City of Melbourne Annual Report 2015-16



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Property - Council

Council

$'000


Land - specialised

Land - non specialised

Total Land

Heritage Buildings

Buildings - specialised

Buildings - non specialised

Leasehold Improvements

Total Buildings

Work In Progress

Total Property

At fair value 1 July 2015

1,544,576

102,920

1,647,496

155,806

90,052

55,059

2,790

303,707

27,272

1,978,475

Accumulated depreciation at 1 July 2015


0

0

0

(1,436)

(3,002)

(2,292)

(1,171)

(7,901)

0

(7,901)

Subtotal

1,544,576

102,920

1,647,496

154,370

87,050

52,767

1,619

295,806

27,272

1,970,574

Movements in fair value

N/A

N/A

N/A

N/A

N/A


N/A

N/A

N/A

N/A

N/A

Acquisition of assets at fair value

0

0

0

0

0

0

0

0

13,647

13,647

Transfers from WIP

7,197

1,715

8,912

1,818

13,598

2,327

0

17,743

(26,655)

0

Revaluation increments/decrements

169,397

19,131

188,528

13,648

(1,079)


13,558

0

26,127

0

214,655

Fair value of assets disposed

0

(785)

(785)

0

0

0

0

0

0

(785)

Impairment losses recognised in operating result

0

0

0

0

0

0

0

0

0

0

Assets Reclassifty

(9,870)

9,870

0

0

7,210

(7,210)

0

0

0

0


Contributed assets

1,467

785

2,252

0

720

0

0

720

0

2,972

Subtotal

168,191

30,716

198,907

15,466

20,449

8,675

0

44,590

(13,008)

230,489

Movements in accumulated depreciation

N/A

N/A

N/A

N/A

N/A

N/A

N/A


N/A

N/A

N/A

Depreciation and amortisation

0

0

0

(1,591)

(3,779)

(1,495)

(163)

(7,028)

0

(7,028)

Accumulated depreciation of disposals

0

0

0

0

0

0

0

0

0

0

Subtotal

0

0

0

(1,591)

(3,779)

(1,495)

(163)

(7,028)


0

(7,028)

At fair value 30 June 2016

1,712,767

133,636

1,846,403

171,272

110,501

63,734

2,790

348,297

14,264

2,208,964

Accumulated depreciation at 30 June 2016

0

0

0

(3,027)

(6,781)

(3,787)

(1,334)

(14,929)

0

(14,929)

Total

1,712,767

133,636


1,846,403

168,245

103,720

59,947

1,456

333,368

14,264

2,194,034

Plant and equipment - Consolidated

Consolidated

$'000


Plant machinery and equipment

Fixtures fittings and furniture

Computers and telecomms

Library books

Work In Progress

Total plant and equipment

At fair value 1 July 2015

154,253

7,399

37,717

11,501

10,055

220,925


Accumulated depreciation at 1 July 2015

(95,573)

(5,640)

(20,861)

(6,763)

0

(128,837)

Subtotal

58,680

1,759

16,856

4,738

10,055

92,088

Movements in fair value

N/A

N/A

N/A

N/A

N/A

N/A

Acquisition of assets at fair value

17,061

389

826

0

9,291

27,567

Transfers from WIP


3,427

74

3,089

1,119

(7,709)

0

Revaluation increments/decrements

0

0

0

0

0

0

Fair value of assets disposed

(18,159)

(401)

(448)

0

0

(19,008)

Impairment losses recognised in operating result

0

0

0

0

0

0

Reclassify and contributed assets

0

0

0

0

0

0

Subtotal

2,329

62


3,467

1,119

1,582

8,559

Movements in accumulated depreciation

N/A

N/A

N/A

N/A

N/A

N/A

Depreciation and amortisation

(15,257)

(795)

(4,739)

(1,574)

0

(22,365)

Accumulated depreciation of disposals

13,428

248

418

0

0

14,094

Subtotal

(1,829)

(547)

(4,321)


(1,574)

0

(8,271)

At fair value 30 June 2016

156,582

7,461

41,184

12,620

11,637

229,484

Accumulated depreciation at 30 June 2016

(97,402)

(6,187)

(25,182)

(8,337)

-

(137,108)

Total

59,180

1,274

16,002

4,283

11,637

92,376

Plant and equipment - Council

Council

$'000


Plant machinery and equipment

Fixtures fittings and furniture

Computers and telecomms

Library books

Work In Progress

Total plant and equipment

At fair value 1 July 2015

35,318

5,237

30,992

11,501

10,055

93,103

Accumulated depreciation at 1 July 2015

(21,019)

