Parks Victoria - Annual Report 2009-10

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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
Piers, Jetties andRiver Improvementsat fair value or at costAntiquesat fair valueWorks in Progressat costTotal2010$’0002009$’0002010$’0002009$’0002010$’0002009$’0002010$’0002009$’00073,109 72,965 1,268 1,268 7,505 5,409 1,207,343 1,206,33650 520 – – 19,341 5,321 261,215 7,477– – – – – – (11) –– – – – – – – –(1,341) (1,233) – – – – (5,380) (5,464)– – – – – – – (74)1,650 857 – – (9,186) (3,225) (7,481) –– – – – – (40) (932)73,468 73,109 1,268 1,268 17,660 7,505 1,455,646 1,207,343AntiquesFor and on behalf of the office of the Valuer–General Victoria, the valuers for Colliers InternationalConsultancy and Valuation Pty. Limited, one a government approved valuer, the other a member ofthe Australian Property Institute of Certified Practising Valuers, determined that the most appropriatemethodology for the revaluation of Antiques at fair value, was to assess the dollar value, with referenceto the active and liquid antiques’ auction market, having regard to the highest and best use of the asset,for which market participants would be prepared to pay. These assets were revalued during a systematicthree-year progressive revaluation process, conducted over the financial years ended 30 June 2003 to 30June 2005.The William Ricketts Sanctuary is located in the Dandenong Ranges Gardens & contains over 70 ingroundaboriginal sculptures created by the late William Ricketts. The assets are of cultural and heritagesignificance. A valuation of these assets is not able to be determined.Parks Victoria - Annual Report 2009-10 79
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CONTENTSREPORT OF OPERATIONSChairma
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CHIEF EXECUTIVE’S MESSAGEParks Vi
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ABOUT PARKS VICTORIAParks Victoria
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ABOUT PARKS VICTORIATotal meeting a
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ABOUT PARKS VICTORIAThe Year in Rev
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HEALTHY PARKSNew River Red Gum park
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❚ Treating more than 6,000 hectar
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For the first time, Parks Victoria
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HEALTHY PEOPLEQueenscliffHarbour.Im
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HEALTHY PEOPLEParklands to EastLink
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HEALTHY PEOPLECurriculum-based prog
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Page 30 and 31: HEALTHY PEOPLECULTURAL HERITAGEFor
Page 32 and 33: HEALTHY PEOPLEPROM’S RICH HISTORY
Page 35 and 36: SUPPORTING HEALTHY PARKS HEALTHY PE
Page 37 and 38: SIGNS OF RECOVERY AT KINGLAKE NATIO
Page 39 and 40: COMMERCIAL OPERATIONSParks Victoria
Page 41 and 42: RESPONSIBLY MANAGING OUR RESOURCESP
Page 43 and 44: Workforce dataEmployee(Headcount)On
Page 45 and 46: Parks Victoria’s services are del
Page 47 and 48: CORPORATE PERFORMANCEIndicator2005-
Page 49 and 50: FINANCIAL PERFORMANCEFive year fina
Page 51 and 52: FINANCIAL REPORTCOMPREHENSIVE OPERA
Page 53 and 54: BALANCE SHEETAs at 30 June 2010Note
Page 55 and 56: CASH FLOW STATEMENTFor The Financia
Page 57 and 58: Note 14Note 15Note 16Note 17Note 18
Page 59 and 60: NOTES TO THE FINANCIAL STATEMENTSFo
Page 77: NOTES TO THE FINANCIAL STATEMENTSFo
Page 97 and 98: RISK MANAGEMENT ATTESTATIONRISK MAN
Page 99 and 100: AUDITOR’S REPORTParks Victoria -
Page 101 and 102: NOTESParks Victoria - Annual Report
Page 103 and 104: SIGNS OF RECOVERY - KINGLAKE NATION
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Parks Victoria - Annual Report 2009-10

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