Each time I teach an Asset Management workshop, as a Certified Instructor for the Urban and Regional Information Systems Association (URISA), I have to use a transportation example to explain GASB Statement 34. The Government Accounting Standards Board (GASB), issued Statement 34 in 1999, which allowed municipal governments to report capital and infrastructure assets using either the depreciation or the modified approach. The depreciation approach entails the traditional method that state, county, and local governments use to calculate the expense of assets for a designated reporting period. The modified approach, introduced with GASB 34, allows municipal governments to estimate on an annual basis the amount of expense each class of assets will incur for maintenance and recognize that amount.
I cite the State of Florida to explain the modified approach. The Florida Constitution mandates that the Florida Department of Transportation use the modified approach for its roadway, bridges, and other infrastructure assets that make up its State Highway System. Because the infrastructure is above ground, the State of Florida can routinely assess annual repair and maintenance costs. Estimating the expense of underground assets is harder.
Developments at the Underground Infrastructure Lab, a part of the University of Illinois at Urbana-Champaign, might facilitate gathering, mapping, and storing underground infrastructure data. By collecting 3D underground data, the not-for profit hopes to enable better construction and utility management within municipalities. A partnership of The City of Chicago, Accenture, ComEd, Microsoft, and ESRI, the collaborators "have developed advanced scanning tools; a data capture system; mobile applications for use by construction and utility workers to capture data and update the system in real time; a data visualization application; and business model templates for cities to collect revenue".
Given that the American Public Works Association estimates that utility infrastructure is struck once every 60 seconds, having maps of "water pipes, fiber optic lines, gas pipes, electrical lines, and legacy infrastructure located in city streets and alleys" furthers the protection of the electric grid and other utility networks.
http://www.builtworlds.com/news/2016/10/5/dig-smart-ui-labs-unveils-tech-to-map-underground-infrastructure
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