In the first part of this series, PlanSpend: optimize your equitable spending, we discussed how new digital solutions provide an informed and comprehensive overview of your current assets and needs. Here in part two, we discuss two other critical considerations: costs and spending. We also examine how insights delivered by PlanSpend can help ease the difficult decision-making process.
How much will it cost?
In capital planning, it is important to have an in-depth understanding of overall infrastructure replacement and repair costs. Renewal and replacement needs vary depending on current condition, asset class, climate, utilization and maintenance protocols — variables easily tracked by AECOM’s digital solution, PlanSpend.
Our PlanSpend platforms provide default condition deterioration curves for many common asset classifications, which can be customized using client supplied data. In alternative funding and prioritization scenarios, PlanSpend ages assets over time and projects the impacts on asset condition, performance and operating and maintenance costs. This enables capital planners and asset managers to evaluate cost versus benefits and determine the most practical project bundle to meet infrastructure needs.
How much can you spend?
the cost of infrastructure renewal needs, while important, must be balanced against the available funding and overall spending plans because most asset owners don’t have the funds to do everything that they want. To allocate resources, capital plans are developed that consider the many different and often competing variables — from capital expenditures, operational expenditures and different categories of funding resources allocated to specific categories of expenditures.
PlanSpend enables you to view how much of your funding is spent from specific sources across these different funding priorities. Mapping these needs and drilling down by asset class and location into specific facilities as well as types and classification of asset deficiencies will clearly show where and how the different funds are used by year. This enables your capital planners and asset managers to make the most of available funds.
Aligning asset conditions, needs, costs and funding provides a new roadmap to delivering effective and efficient capital plans. In this third article of this series, PlanSpend: getting the biggest bang for your buck, we discuss how PlanSpend can help capital planners and asset managers stretch their capital spending dollars.