Transit asset management is a strategic and systematic process through which an organization procures, operates, maintains, rehabilitates, and replaces transit assets to manage its performance, risks, and costs over its lifecycle. This provides safe, cost-effective, and reliable service to current and future customers.
This Transit Asset Management Plan (TAMP) has been developed by DRPT. It serves as a Group Plan for the Tier II providers (below) throughout Virginia. Creation of this TAMP 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.
Transit asset management plans are required for all Federal Transit Administration grantees per MAP-21 legislation. 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.
Tier I agencies must create their own TAM plans.
Tier II agencies have the option to participate in a group plan drafted by a sponsoring agency.