Now, you're ready to set up your asset plan! Identify your assets and their condition. After that, it's just a matter of updating the maintenance plan, preventative maintenance plan, and improvement/replacement plans you've set forth for each asset. By doing this, you will always know the condition of your assets and the costs of maintaining those assets. Let's start by defining your estimated, asset-related costs of all infrastructure assets by determining the following:

•Original cost of asset
•Condition assessment plan
•Preventative maintenance plan
•Estimated actual costs of reactive maintenance
•Estimated years and costs of improvements until replacement
•Estimated year and cost of replacement

To comply with GASB-34's objective of managing infrastructure assets to optimize their useful life and reduce maintenance costs, you'll need to:

•Establish an historical cost for the asset less its estimated salvage value, then depreciate the asset

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•inventory and value all of your infrastructure assets
•think about what goes into keeping each of those assets functional, such as routine maintenance, design and construction through rehabilitation
•keep track of planned versus actual costs of maintaining and preserving your infrastructure assets
•establish ratings and perform condition assessments based on an approved measurement factors