Long Term Community Plan 2012-2022 - Hurunui District Council

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www.hurunui.govt.nz assets at fair value through equity. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and re-evaluates the designation every reporting date. Financial assets and liabilities are initially measured at fair value plus transaction costs unless they are carried at fair value through profit and loss in which case transaction costs are recognised in the statement of comprehensive income. Investments Investments are recognised on a trade-date basis and are initially measured at fair value, including transaction costs. At subsequent reporting dates, debt securities that the Group has the expressed intention and ability to hold to maturity (heldto-maturity debt securities) are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts. Investments other than held-to-maturity debt securities are classified as either held-for-trading or available-for sale, and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in the statement of comprehensive income for the period. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the statement of comprehensive income for the period. Impairment of Investments An impairment loss is recognised in the statement of comprehensive income when there is objective evidence that the asset is impaired, and is measured as the difference between the investment’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. Derivative Fiancial Instruments The Council uses derivative financial instruments (primarily interest rate hedges) to hedge the risks associated with interest rate movements. The use of financial derivatives is governed by the Council’s policies approved by the HDC and the HHL board of directors, which provide written principles on the use of financial derivatives consistent with the Council’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. Such derivatives are initially recorded at fair value on contract date and are adjusted to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognised in the statement of comprehensive income as they arise. Non-Current Assets Held for Sale Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction, not through continuing use. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment losses for write downs or non-current assets held for sale are recognised in the statement of comprehensive income. Any increase in fair value (less costs to sell) are recognised up to the level of any impairment losses that have been previously recognised. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Property, Plant & Equipment Property, plant and equipment consists of: Operational Assets — These include land, buildings, landfill post closure, library books, plant and equipment, and motor vehicles. Restricted Assets — Restricted assets are parks and reserves owned by the Council which provide a benefit or service to the community and cannot be disposed of because of legal or other restrictions. Infrastructure assets — Infrastructure assets are the fixed utility systems owned by the Council. Each asset class includes all items that are required for the network. Property, Plant and Equipment are at stated values less accumulated depreciation and impairment losses. Fixtures and Fittings, Motor Vehicles, Plant and Equipment, and Library Books are stated at cost less accumulated depreciation and impairment losses. 156
Hurunui Community Long Term Plan 2012 - 2022 Additions The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits or service potential associated with the item will flow to the Group and the cost of the item can be measured reliably. In most instances, an item of property, plant and equipment is recognised at its cost. Where an asset is acquired at no cost, or for a nominal cost, it is recognised at fair value as at the date of acquisition. Disposals Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset. Gains and losses on disposals are included in the statement of comprehensive income. When revalued assets are sold, the amounts included in asset revaluation reserves in respect of those assets are transferred to retained earnings. Subsequent Costs Costs incurred subsequent to initial acquisition are capitalised only when it is probable that future economic benefits or service potential associated with the item will flow to the Group and the cost can be measured reliably. Revaluation An assets fair value at the date of revaluation is equal to the revalued amount. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at balance date and this is generally every three years. Revaluation increments and decrements are credited or debited to the asset revaluation reserve for that class of asset. Where this results in a debit balance in the asset revaluation reserve, this balance is expensed in the statement of comprehensive income. Any subsequent increase on revaluation that offsets a previous decrease in value is recognised in the statement of comprehensive income will be recognised up to the amount previously expensed, and then credited to the revaluation reserve for that class of asset. Operational Land and Buildings Land and Buildings were valued by Darroch Limited (Registered Valuers) as at 30 June 2011. The basis of valuation is fair value with reference to highest and best use, as at 30 June 2011. They are stated at valuation less accumulated depreciation and accumulated impairment. Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to HDC and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred. Restricted Assets Certain infrastructure assets and land have been vested in the Council as part of the subdivisional consent process. The vested reserve land has been initially recognised at the most recent appropriately certified government valuation. Vested infrastructure assets have been valued based on the estimated quantities of infrastructure components vested and the current “in the ground” cost of providing identical services. Infrastructural Asset Classes; Roads, Water Reticulation, Sewerage Reticulation and Stormwater Systems Infrastructural assets are recorded at valuation established using depreciated replacement cost, plus additions at cost less accumulated depreciation and accumulated impairment losses. The revaluation of infrastructural assets is carried out on a three yearly cycle. The roading valuation includes land under the roading network. The valuation of this land is based on the average rateable value of land in the associated ward as determined by QV Valuations (Registered Valuers) as at 30 June 2005. Under NZ IFRS HDC has elected to use the fair value of the land under roads as at 30 June 2005 at deemed cost. Land under roads is no longer revalued. Roading assets have been valued at depreciated replacement cost as at 30 June 2010. The valuation was performed internally by HDC’s Roading Engineer – Asset Management, J Whyte and peer reviewed by George JasonSmith, BE (NSW), MIPENZ (Civil), CPEng, Principal Asset Management Consultants for AECOM New Zealand Limited. Additions and disposals after the date of valuation will be recorded at cost. Water and Sewage Assets have been valued at depreciated replacement cost as at 1 July 2009. The valuation was performed internally by the Manager of Engineering Services, B M Yates, Registered Engineer and peer reviewed by M Clough, Registered Valuer of Beca Valuations Limited. Additions and disposals since the date of valuation have been recorded at cost. Stormwater and Drainage Assets have been valued at depreciated replacement cost as at 30 June 2011. The valuation was performed internally by HDC’s Technical Officer - Utilities, 157
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Hurunui Community Long Term Plan 20
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About the Plan Introduction The Loc
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How Your Rates are Spent The Counci
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Table 1: Hurunui Community Long Ter
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Hanmer Springs Ward Profile Backgro
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Council Activities Introduction In
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Water Supply Overview Water Supply
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Roading and Footpaths - Group Activ
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External Liability Management Polic
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Investment Policy General Policy In
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Significance Policy Introduction Th
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Independent Auditor’s Report Huru
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Phone: 03 314 8816 Fax: 03 314 9181
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Long Term Community Plan 2012-2022 - Hurunui District Council

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