Few expenditures irk taxpayers more than funding “bridges to nowhere,” so municipalities must approach spending on transportation assets with care. Municipalities need to offer clear, convincing arguments as to why such spending is needed and what the benefits are.
A transportation asset management plan (TAMP) offers a municipality what they need to justify their expenditures. Municipalities can use a TAMP to save money and create growth through forecasting needs and judiciously assessing how to best meet those needs. A thorough TAMP includes risk assessment, the indirect costs of deferring road improvements, and integration of technology into current infrastructure management. A TAMP also includes life-cyle cost analysis to compare the cost of proper asset maintenance versus the cost of a shorter asset lifespan, all viewed through the lens of the time-value of money.
An effective TAMP can ensure that a community minimizes their risk and cost while maximizing the benefits of their assets. Using a TAMP increases the odds that communities can obtain grants, further lowering costs.
Ruekert & Mielke works extensively in transportation infrastructure management, forecasting, and planning. We would be happy to help your municipality create a transportation asset management plan so your community can grow and thrive.
Contact an expert today to learn more.
About the Author
Edward F. Maxwell
Edward joined Ruekert & Mielke, Inc. (R/M) in 2017 as a financial analyst. Before joining R/M, he worked in private-sector finance, analyzing capital investments, forecasting expenses and revenue, and crafting department budgets. At R/M, he creates financial solutions for all clients, from municipalities to corporate businesses.