Utah Administrative Code
Topic - Natural Resources
Title R653 - Water Resources
Rule R653-14 - Capital Asset Management Plans
Section R653-14-3 - Capital Asset Management Plan
Universal Citation: UT Admin Code R 653-14-3
Current through Bulletin 2024-18, September 15, 2024
(1) As a condition to receiving federal or state financing or grants for improvement to capital assets related to water infrastructure, a water conservancy district must commit to adopt a capital asset management plan consistent with Section 73-10g-502 and this rule.
(2) The capital asset management plan shall require the water conservancy district to:
(a) complete an inventory of each capital
asset, including the following information for each inventoried asset:
(i) a technical description;
(ii) location;
(iii) physical condition;
(iv) documentation of the asset's standard
features;
(v) warranties;
(vi) maintenance history;
(vii) replacement costs;
(viii) estimated value;
(ix) estimated original useful life;
and
(x) estimated remaining useful
life; and
(b) assess the
physical condition of the capital asset in accordance with a method established
under Subsection (3)(a)(i) at least every five years.
(3)
(a) The
plan shall establish:
(i) a method to assess
the physical condition of each capital asset;
(ii) performance and condition standards for
each capital asset;
(iii) a program
for monitoring and reporting the water conservancy district's application of
and compliance with the plan, including a comparison of each capital asset's
current status and targeted standards for that capital asset as set forth in
the plan;
(iv) a process to
evaluate existing capital assets for efficiency and expected service delivery;
and
(v) objective criteria for
ranking capital asset criticality and prioritizing maintenance and
replacement.
(b) A
performance and condition standard described in Subsection (3)(a)(ii) may be:
(i) a mandated safety standard;
(ii) a standard condition of receiving
federal, state, or local funding; or
(iii) an applicable engineering or other
professional standard.
(4) The plan shall include:
(a) a multiyear financial component that
includes:
(i) criteria and guidelines for
saving and allocating sufficient funds in the water conservancy district's
annual operating budget for assessing, maintaining, repairing, and replacing
capital assets; and
(ii) guidelines
for dedicating revenue to priority capital assets identified under Subsection
(3)(a)(v); and
(b) the
water conservancy district's assurance it will:
(i) implement the capital asset management
plan and seek to comply with its terms; and
(ii) adopt annual operating budgets that
include ongoing funding for capital asset maintenance, repair, and
replacement.
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