PRIVATIZED HIGHWAY ASSET MANAGEMENT: A ROAD OF THE FUTURE

Highway asset management is a programmed approach to restoring, preserving, and operating physical assets to meet predetermined goals. It is a concept commonly applied in private industry to manage the costs of maintaining physical assets, which often represent a high percentage of a corporation's capital value. Forward-thinking transportation departments are applying asset management principles in maintaining pavements, bridges, and other roadway features. Consistent with their practices with construction, paving, and other functions, the departments are now subcontracting asset management. This benefits contractors, the public, and government agencies. Virginia is at the leading edge of innovation, using public-private partnerships for system expansion and to reduce maintenance costs. Under a 1996 fixed price asset management contract, 20% of Virginia's interstate system is being maintained by a company that guarantees the condition of the highways will meet specified standards. The Virginia Department of Transportation estimates its contract will save $22 million over 5.5 years. Four additional asset management contracts have recently been released in Texas, Mississippi, and the District of Columbia.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/19451392
• Corporate Authors:

  American Road & Transportation Builders Association

  ARTBA Building, 1219 28th Street, NW
  Washington, DC  United States  20007-3389
• Authors:
  • Masucci, N J
• Publication Date: 2000-1

Language

• English

Media Info

• Pagination: p. 16-18
• Serial:
  • Transportation Builder
  • Volume: 12
  • Issue Number: 1
  • Publisher: American Road & Transportation Builders Association
  • ISSN: 1043-4054

Subject/Index Terms

• TRT Terms: Assets; Benefit cost analysis; Bridges; Contracting out; Cost effectiveness; Highway maintenance; Management; Pavement maintenance; Privatization; Public private partnerships; Risk management; Savings; Subcontractors
• Geographic Terms: Mississippi; Texas; Virginia; Washington (District of Columbia)
• Subject Areas: Administration and Management; Bridges and other structures; Finance; Highways; Maintenance and Preservation; I10: Economics and Administration; I60: Maintenance;

Filing Info

• Accession Number: 00792369
• Record Type: Publication
• Files: TRIS
• Created Date: May 18 2000 12:00AM