An integrated information technology system for rapid data collection and a GIS based software utility are developed to assist the Irrigation Administration Bureau to inform the development of long-term asset plans and to carry out the costing of providing irrigation and drainage service. The information technology system was used to collect and store geographically distributed asset data to verify and generating investment profiles for calculation of annuities full annuity and partial annuity approaches using linear depreciation. The system was applied to Zhanghe Irrigation System and the capital costs associated with the renewal of the asset base was estimated as 235 Yuan/ha. The analysis of the financial performance shows that current pricing of irrigation service is well below the level that is needed to ensure sustainability of the infrastructure and water service. The full cost of providing the irrigation and drainage service was estimated as 0.078 Yuan/m3 while the current water fee income is 0.04235 Yuan/m3.