New Zealand is generally recognized as a leader in managing public assets and developing them to realize value and get the best ROI for citizens from those assets. And, they've been at it in a formal way for a while. See this report (from 2013!) for how they got started and how they provide accountability and transparency to improve asset management.
I am offering up this admittedly dated report because I think if offers a good primer on how governments in the U.S. could get started on this important, but under-explored, topic. I am very interested in hearing what your government might be doing or thinking about starting on this topic - I think the potential benefit to citizens is enormous.
We consistently see that best results are achieved when asset management is integrated throughout the business. An integrated management approach involves robust information and systems that are used co-operatively by asset managers, engineers, valuers, planners, corporate finance staff, management, and the governing body to ensure that the right people contribute the right information at the right time.