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The National Academies

NCHRP 20-44(46) [Pending]

Implementing the Asset Valuation Guide Developed Through NCHRP Project 23-06
[ NCHRP 20-44 (NCHRP Implementation Support Program) ]

  Project Data
Funds: $300,000
Contract Time: 20 months
Staff Responsibility: Sid Mohan

BACKGROUND

Determining the value of a transportation agency’s physical assets is important for financial reporting and transportation asset management (TAM). In financial reporting, determining asset value is a fundamental step in preparing a balance sheet for financial statements to inform regulators and investors. For TAM, presenting data on the value of physical assets, such as pavement, bridges, and facilities, communicates what an organization owns and what it must maintain. Furthermore, information about asset value and how it is changing can help establish how the organization is maintaining its asset inventory and helps support investment decisions.

Calculating asset value for TAM is not simply good practice; it is required of state departments of transportation (DOTs) by federal regulations. Title 23 of the Code of Federal Regulations (CFR) Part 515 details requirements for state DOTs to develop a risk-based transportation asset management plan (TAMP). The TAMP must include a calculation of the value of National Highway System (NHS) pavement and bridges, as well as the cost to maintain asset value. Several resources exist to assist states with this, including A Guide to Computation and Use of System Level Valuation of Transportation Assets, the AASHTO Transportation Asset Management Portal, the AASHTO Transportation Asset Management Guide, and FHWA’s Asset Management resources.

NCHRP Web-Only Document 335: A Guide to Computation and Use of System-Level Valuation of Transportation Assets (the asset valuation guide) (2022), details how to calculate asset value and use it to support application in TAM. This guide is intended as a companion publication to the AASHTO Transportation Asset Management Guide: A Focus on Implementation, second edition, and is accompanied by a web tool with an online version of the guidance. The guidance was developed to provide immediate support to highway and transit agencies developing their 2022 TAMPs, and to provide continuing support for other TAM-related applications.

OBJECTIVE

The objective of this implementation project is to promote and support further use of the asset valuation guide through the development and dissemination of outreach materials that provides an overview of the guide, through case studies, and supplemental tools and worksheets. The results of this project will be added to the web-based version of the asset valuation guidance and subsequent versions of the asset valuation guide.

TASKS

To realize the objective, the research plan shall describe appropriate tasks and deliverables that include, but are not limited to, the following.

Task 1. Develop and disseminate a set of outreach materials (e.g., webinars, videos, etc.) to market, review, and summarize the asset valuation guide.

Task 2. With input from the project panel, identify at least six transportation agencies to implement the asset valuation guidance.

Task 3. Provide technical assistance on implementing the asset valuation guidance for the selected set of agencies, and develop draft supplemental tools and worksheets, as required.

Task 4. Develop individual case studies based on the technical assistance provided to each state.

Task 5. Finalize the supplemental tools and worksheets to assist in calculating asset value to support TAM utilizing the asset valuation guide.

Task 6. Produce a final project report and presentation that summarizes the project effort, and includes all material developed for the project. The final outreach materials, case studies, supplemental tools and worksheets will be posted to the AASHTO TAM portal and other venues as appropriate.

 

STATUS: Proposals have been received in response to the RFP. The project panel will meet to select a contractor to perform the work.

 

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