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Financial Statements 20<strong>15</strong><br />
City of Wanneroo<br />
Notes to the Financial Statements<br />
for the year ended 30 June 20<strong>15</strong><br />
Note 8a. Infrastructure<br />
$<br />
Notes<br />
20<strong>15</strong> <strong>2014</strong><br />
Actual<br />
Actual<br />
Roads - Fair Value<br />
Roads - Additions after valuation - Cost<br />
Less Accumulated Depreciation<br />
941,546,322 941,546,322<br />
48,122,690 -<br />
(13,444,529) -<br />
976,224,483 941,546,322<br />
Drainage - Fair Value<br />
Drainage - Additions after valuation - Cost<br />
Less Accumulated Depreciation<br />
181,191,341 181,191,341<br />
7,396,938 -<br />
(2,381,096) -<br />
186,207,183 181,191,341<br />
Other Infrastructure - Fair Value<br />
Other Infrastructure - Cost<br />
Less Accumulated Amortisation<br />
49,390,650 49,390,650<br />
3,850,957 -<br />
(3,855,128)<br />
-<br />
49,386,479 49,390,650<br />
Pathways - Fair Value<br />
Pathways - Additions after valuation - Cost<br />
Less Accumulated Amortisation<br />
95,218,417 95,218,417<br />
5,331,505 -<br />
(1,823,470) -<br />
98,726,452 95,218,417<br />
Car Parks - Fair Value<br />
Car Parks - Additions after valuation - Cost<br />
Less Accumulated Amortisation<br />
9,681,370 9,681,370<br />
1,376,953 -<br />
(675,890) -<br />
10,382,433 9,681,370<br />
Reserves - Fair Value<br />
Reserves - Additions after valuation - Cost<br />
Less Accumulated Amortisation<br />
145,743,118 145,743,118<br />
12,363,914 -<br />
(3,558,638) -<br />
<strong>15</strong>4,548,394 145,743,118<br />
Works in Progress - Cost<br />
982,608 1,322,683<br />
982,608 1,322,683<br />
Total Infrastructure<br />
8(b)<br />
1,476,458,032 1,424,093,901<br />
The fair value of infrastructure is determined at least every three years in accordance with legislative<br />
requirements. Additions since the date of valuation are shown as cost, given they were acquired at arms length<br />
and any accumulated depreciation reflects the usage of service potential, it is considered the recorded written<br />
down value approximates fair value. At the end of each intervening period the valuation is reviewed and where<br />
appropriate the fair value is updated to reflect current conditions. This process is considered to be in accordance<br />
with Local Government (Financial Management) Regulation 17A (2) which requires infrastructure to be shown at<br />
fair value.<br />
page 44<br />
| ANNUAL REPORT <strong>2014</strong>/20<strong>15</strong> | CITY OF WANNEROO | FINANCIAL REPORT<br />
181
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