Territory Stories

2013/14 City of Darwin annual report

Details:

Title

2013/14 City of Darwin annual report

Other title

City of Darwin annual report 2013/14

Creator

City of Darwin

Collection

E-Publications; E-Books; PublicationNT; City of Darwin annual report; Annual Report

Date

2014-11-26

Notes

Made available by via Publications (Legal Deposit) Act 2004 (NT)

Language

English

Subject

Darwin (N.T.); Council; Periodical; Annual report

Publisher name

City of Darwin

Place of publication

Darwin

Series

City of Darwin annual report; Annual Report

Volume

2013/14

File type

application/pdf

Use

Copyright

Copyright owner

City of Darwin

License

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

Parent handle

https://hdl.handle.net/10070/817299

Citation address

https://hdl.handle.net/10070/817300

Page content

CITY OF DARWIN Annual Report 2013/14 CITY OF DARWIN Annual Report 2013/14 176 177 Notes to the Financial Statements for the year ended 30 June 2014 Notes to the Financial Statements for the year ended 30 June 2014 Note 15. Fair Value Measurements CONTINUED (3) Fair value measurements using significant unobservable inputs (level 3) The following tables present the changes in Level 3 Fair Value Asset Classes. $000 Land Under Roads Buildings Roads & Pathways Stormwater Drainage Other Infra- structure Assets Total Opening Balance 51,497 49,426 227,884 163,968 10,798 503,573 Purchases - 358 2,876 140 10 3,384 Disposals (WDV) - - - - - Depreciation & Impairment - (1,495) (6,690) (3,943) (216) (12,344) Fair Value Gains - Other Comprehensive Income - - 175,106 8,659 8,634 192,399 Closing Balance 51,497 48,289 399,176 168,824 19,226 687,012 (4) valuation techniques and Inputs used to measure level 2 Fair values Asset Fair Value as at 30 June 14 $000 Valuation Technique/s Inputs Used Land and Improvements 391,389 Market approach Sale price of comparable land using recent observable market data for similar properties Buildings 16,133 Income approach Fair market rental was capitalised at an appropriate rate of return determined through market sales evidence. Note 15. Fair Value Measurements CONTINUED (5) valuation techniques and Inputs used to measure level 3 Fair values Asset Valuation Technique/s Inputs used Sensitivity to Unobservable Inputs Amount of Potential Impact $000 Lower Upper Lower Upper Buildings Cost Approach Internal data on the past construction cost. Recent construction costs and industry benchmarks. Details provided from an industry construction. Guide (e.g. Rawlinsons Construction Cost Guide). Valuers in-house cost databases. N/A N/A N/A N/A Roads & Pathways Stormwater Drainage Other Infrastructure Assets Cost Approach Unit rates supported by market evidence. Square metres or other capacity of the asset. Assessed; condition of the assets, residual value and pattern of consumption -4% 4% -$23,489 $23,489 Land Under Roads Cost Approach Estimated average market valuations for rating purposes with adjustments for the englobo nature of roads and access & carriage way rights. Internal GIS data on road reserve area. N/A N/A N/A N/A Level 3 Fair Value Measurements Sensitivity of Inputs the significant unobservable inputs used in the fair value measurement of the entities assets (roads & pathways, stormwater drainage and other infrastructure assets) were the condition of assets and the relationship between asset consumption rating scale and the level of consumed service potential. significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurements. refer to note 14 for additional information on valuation processes. < >


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