Annual Report 2017-18 | Monash Health

Notes to the Financial Statements
Monash Health Annual Report 2017/2018
Note 4.2: (b) Reconciliations of the carrying amounts of each class of asset
Land Buildings Plant & Medical Computers and Furniture Motor Cultural Assets Under Leased Total
Equipment Equipment Communication and Vehicles Assets Construction Assets
Fittings
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2016 187,022 797,490 18,121 47,458 2,408 2,004 21 2,793 206,272 112,207 1,375,797
Additions - 1,200 9,227 27,644 1,884 514 - - 91,128 2,035 133,632
Disposals - - (77) (609) - (16) - (1) - (38) (741)
Net Transfers between Classes - 222,467 948 654 588 - - - (224,657) - -
Depreciation (Note 4.3) - (39,893) (3,567) (11,319) (1,819) (285) (8) - - (7,841) (64,732)
Balance at 1 July 2017 187,022 981,264 24,652 63,828 3,061 2,217 13 2,792 72,743 106,363 1,443,956
Additions - 212 2,602 14,814 1,067 278 - - 66,335 817 86,126
Disposals - (189) (11) (16) - - - - - (14) (229)
Revaluation Increments 35,000 - - - - - - - - - 35,000
Net Transfers between Classes - 29,720 11,962 192 2,296 7,872 - - (52,042) - 0
Depreciation (Note 4.3) - (43,072) (5,460) (12,831) (3,017) (1,351) (7) - - (8,161) (73,899)
Balance at 30 June 2018 222,022 967,935 33,745 65,987 3,408 9,017 6 2,792 87,037 99,005 1,490,954
Land and buildings carried at valuation
The Valuer-General Victoria undertook to re-value all of Monash Health's owned and leased land and buildings to determine their fair value. The valuation, which conforms to Australian Valuation
Standards, was determined by reference to the amounts for which assets could be exchanged between knowledgeable willing parties in an arm's length transaction. The valuation was based on
independent assessments. The effective date of the valuation is 30 June 2014.
In compliance with FRD 103F, in the year ended 30 June 2018, Monash Health's management conducted an annual assessment of the fair value of land and buildings and leased buildings. To facilitate
this, management obtained from the Department of Treasury and Finance the Valuer General Victoria indices for the financial year ended 30 June 2018.
The fair value of the land had been adjusted by a managerial revaluation in 2016. The indexed value was then compared to individual assets written down book value as at 30 June 2018 to determine
the change in their fair values. The latest indices required a further managerial revaluation in 2018. The Department of Health and Human Services approved a managerial revaluation of the land asset
class of $35m ($0 in 2017).
There was no material financial impact on change in fair value of buildings and leased buildings.
96 Monash Health Annual Report 2017-18