For each Asset Type, a Policy includes the following:
Service life calculation type |
The method used to estimate the useful life of each asset. The default option is Age AND Mileage for Revenue Vehicles and Age Only for other asset types. This can only be changed by the State. |
Replacement cost calculation type |
The method used to estimate the costs of replacing an asset. Options include Replacement Cost, Replacement Cost + Interest (default for Revenue Vehicles), and Purchase Price + Interest which is the default for all asset types. |
Condition rollup calculation type |
This field is currently not in use. It will be used in order to calculate rollup condition values for an asset that has multiple components associated with it. |
Annual inflation rate |
The annual interest (inflation) rate used to determine the future cost of an asset. The default value is 1.1%. |
Percent residual value |
The residual value for an asset at the end of its useful life, as a percentage of the original cost. This value is used to determine cost recovery when estimating capital needs. This should be set to 0 if assets are fully depreciated at the end of their useful life. |
Condition rollup weight |
This field is currently not in use. It will be used in order to assign user-defined weights when calculating rollup condition values for an asset that has multiple components associated with it. |