HORSHAM RURAL CITY COUNCIL


NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012


20 PROPERTY, INFRASTRUCTURE, PLANT AND EQUIPMENT (cont.)


Drainage - at cost


Less: accumulated depreciation Drainage - at fair value 2009 Less: accumulated depreciation


2012 2011 $$


------------------- -------------------- 1,431,060 (19,925)


32,424,729 32,426,424


(7,930,935) (7,605,775) ------------------- -------------------- 25,904,929 25,905,918 =========== ============


Footpaths and cycleways - at cost Less: accumulated depreciation


Footpaths and cycleways - at fair value 2009 Less: accumulated depreciation


Footpaths and cycleways - at fair value 2012 Less: accumulated depreciation


- - - -


23,631,069 (11,152,455)


1,238,200 (26,747)


21,579,480 (10,810,783) - -


------------------- -------------------- 12,478,614 11,980,150 =========== ============


------------------- -------------------- Total road infrastructure


268,080,119 236,436,708 =========== ============


The valuations for land (excluding land under roads) and buildings were performed by an independent valuer, Wigg & Partners. The valuation of buildings is at fair value based on the depreciated current replacement cost at the date of valuation. The valuation of land is at fair value, being market value based on the highest and best use permitted by relevant land planning provisions. All freehold land reserved for public open space is valued at a discount of 40 per cent to market value based on legal precedent.


Land under roads is valued at fair value. Fair value is at the date acquired for subsequent acquisitions using site values adjusted for englobo (undeveloped and/or unserviced) characteristics, access rights and private interests of other parties and entitlements of infrastructure assets and services.


The valuation of road infrastructure assets has been determined in accordance with an independent valuation undertaken by Mr Peter Moloney, Dip CE. CE. EWS. MIEAust, Moloney Asset Management Services. The valuation of road assets is at fair value based on the depreciated current replacement cost at the date of valuation.


The valuation of other structures were performed by an independent valuer, Wigg & Partners. The valuation of other structures is at fair value based on the depreciated current replacement cost at the date of valuation.


The valuation of land improvements has been determined in accordance with a valuation undertaken by Mr David J. Eltringham, FIE (Aust), Dip (LGMan), Dip (CE), former General Manager Technical Services, Horsham Rural City Council. The valuation is at fair value based on the depreciated current replacement cost at the date of valuation.


Plant and equipment - at cost Less: accumulated depreciation


12,523,156 11,293,115


(4,517,618) (4,509,080) ------------------- -------------------- 8,005,538


6,784,035 =========== ============ Horsham Annual Report 2011 - 2012 91


1,092,576 (7,307)


Page 29


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