Annual Report 2010 - Christchurch City Council

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Property, plant and equipment (continued) Financial statements Annual Report Christchurch Otautahi 2010 p195. Notes to financial statements 23. Property, plant and equipment (continued) Parent & Group Land and buidings at fair value Artwoks at fair value Heritage assets at fair value Library books at fair value Work in progress Total $000s $000s $000s $000s $000s $000s Restricted assets Gross carrying amount Cost/valuation at 1 July 2008 663,895 70,438 18,428 5,529 2,532 760,822 Additions 12,838 286 288 190 - 13,602 Disposals - - (848) - - (848) Net movements in work in progress - - - - 6,970 6,970 Net revaluation increments/(decrements) (1,356) - 2,550 - - 1,194 Transfers 2,232 - - - - 2,232 Cost/valuation at 30 June 2009 677,609 70,724 20,418 5,719 9,502 783,972 Additions 10,008 329 140 217 - 10,694 Disposals (27) - - - - (27) Net movements in work in progress - - - - (534) (534) Net revaluation increments/(decrements) 2,874 - - - - 2,874 Transfers and other 3,139 - - - - 3,139 Cost/valuation at 30 June 2010 693,603 71,053 20,558 5,936 8,968 800,118 Accumulated depreciation Accumulated depreciation and impairment at 1 July 2008 (11,841) - (66) - - (11,907) Disposals - - 3 - - 3 Net adjustments from revaluation increments/(decrements) 15,521 - 101 - - 15,622 Depreciation expense (4,353) (71) (38) - - (4,462) Accumulated depreciation & impairment at 30 June 2009 (673) (71) - - - (744) Net adjustments from revaluation increments/(decrements) 230 - - - - 230 Depreciation expense (4,802) (71) (38) - - (4,911) Transfers and other 41 - - - - 41 Accumulated depreciation & impairment at 30 June 2010 (5,204) (142) (38) - - (5,384) Carrying amount at 30 June 2009 676,936 70,653 20,418 5,719 9,502 783,228 Carrying amount at 30 June 2010 688,399 70,911 20,520 5,936 8,968 794,734
p196. Annual Report Christchurch Otautahi 2010 Financial statements Property, plant and equipment (continued) Notes to financial statements 23. Property, plant and equipment (continued) Revaluations and impairment review Those asset classes that are revalued are valued on a three yearly valuation cycle on the basis described below. All other asset classes are carried at depreciated historical cost. The carrying values of revalued items are reviewed at each balance date to ensure that those values are not materially different to fair value. Parent Roading assets were revalued by AECOM Limited at 30 June 2010 to a fair value of $1.4 billion using the optimised depreciated replacement cost method. In addition, the roading class of assets includes $407 million of land under roads which has not been revalued. Council’s policy is not to revalue these assets. Water reticulation infrastructure assets were revalued by AECOM Limited at 30 June 2010 to a fair value of $454 million using the optimised depreciated replacement cost method. Operational land and land improvements and restricted land and buildings include Park and Open Space assets. These were valued by AECOM New Zealand Limited at 30 June 2009 to a fair value of $89.3 million using the optimised depreciated replacement cost method. Sewerage infrastructure assets were revalued by GHD Limited at 30 June 2009 to a fair value of $700.8 million using the optimised depreciated replacement cost method. Heritage and Public art assets were valued by Plant & Machinery Valuers Limited and Dunbar Sloane Limited with a value of $20.4 million as at 30 June 2009. Heritage assets were valued at a depreciated reproduction cost, with Public art being valued at fair value in accordance with NZ IAS 16. Land and buildings were revalued by Good Earth Matters Consulting Limited at 30 June 2008 to a fair value of $1.548 billion (operational assets $958 million and restricted assets $590 million). Stormwater, Waterways and Wetlands infrastructure assets were revalued by GHD Limited at 30 June 2008 to a fair value of $336.9 million using the optimised depreciated replacement cost method. Works of art have been valued at a fair value of $70.4 million as at 30 June 2008 by Art + Object Limited. The fair value is assessed as the estimated market value.
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Annual Report 2010 - Christchurch City Council

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