Summary of TAM Webinar 12: Transportation Asset Management Financial Plans

This is an AI generated summary. There may be inaccuracies.
Summarize another video · Purchase Premium

00:00:00 - 01:00:00

This webinar provides an overview of transportation asset management and its importance in financial planning. The presenter discusses the role of asset management in supporting TAM initiatives and provides several budget examples to illustrate the importance of TAM plans in today's budget cycle.

  • 00:00:00 This webinar series provides a chance to learn from successful and unsuccessful approaches to transportation asset management financial plans. The topics covered include an inventory of pavements and bridges, objectives and measures, life-cycle costs and risks, and a financial plan. The goal is to help agencies manage their transportation networks strategically over the long term.
  • 00:05:00 The video provides an overview of transportation asset management (TAM) financial plans, including the importance of long-term thinking and the use of metrics to assess asset sustainability. The presenter also discusses the role of the financial plan in supporting TAM initiatives.
  • 00:10:00 The "TAM Webinar 12: Transportation Asset Management Financial Plans" provides a brief overview of transportation asset management (TAM) plans and their importance in financial planning. The slides mention that asset management plans can help decision makers understand the long-term health of an agency's infrastructure and can provide a simple metric to gauge the extent to which an asset management plan is sustainable. Several budget examples are provided to illustrate the importance of TAM plans in today's budgetary cycle.
  • 00:15:00 The video overviews how to create a financial plan that takes into account how much money the state will need to spend in the future, as well as how much the state will have to spend on assets like roads and bridges. It also discusses how states can improve their fiscal sustainability by taking into account the long-term consequences of decisions made today.
  • 00:20:00 Scott Retract of Colorado DOT provides an overview of the benefits of developing a transportation asset management financial plan. He notes that states should not view the plan as a compliance exercise, but as an opportunity to manage risks to the long-term health of assets and improve decision making.
  • 00:25:00 This video provides an overview of transportation asset management and its financial plans. The video explains that transportation asset management involves managing bridges, highways, and other infrastructure. The video also discusses how Colorado manages its transportation assets.
  • 00:30:00 This video introduces the TAM Webinar series, which provides an overview of the risks and opportunities of transportation asset management. The presenter discusses their initial risk-based asset management plan, which was based on 21 requirements. The presenter also discusses how they are working to improve the plan by including financial considerations and cross asset optimization.
  • 00:35:00 The presenter discusses asset management and how it is used to plan transportation projects. They discuss how forward-looking a transportation asset management plan needs to be, and how Colorado ranks fairly high nationally in terms of its bridge program. The presenter also discusses the state's annual deficit report and how it uses revenue forecasts to manage transportation projects.
  • 00:40:00 This presentation discusses Rhode Island's transportation asset management financial planning efforts, focusing on the state's reliance on federal funds and its outstanding garvey bond. Meredith explains that, due to federal budget cuts, the state is facing a potential financial crisis in 2021.
  • 00:45:00 In this webinar, the presenter discusses how inflation and weather conditions will affect transportation asset management (TAM) plans. They also mention that the Rhode Island legislature eliminated bond borrowing to match the federal transportation infrastructure program, which was a big step forward. The presenter also talks about how the highway maintenance account has changed since 2012, and how the net balance is expected to be greater in the future.
  • 00:50:00 The video discusses the importance of properly managing transportation assets, and how Rhode Island's current financial situation is difficult due to the state's dependence on federal funding and the unknown future of congressional action. The video discusses the state's efforts to improve its asset management process and its plans to allocate funds to specific areas, such as improving pavement bridge condition. The video also discusses the importance of having a reliable infrastructure, and how increased investment is necessary in order to reach a 90% good condition rating.
  • 00:55:00 The video discusses the need to invest in transportation assets in order to maintain them in a good or fair condition. The video cites statistics that show that if the current rate of investment is maintained, the pavement lane miles will be down in 2018 or 2019. If the article 21 money is invested, the percentage of catch basins cleaned and inspected will be higher, and the maintenance budget will be increased by 5 million annually.

01:00:00 - 01:20:00

In this video, the presenter covers the basics of creating a financial plan for transportation asset management. They discuss how to consider risks, communicate effectively with state legislators, and develop future needs data. They also touch on how to set performance goals for each asset type.

  • 01:00:00 The presenter discusses the process of considering risks when planning for transportation asset management, and discusses how effective communication with state legislators can help to secure support for funding requests.
  • 01:05:00 The presenter discusses transportation asset management policies in states across the country and how future needs data is developed. The presenter states that there is a mix of off-the-shelf and customized systems being used to generate forecasts, with some confidence in the models being uncertain. While asset inventories are critical for states in order to have a good understanding of how much has been spent in the past and what condition the assets are in, predicting future needs is still an evolving process.
  • 01:10:00 The Department of Justice issued orders requiring states to fund infrastructure projects, including bridges and drainage systems, in a way that reflects their long-term needs. Rhode Island is hoping to use asset management tools to make trade-off decisions between projects.
  • 01:15:00 In order to develop an asset management plan for transportation assets, states typically use their payment and wage management systems. However, many states are still working to develop such plans, and there is still much discussion about what performance goals should be set for each asset type.
  • 01:20:00 The presenter discusses how to create a transportation asset management financial plan, focusing on different types of pavements and roads. The presenter also mentions that all of the presentations and recordings for the webinars are available on the website listed.

Copyright © 2024 Summarize, LLC. All rights reserved. · Terms of Service · Privacy Policy · As an Amazon Associate, earns from qualifying purchases.