Councils' transport assets have ‘significant, untapped' money-saving potential, if properly managed, according to the latest CIPFA report. The public finance body presented the Government with the final report of its review of the accounting, management and finance mechanisms of the UK's local roads network and transport infrastructure assets. Its findings conclude that ‘asset management has the potential to deliver significant, value-for-money benefits, and improve service delivery'. The report says financial information from asset-management plans could ‘support better local and national decision-making, and im- prove public sector financial reporting.' These benefits can be achieved by an ‘early change' to local authority accounting which would see information prepared on a ‘current value basis, rather than the current historic cost approach'. The report also recommends the need for pump-prime funding, provision of further financial guidance, and training. CIPFA's policy and technical director, Ian Carruthers, said: ‘The central message from the review, which received strong support from consultees, is that asset management offers significant benefits for both service delivery and financial decision-making, and an early change to accounts would be the best way to achieve its full potential.' To read Local authority transport infrastructure assets go to http://www.cipfa.org/pt/infrastructure/report.cfm
