Transit Asset Management Plan
Transit asset management is a strategic and systematic process through which an organization procures, operates, maintains, rehabilitates, and replaces transit assets to manage their performance, risks, and costs over their lifecycle. This provides safe, cost-effective, and reliable service to current and future customers.
Transit asset management plans are required for all Federal Transit Administration (FTA) grantees per MAP-21 legislation. Moreover, developing a transit asset management plan makes good business sense. The benefits from enhanced asset management practice include better customer service, improved productivity, reduced costs, and optimized resource allocation. An asset management plan can also improve an agency’s communication with policy-makers and stakeholders by providing a clear framework for the prioritization of capital investments and providing credible data from which to communicate capital and operating needs.
This Transit Asset Management Plan (TAMP) has been developed by DRPT. It serves as a Group Plan for the Tier II providers throughout the Commonwealth of Virginia. Creation of this TAMP has involved coordination with all members of the group plan. This TAMP represents a roadmap for improving the state of good repair of transit assets. The TAMP also documents the Commonwealth’s policies for asset management as well as the funding practices that will improve asset management outcomes.