that detail the collection of activities and business processes used to manage assets. The plans, at minimum, include needs identification, performance measures and monitoring, lifecycle cost analysis, risk management, and investment strategies.

How are we doing?

Asset management planning is not new to WSDOT, where pavement and bridge management planning has been in place since 1980 along with other asset categories. Finite funds continue to present challenges to performing routine maintenance and preservation activities while our assets continue to age and deteriorate.

What are we working on?

Well documented plans will be used by the agency to make improved investment decisions aligning with Practical Solutions principles. WSDOT has established multiple asset management plans, including those for ferries, highways, multimodal (for example, rail, public transportation and aviation) and intra-agency (for example, Transportation Equipment Fund, Information Technology, Facilities and Real Estate Services). WSDOT is now working on a document that summarizes the 20 asset management plans.

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Spotlight on WSDOT Assets

Spotlight status icon Spotlight on WSDOT Assets

Asset management is a key component of Practical Solutions, and aims to cost-effectively manage the transportation system’s assets. The current replacement value of WSDOT’s assets is estimated to be $181.4 billion. WSDOT’s assets include highways, ferries, facilities, fleets and more.

More about WSDOT Assets

Why are WSDOT Assets a priority?

Limited funds present challenges to performing routine maintenance and preservation activities. Over time, the agency’s assets age and deteriorate, leading to costly reconstruction or replacement. Currently, the annual additional needs, which are unfunded, are projected to be about $690 million.

What are we working on?

WSDOT utilizes a strategic, risk based approach to cost effectively and efficiently maintain its assets. In order to keep its assets in a state of good repair, WSDOT spent an average of $510 million from 2007 through 2018. WSDOT is projected to spend $550 million a year in order to maintain these assets through 2028.

Source: WSDOT Capital Program Development and Management.

Note: Assets include highways, multimodal (aviation, public transportation, rail), interagency (information technology, facilities, fleet, real estate) and ferries. 1 The higher replacement value is primarily due to the replacement value of WSDOT land being added to WSDOT's overall replacement value. 2 Ten-year average 2008-2018 3 Ten-year average, 2018-2028 4 Additional needs are to maintain assets in a state of good repair, this is the amount that is unfunded. 5 Total of future average annual spending plus annual additional needs.

This chart depicts the disparity between needs and current funding. One of the primary management and communication tools is an asset management plan. They are a key management tool WSDOT uses to make decisions about where and when to invest limited state and federal funds in the transportation system.

As of July 2019, the 20 individual initial asset management plans that make up the Statewide Asset Management Plan (STAMP) were complete.

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