Parks Victoria - Annual Report 2009-10

FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 201018 Property, Plant and Equipment – Non–current (continued)18bClassification by Public Safety and Environment – Carrying amountsCrown Land, Land andLand Improvementsat fair value or at costBuildings and BuildingImprovementsat fair value or at costPlant, Equipment,Machinery and Vehiclesat cost2010$’000Opening balance 1,031,244 1,031,554 92,353 92,201 1,864 2,939Additions 238,677 726 3,016 556 131 354Disposals – – – – (11) –Net revaluation increments/ decrements – – – – – –Depreciation expense (1,818) (1,808) (1,929) (1,929) (292) (494)Impairment loss – – – (71) – (3)Asset Transfer – 772 – 1,596 55Other adjustments – – – – (40) (932)Closing balance 1,268,103 1,031,244 93,440 92,353 1,747 1,8642009$’0002010$’0002009$’0002010$’0002009$’000Crown Land, Land and Land Improvements *Parks Victoria Land property has been updated using indices compiled by the office of the Valuer-General. The indices are based on the estimated percentage movement in values for each land use ineach postcode area for the nominated financial year. The methodology employed for the revaluationof Crown Land, Land and Improvements at fair value, involved the use of the appropriate percentageincrease or decrease extracted from the postcode indices, matched with the property zoning. Theeffective date of the valuation is 30th June 2008. Land improvements were last valued at 30 June 2006.Buildings and Improvements, Piers, Jetties and River Improvements *These assets have been updated using indices compiled by the office of the Valuer-General. The indicesare based on the estimated percentage movement in costs for each asset for the nominated financialyear. The methodology employed for the revaluation of these assets at fair value, involved an estimateof cost movements as per asset types & location based on reputable cost movement publications. Theeffective date of the valuation is 30 June 2008.* A review was made under the provisions of AASB 116 as at 30 June 2009 and there was no materialchange to the indexation for the period.* In accordance with FRD 103D, a fair value assessments have been performed by management for theseclasses of assets and not material changes 2010 were identified in the carrying amounts as at 30 June(30 June 2009 – Nil).78 Parks Victoria - Annual Report 2009-10