A plan to manage Yarra City Council's $2.3 billion worth of assets over the next 10 years has flagged the sale of ageing buildings and a possible reduction of service levels to cover rising costs.
The council was required to prepare a 10-year asset management plan under the Local Government Act 2020, and the plan was adopted, along with a four-year asset management policy, following a period of public consultation in April and May, at the June 23 council meeting.
The plan also highlighted the need to repair a significant number of footbridges and to investigate the condition of the city's stormwater system, which is currently largely unknown.
The Asset Plan 2022-2032 shows a breakdown of the council's $2.3 billion assets into $1.3 billion (55 per cent) in infrastructure, $1 billion (42 per cent) in land; and $15.8 million (1 per cent) fleet and plant.
The infrastructure is divided into transport - $836.6 million (63 per cent); building - $288.5 million (22 per cent); stormwater - $150.6 million (11 per cent) and open space - $47.5 million (4 per cent).