Statutory Budget 2013 - 2014 - City of Stirling

2013/14 Budget Notes
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Property, Plant and Equipment, including buildings but excluding freehold
land, reserves reticulation and other parks infrastructure are depreciated over
their estimated useful lives on a straight line basis, using rates which are
reviewed each reporting period.. The carrying cost of infrastructure assets is
depreciated on an annual basis to reflect its expected life. The expected
useful lives are as follows:
The assets residual values and useful lives are reviewed, and adjusted if
appropriate, at the end of each reporting period. An asset's carrying amount is
written down immediately to its recoverable amount if the asset's carrying
amount is greater than its estimated recoverable amount.
Property, Plant and Equipment are depreciated from the date of acquisition or,
in respect of internally constructed assets, from the time an asset is completed
and held ready for use. Infrastructure assets are depreciated from 1 July
following the year in which they were constructed or acquired. The City has
elected not to depreciate Reserves, Reticulation and Other Parks
Infrastructure as the high level of ongoing maintenance of these assets does
not result in any decreases in values.
Capitalisation threshold
Property, Plant and Equipment with a value exceeding $1,000 and all
infrastructure assets are capitalised and taken into account in the Council's
Asset Registers at cost less, where applicable, any accumulated depreciation
or amortisation and any accumulated impairment values.
(h)
Investment Property
The City does not hold any properties for investments, any property assets
held as owners are for the purpose of delivering services to the ratepayers.
(i)
Rates
The rating and reporting periods coincide. All rates levied for the year are
recognised as revenue.
(j)
Grants, Donations and Other Contributions
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