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 25 Land Improvements Land Improvements 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: Land Improvements - 10-25 years Asset capitalisation thresholds include: New construction/extensions $2,000 Current valuation An independent valuation of all Land Improvements was undertaken as at 1 July 2004 by Australian Valuation Office totalled $12,952,737. 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. Art Collection & Heritage The Art Collection was valued by independent valuation during the reporting period ended 30 June 2005 and pursuant to Councils election is disclosed at fair value. All acquisitions made after the respective dates of valuation are recorded at cost. Artworks are not depreciated. Current valuation An independent valuation of all art works, was undertaken early 2004 by Mr William Mora totalled $2,001,615. The valuation has been made in accordance with recognised valuation procedures as to fair and reasonable value. The new valuations have been brought to account for recording this class of assets.