Territory Stories

Barkly Regional Council annual report 2018-2019

Details:

Title

Barkly Regional Council annual report 2018-2019

Other title

Annual report 2018-2019

Creator

Barkly Regional Council

Collection

E-Publications; E-Books; PublicationNT; Barkly Regional Council annual report; Annual Report

Date

2019

Notes

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

Language

English

Subject

Barkly Regional Council; Periodicals; Local government; Northern Territory; Barkly; Annual report

Publisher name

Barkly Regional Council

Place of publication

Tennant Creek

Series

Barkly Regional Council annual report; Annual Report

Volume

2018 - 2019

Previously known as

Barkly Shire Council annual report

File type

application/pdf

Use

Copyright

Copyright owner

Barkly Regional Council

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/806845

Citation address

https://hdl.handle.net/10070/806848

Page content

-20- BARKLY REGIONAL COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 30 June 2019 Note 7 (cont) INFRASTRUCTURE, PROPERTY, PLANT & EQUIPMENT Capitalisation thresholds Capitalisation thresholds used by Council for all assets is $5,000. No capitalisation threshold is applied to the acquisition of land or interests in land. Estimated Useful Lives Useful lives are estimated for each individual asset. In estimating useful lives, regard is had to technical and commercial obsolescence, as well as legal and other limitations on continued use. The range of useful lives for a representative range of assets is shown below, although individual assets may have an estimated total useful life of greater or lesser amount: Plant, Furniture & Equipment Office Furniture & Equipment 5 years Light Vehicles 3 to 7 years Heavy Vehicles 8 to 12 years Other Plant & Equipment 5 years Building & Other Structures Buildings - masonry 40 years Buildings - other construction 15 to 40 years Infrastructure Pool and Waterpark Infrastructure 15 to 30 years Telecommunications Infrastructure 5 to 7 years Water Pumping and Bore Infrastructure 5 years Transition to AASB 13 The requirements of AASB 13 Fair Value Measurement have been applied to all valuations undertaken since 1 July 2013 as shown by the valuation dates by individual asset classes below. Land under Roads Council being of the opinion that it is not possible to attribute a value sufficiently reliably to qualify for recognition, land under roads has not been recognised in these reports. Land acquired for road purposes during the year is initially recognised at cost, but transferred to fair value at reporting date, effectively writing off the expenditure. Land & Land Improvements Freehold land and land over which Council has control, but does not have title, is recognised on the cost basis. No capitalisation threshold is applied to the acquisition of land or interests in land. Land improvements, including bulk earthworks with an assessed unlimited useful life, are recognised deriving from a valuation at 30 June 2017 at current replacement cost. Additions are recognised at cost. These assets were valued as at 30 June 2017 valuation by Mr Timothy Ashton,, Certified Practising Valuer-AAPI Registration #67108, of AssetVal Pty Ltd (previous valuation 30 June 2006 Australian Valuation Office). Buildings & Other Structures These assets were valued as at 30 June 2017 valuation by Mr Timothy Ashton,, Certified Practising Valuer-AAPI Registration #67108, of AssetVal Pty Ltd (previous valuation 30 June 2006 Australian Valuation Office). Infrastructure Transportation assets were valued as at 30 June 2017 valuation by Mr Stuart D Forbes ASA, Consultant Plant, Equipment and Infrastructure Valuer - AAPI Registration #95281, of AssetVal Pty Ltd. Pursuant to advice from the Department of Community & Local Government Services these assets have not been recorded in the financial statements of Council at 30 June 2017, Transport Infrastructure valuations have been reported at Note 20 for information purposes only. 75Barkly Regional Council


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