A Wollongong City Council report has shown that Council has spent $114 million in renewing its assets, such as roads, parks, footpaths, over the past three years, without reducing service levels to the community.

Wollongong Administrator Dr Col Gellatly AO said that this funding for asset renewal has seen a 300 per cent increase in road pavement renewals over the past three years.

“Council has seen its asset portfolio increase to about $3 billion due to the creation of new assets and revised valuations of existing assets,” Dr Gellatly said.

“In the Management Plan for 2011-2014 Council plans a strong focus on asset renewal with more than $100 million in expenditure identified.”

In 2007 Council conducted a review of its asset management strategies for infrastructure renewal and found that Council’s asset portfolio was valued at $2.5 billion with the annual Capital Budget of $30.6 million, of which only $12.3 million was allocated for asset renewal.

Since the appointment of Administrators Council has managed to redirect significant funding towards the asset backlog by reducing internal costs, improving operational efficiencies, allocating a greater proportion of internal capital funding to asset renewal and seeking additional external funding for new assets.

Further information on the asset renewal program is available on Council’s internet site at  www.wollongong.nsw.gov.au.