Annual Report 07/08 - Lithgow City Council

Summary Financial PositionLandOperational land was considered at fair value after identifying all elements that would betaken into account by buyers and sellers in setting the price including but not limited to:• the land's description, area and / or dimensions,• planning and other constraints on development, and• the potential for alternative useBuildingsBuildings (non-specialised and specialised) consist of separately identifiable componentsthat have different useful lives into depreciable components as follows:• the roof,• fire services such as sprinkler systems• transportation services such as lifts and escalators• mechanical services such as air conditioning, hot water systems• floor coverings such as carpets, tiles etc• the 'structural shell' of the buildingComplianceThe following information is in regard to Council's compliance with the Local GovernmentAct 1993:• Council's financial reports were prepared and audited within 4 months after the endof the reporting year.• As per Sec 428 (2) (a) the audited financial reports are included in Council's AnnualReport.• Public meeting to be held 18 November 2008, as per Sec 418 and submissions fromthe public sought• Copies of Council's audited financial reports together with the auditors report areavailable for inspection at Councils Administration centre, all Libraries and on thewebsite at www.council.lithgow.com________________________________________________________________________________________________Annual Report – 2007/ 2008 Page 12