Public capital asset management:A holistic perspective

U.S. state governments own a large array of fixed assets and lease a great number of parcels of private real properties for public uses. The purpose of this paper is to explore the public asset management system of the U.S. state governments. First, this paper analyzes the major, current public asset management systems and the public procurement systems created by the Organization for Economic Co-operation and Development and the U.S. Government Accountability Office. Based on the analysis, this paper constructs a comprehensive public asset management system that consists of six cornerstones. Second, this paper verifies the comprehensive public asset management system using the data collected from thirty-seven surveyed state governments. The data analysis demonstrates that the comprehensive public asset management system is supported. However, each cornerstone of the comprehensive public asset management system presents different strengths. Third, this paper suggests that further research may delve into particular areas of capital asset management at the state government level to identify critical issues and to provide appropriate resolutions.