Updating and Maintaining the Inventory

It is crucial that the asset inventory be routinely updated and consistently maintained. New assets must be added to the inventory as soon as they are installed. Newly discovered assets (such as a pipe that is found during a road construction project or a valve that was paved over that is found during a construction project or through metal detecting) should also be added to the inventory. 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. Other assets that have not been examined, should be revised every year or two to make sure the asset inventory remains up to date and accurate.