Territory Stories

Alice Springs Town Council 2003/2004 Annual Report

Details:

Title

Alice Springs Town Council 2003/2004 Annual Report

Other title

Annual report 2003/2004; Alice Springs Town Council annual report

Creator

Alice Springs Town Council

Collection

E-Publications; E-Books; PublicationNT; Annual Report

Date

2005

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Alice Springs (N.T.). Council -- Periodicals; Local government -- Northern Territory -- Alice Springs -- Periodicals

Publisher name

Alice Springs Town Council

Place of publication

Alice Springs

Series

Annual Report

Volume

2004-2005

File type

application/pdf

Copyright owner

Alice Springs Town Council

Parent handle

https://hdl.handle.net/10070/253407

Citation address

https://hdl.handle.net/10070/538275

Page content

ALICE SPRINGS TOWN COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Note 9 Property, Plant & Equipment (cont) Page 23 ALICE SPRINGS TOWN COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2005 Note 9 (cont) - PROPERTY, PLANT & EQUIPMENT Valuation of Assets Land - Council owned and Council controlled Freehold land and land over which Council has control, but does not have title, was valued by independent valuation in the reporting period ended 30 June, 2005 and is disclosed at fair value. Current valuation An independent valuation of freehold and controlled land based on fair value was undertaken as at 1 July 2004 by the Australian Valuation Office and totalled $30,702,600. The new valuations have been brought to account for recording this class of assets. Buildings Buildings were valued by independent valuation during the reporting period ended 30 June 2005 and pursuant to Councils election are disclosed at fair value. All acquisitions made after the respective dates of valuation are recorded at cost. Major depreciation periods are: Buildings 20-50 years Asset capitalisation thresholds include: New construction/extensions $2,000 Current valuation An independent valuation of all buildings, was undertaken as at 1 July 2004 by Australian Valuation Office totalled $14,147,153. The valuation has been made in accordance with recognised valuation procedures as to fair and reasonable value, useful life and remaining life. The new valuations have been brought to account for recording this class of assets. Furniture and Equipment Furniture and Equipment was valued by independent valuation during the reporting period ended 30 June 2005 and pursuant to Councils election are disclosed at fair value. All acquisitions made after the respective dates of valuation are recorded at cost. Major depreciation periods are: Furniture and Equipment 10-20 years Asset capitalisation thresholds include: New Purchases/additions $2,000 Current valuation An independent valuation of all furniture and equipment, was undertaken as at 1 July 2004 by Australian Valuation Office totalled $212,500. The valuation has been made in accordance with recognised valuation procedures as to fair and reasonable value, useful life and remaining life. The new valuations have been brought to account for recording this class of assets. Plant & Equipment, Plant and Equipment was valued by independent valuation during the reporting period ended 30 June 2005 and pursuant to Councils election are disclosed at fair value. All acquisitions made after the respective dates of valuation are recorded at cost. Major depreciation periods are: Plant and Equipment 5-20 years Asset capitalisation thresholds include: New Purchases/additions $2,000 Current valuation An independent valuation of all plant and equipment, was undertaken as at 1 July 2004 by Australian Valuation Office totalled $3,122,235. The valuation has been made in accordance with recognised valuation procedures as to fair and reasonable value, useful life and remaining life. The new valuations have been brought to account for recording this class of assets.


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