RATA created the Regional Roading Asset Valuation Process (RRAVP) to address inconsistencies in asset valuations. Poor assumptions about replacement costs and asset lives have led to overcharging or underfunding.
RRAVP improves consistency and accuracy with a benchmarking dataset and an aligned process, leading to better decision-making and funding for roading assets.
The flexible process allows councils to make local adjustments to best reflect their network.
Additional benefits of this process include:
To access the RRAVP documentation and the latest RRAVD datasets please login to the document store and navigate to the RRAVP document storage location.
If you don’t have access to this document store, please request access from the RATA Administrator.
A Road Asset Valuation Process Guide has been created to outline the recommended procedures.
The guide aims to give local authorities and their consultants a best practice approach, ensuring consistency and simplicity in asset valuations across the region.
It includes a detailed process map and explanations of key steps.
The RRAVD offers regional datasets for Useful Lives and Replacement Cost Unit Rates. These datasets help Councils check or generate their own data points.
The datasets are being developed over time, dependent on the implementation of AMDS at the Waikato Councils.
The first dataset was published in June 2024, covering Roadway-Surface assets.
Datasets will be updated annually, and councils must provide data by 15 November each year.
Updated datasets will be available by 31 March for use in valuations at the end of that financial year.
A standard template has been developed. We recommend Councils and their valuers use this.
The Asset Valuation Working Party (AVWP) was formed in 2015 after the Insurance Advisory Group (IAG) requested better asset valuation information for insurance purposes.
IAG identified that having robust asset valuation information is a key requirement in understanding the potential exposures that councils are insuring against.
A series of workshops revealed the main issue was the quality of asset data and the assumptions made by councils, not the valuation services themselves.
Since 2015, the project has had many iterations and gone through a period of dormancy, in part due to COVID. The following work has been undertaken;
If you have any feedback, including opportunities for improvement after using the process, please complete the form HERE.
Asset Information Team Leader
RATA Administrator
