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WHAT IS AN ASSET?
Simply put, an asset is something that you own that requires maintenance and eventual replacement. In our personal lives, an asset might be our car, our roof, or our computer. For the City, assets include things like roads, traffic signals, pipes, buildings, and more. These assets all have one purpose in common: to deliver services to the public.
WHY SHOULD WE CARE?
As members of this community, we all share in the benefits provided to us by these assets. We drive on the roads to work. We play in the parks after school. We walk on the trails for exercise. We use the water and sewer systems each time we turn on the faucet or flush the toilet. We rely on storm drains and waterways to prevent flooding.
The City's residents, businesses, and visitors are the primary sources of funding for these assets through local taxes and fees. Because of this, we all share financial responsibility for these assets.
WHAT IS ASSET MANAGEMENT?
Asset management is a methodical way to plan for the maintenance and replacement of assets.
The basic steps include:
1. Understand what you own and what condition it is in.
2. Figure out what needs to be done, when, and for what cost.
3. Develop policies to match available funding and the desired quality of service.
"IF YOU FAIL TO PLAN, YOU ARE PLANNING TO FAIL.”
The first traffic signal in Livermore was activated on June 26, 1951 at the intersection of First and L Streets.
Today, the City has over 100 signalized intersections! These signals are vital in maintaining the flow and safety of traffic throughout the City. All together, the City has over $54 million dollars worth of traffic signals and related equipment. Each of these signals require constant monitoring and monthly maintenance.