The Treasury has developed an asset management framework. The framework includes:
- an asset register that records details of all assets held by the Treasury. Assets on the Treasury’s register are subject to an annual stocktake to keep records accurate and up-to-date;
- an asset management guide that sets out the Treasury’s policies and asset management guidelines for the day-to-day care and custody of assets. The guide is incorporated into the Treasury’s Chief Executive Instructions. Further details on the Treasury’s asset policies are in notes 1.14 to 1.18 of the Treasury’s Financial Statements; and
- a capital management plan that sets out the Treasury’s longer term asset requirements and funding sources for ongoing asset replacement and investment. The Treasury’s capital budget process is integrated with strategic planning and occurs prior to the beginning of each financial year, in conjunction with the Treasury’s annual operating budget process. In determining the capital budget, the Treasury considers the level of funding available for asset purchases, immediate and longer term asset replacement requirements and organisational opportunities that an investment in new assets can address.