33.1-23.02 - Definition of the terms "maintenance" and "asset management.". - Virginia Statutes

§ 33.1-23.02. Definition of the terms "maintenance" and "assetmanagement.".

A. For the purpose of this title, unless otherwise explicitly provided, theterm "maintenance" shall include (i) ordinary maintenance, (ii) maintenancereplacement, (iii) operations that include, but are not limited to, trafficsignal synchronization, incident management, other intelligent transportationsystem functions, and (iv) any other categories of maintenance which may bedesignated by the Commissioner.

B. 1. For the purposes of this title, unless otherwise explicitly provided,the term "asset management" shall mean a systematic process of operatingand maintaining the state system of highways by combining engineeringpractices and analysis with sound business practices and economic theory toachieve cost-effective outcomes.

2. The Department shall develop asset management practices in the operationand maintenance of the state system of highways.

3. The Commissioner shall advise the Board, on or before June 30 ofeven-numbered years, of performance targets and outcomes that are expected tobe achieved, based upon the funding identified for maintenance, over thebiennium beginning July 1 of that year. In addition, not later than September30 of even-numbered years, the Commissioner shall advise the Board on theDepartment's accomplishments relative to the expected outcomes and budgetexpenditures for the biennium ending June 30 of that year and also advise theBoard as to the methodology used to determine maintenance needs and thejustification as to the maintenance funding by source.

(1985, c. 42; 2002, cc. 302, 570; 2006, Sp. Sess. I, c. 9.)