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2.4 Sustaining the Inventory 

• • • • To ensure continuity of information and current knowledge of the utility’s assets, it is important to routinely update and consistently maintain the asset inventory. Common practices to keep an asset inventory current include:
      • Add new assets to the inventory as soon as they are installed. 
      • Add newly discovered assets to the inventory, such as a pipe found during a road construction project or a valve that was paved over found through metal detecting. 
      • Data on condition, useful life, and replacement value will change over time as the asset ages is maintained, repaired, or rehabilitated. These changes need to be reflected in the inventory. 
      • Assets that are repaired or rehabilitated through the normal operation process can be revised within the inventory files throughout the year. 
      • Assets that have not been examined as part of repairs or rehabilitation should be revised every year or two to ensure the asset inventory remains up to date and accurate.

It can seem overwhelming to keep an inventory current; however, small procedures and regular review can make this task easier and more effective. Consider your utility’s staff capacity and how reviews and updates to the inventory can fit into regular operations and plan for larger reviews on a regular basis. 

We would like to add additional resources (case studies, data collection examples, data storage examples etc.). If you have free content that we can share, please contact us at swefc@unm.edu.