113 q Annual Report 2013-2014 HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (Cont.) FOR THE YEAR ENDED 30th JUNE, 2014
21 PROPERTY, INFRASTRUCTURE, PLANT AND EQUIPMENT (cont.)
Bridges - at cost
Less: accumulated depreciation Bridges - at fair value 2013
Less: accumulated depreciation
2014 $'000
(3)
17,680 (7,885)
2013 $'000
------------------- -------------------- 646
- -
17,797 (7,757)
------------------- -------------------- 10,438
10,040
=========== ============ ------------------- --------------------
Total road infrastructure 282,966 282,308 =========== ============
Fair Value assessments have been performed at 30 June 2014 for Infrastructure. This assessment demonstrated that fair value was materially similar to carrying value, and therefore a full revaluation was not required this year. The next scheduled full revaluation for this purpose will be conducted in 2014 - 2015.
Details of the Council's infrastructure and information about the fair value hierarchy as at 30 June 2014 are as follows:
Level 1 $ '000
Roads
Kerb and channel Drainage
Footpaths and cycleway Bridges
Total
- - - - -
Level 2 $ '000
- - - - -
-
Level3 $ '000
205,408 14,285 23,877 11,681 9,795
------------------- ------------------- -------------------- -
265,046 =========== =========== ============ No transfers between levels occurred during the year.
2014 $'000
Plant and equipment - at cost Less: accumulated depreciation
2013 $'000
------------------- -------------------- 13,232 (4,864)
------------------- -------------------- 8,368
8,238 =========== ============
Furniture and fittings - at cost Less: accumulated depreciation Furniture and fittings - leased Less: accumulated depreciation
1,721
(1,340) 57
------------------- -------------------- 400
(38) Works of art - at cost Works of art - at fair value as at 30 June 2010 137
------------------- -------------------- 2,937
2,729 =========== ============
2,729 2,866
Paintings and works on paper have been valued at current market cost ($1,412,450) by Ms Elizabeth Arthur, Approved Valuer. Photographs have been valued at current market cpst ($990,305) by Ms Helen Frajman, Approved Valuer. The balance of the collection has been valued at estimated market value at the time of acquisition ($325,659) by Mr Adam Harding, Art Gallery Director, Horsham Regional Art Gallery.
1,732
(1,239) 57
(27) 523
=========== ============ 208
12,819 (4,581)
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