Motor vehicles under finance lease 5 618 5 901 Less: accumulated depreciation (1 752) (1 709) 3 866 4 192 Total plant and equipment 4 630 6 308 property, plant and equipment 549 063 500 104 Valuations The revaluation process normally occurs every five The basis of valuation of land and buildings (including years, based on the asset’s government purpose heritage buildings) is fair value. Fair value is classification. In the intervening period, annual determined by direct reference to recent market assessments are made of all property, plant and transactions for land of comparable size and location. equipment as to whether the fair value of a class of For buildings (including heritage buildings), fair value assets may differ materially from its carrying amount, is determined by applying an appropriate being revalued amount, or cost for recently acquired capitalisation rate based on factors such as building items, less applicable accumulated depreciation. design, location, tenancy size on the average rental Restricted assets income of the building area. The latest revaluations of building assets were based on independent The carrying amount of buildings listed as heritage assessments as at 30 June 2012, carried out by assets is $78 million (2015 $81.3 million). – Valuer-General Victoria, Urbis, Napier and Blakeley heritage assets cannot be modified nor disposed of Pty. Ltd. and Herron Todd White Pty. Ltd. The without formal Ministerial approval. Department’s land assets were managerially revalued in accordance with FRD 103F as at 30 June 2016.
Motor vehicles under finance lease 5 618 5 901 Less: accumulated depreciation (1 752) (1 709) 3 866 4 192 Total plant and equipment 4 630 6 308 property, plant and equipment 549 063 500 104 Valuations The basis of valuation of land and buildings (including heritage buildings) is fair value. Fair value is determined by direct reference to recent market transactions for land of comparable size and location. For buildings (including heritage buildings), fair value is determined by applying an appropriate capitalisation rate based on factors such as building design, location, tenancy size on the average rental income of the building area. The latest revaluations of building assets were based on independent assessments as at 30 June 2012, carried out by Valuer-General Victoria, Urbis, Napier and Blakeley Pty. Ltd. and Herron Todd White Pty. Ltd. The Department’s land assets were managerially revalued in accordance with FRD 103F as at 30 June 2016. The revaluation process normally occurs every five years, based on the asset’s government purpose classification. In the intervening period, annual assessments are made of all property, plant and equipment as to whether the fair value of a class of assets may differ materially from its carrying amount, being revalued amount, or cost for recently acquired items, less applicable accumulated depreciation. Restricted assets The carrying amount of buildings listed as heritage assets is $78 million (2015 – $81.3 million). heritage assets cannot be modified nor disposed of without formal Ministerial approval.
DTF-Annual-Report-2015-16.docx