The Financial Management Standard 1997 requires asset strategic planning to be undertaken by agencies as part of their strategic and operational planning processes. The asset strategic plan links with other strategic plans of the agency including finance, human resources and information systems as enabling strategies for the delivery of the agency's core services.

The Financial Management Standard 1997 states, where the agency's investment in assets is not expected to exceed $30 million over any four consecutive financial years, and where the relevant Minister approves, asset strategic planning may be incorporated in the agency's strategic plan. Where an agency's intended investment in assets exceeds $30 million the agency should prepare a separate asset strategic plan, as detailed under the Standard.

When an agency prepares an asset strategic plan it establishes what asset resources are required to support service and output strategies identified in the agency strategic plan, compares this to existing available asset resources and develops a strategy for acquisition, disposal, funding, operation, maintenance and management of the asset resource. This process also considers the recurrent cost implications of capital investment and alternative asset procurement solutions for existing or new service delivery proposals.

Furniture, fixtures and fittings, vehicles (including cars, trucks, ships, boats, aircraft, buses etc.), plant, machinery, equipment (including transport equipment, computer equipment, office equipment and machinery), land, buildings (including housing, sporting facilities and other structures), infrastructure (including gas, water, transport, electricity services, environmental, forestry, amenities and recreation), leased assets, works in progress, and heritage and cultural assets (including valuables, works of art, library collections, national parks and buildings).

The plan should be submitted to Queensland Treasury by the 15th August each year with feedback provided to the agency by the 31st October.

Should an agency require assistance they should contact the Queensland Treasury Government Asset Management Unit at +61 7 3224 6243.

To assist agencies prepare an asset strategic plan, a template with guidance text is available through the Government Asset Management System (GAMS) which may be accessed through the Data Hub on GovNet. The structure of the template will enable plans to be presented in a consistent format for review and feedback by Queensland Treasury.