Transit Asset Mangement
Transit Asset Management (TAM) is a new requirement proscribed by the Federal Transit Administration (FTA) following many years of State of Good Repair (SGR) evaluations, accidents, passenger complaints, failing infrastructure and poor asset assessment and capital funding availability and priotiizations. The FTA released its final rule on transit asset management on July 26, 2016 that builds on the Moving Ahead for Progress in the 21st Century (MAP-21) Act (2012) and the Fixing America’s Surface Transportation (FAST) Act (2015). All public transportation providers must develop and implement a unique transit asset management (TAM) plan that contains asset inventory, condition assessment of inventoried assets, prioritized list of investments to improve state of good repair, implementation activities, performance targets, and an evaluation plan. Initial performance targets were due January, 2017. Complete plans must be submitted by October, 2018 and updated every four years. The requirements vary based on the number of vehicles in service by FTA grantees.