(4,251)

(15,923)

(6,763)

-

(47,956)

Subtotal

14,299

986


15,069

4,738

10,055

45,147

Movements in fair value

N/A

N/A

N/A

N/A

N/A

N/A

Acquisition of assets at fair value

0

0

0

0

9,293

9,293

Transfers from WIP

3,427

74

3,089

1,119

(7,709)

()

Revaluation increments/decrements

0

0

0

0

0

0

Fair value of assets disposed

(922)


0

(3)

0

0

(925)

Impairment losses recognised in operating result

0

0

0

0

0

0

Assets Reclassify

0

0

0

0

0

0

Contributed assets

0

0

0

0

0

0

Subtotal

2,505

74

3,086

1,119

1,584

8,368

Movements in accumulated depreciation

0

0

0

0


0

0

Depreciation and amortisation

(2,758)

(544)

(3,799)

(1,574)

0

(8,675)

Accumulated depreciation of disposals

366

0

3

0

0

369

Subtotal

(2,392)

(544)

(3,796)

(1,574)

0

(8,306)

At fair value 30 June 2016

37,823

5,311

34,078

12,620

11,639


101,471

Accumulated depreciation at 30 June 2016

(23,411)

(4,795)

(19,719)

(8,337)

0

(56,262)

Total

14,412

516

14,359

4,283

11,639

45,209

Infrastructure - Consolidated

Consolidated

$'000

Roads

Bridges

Footpaths and cycleways

Drain

age

Recreational, leisure and Community


Parks open spaces and streetscapes

Other infrastructure

Statues, sculptures and

artworks

Work In Progress

Total Infrastructure

At fair value 1 July 2015

747,628

95,560

148,478

131,443

5,953

38,765

204,926

56,123

60,609

1,489,485

Accumulated depreciation at 1 July 2015

(15,753)

(1,367)

(7,601)

(1,709)

(841)

0

(12,014)

(7,192)

-

(46,477)


Subtotal

731,875

94,193

140,877

129,734

5,112

38,765

192,912

48,931

60,609

1,443,008

Movements in fair value

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Acquisition of assets at fair value

0

0

0

0

0

0

0

0

44,851

44,851

Transfers from WIP

15,530


798

8,027

6,380

806

3,311

17,707

790

(53,348)

0

Revaluation increments/decrements

13,676

(1,089)

2,163

(2,419)

(129)

(1,691)

5,606

0

0

16,117

Fair value of assets disposed

(12)

0

0

0

0

0

0

(637)

0

(649)

Impairment losses recognised in operating result


0

0

0

0

0

0

0

0

0

0

Reclassify and contributed assets

0

0

0

0

150

0

235

800

0

1,185

Subtotal

29,194

(291)

10,190

3,961

827

1,620

23,548

953

(8,497)

61,504

Movements in accumulated depreciation

N/A

N/A


N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Depreciation and amortisation

(16,917)

(1,413)

(6,454)

(1,736)

(367)

0

(12,230)

(663)

0

(39,780)

Accumulated depreciation of disposals

0

00

0

0

0

0

0

3

0

3

Subtotal

(16,917)

(1,413)

(6,454)

(1,736)

(367)


0

(12,230)

(660)

0

(39,777)

At fair value 30 June 2016

776,822

95,269

158,668

135,404

6,780

40,385

228,474

57,076

52,112

1,550,990

Accumulated depreciation at 30 June 2016

(32,670)

(2,780)

(14,055)

(3,445)

(1,208)

0

(24,244)

(7,852)

0

(86,254)

Subtotal


744,152

92,489

144,613

131,959

5,572

40,385

204,230

49,224

52,112

1,464,736

Infrastructure - Council

Council

$'000

Roads

Bridges

Footpaths and cycleways

Drainage

Recreational, leisure and Community

Parks open spaces and streetscapes

Other infrastructure

Statues, sculptures and artworks

Work In Progress

Total Infrastructure

At fair value 1 July 2015


747,628

95,560

148,478

131,443

5,953

38,765

204,926

56,123

60,609

1,489,485

Accumulated depreciation at 1 July 2015

(15,753)

(1,367)

(7,601)

(1,709)

(841)

0

(12,014)

(7,192)

0

(46,477)

Subtotal

731,875

94,193

140,877

129,734


5,112

38,765

192,912

48,931

60,609

1,443,008

Movements in fair value

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Acquisition of assets at fair value

0

0

0

0

0

0

0

0

44,851

44,851

Transfers from WIP

15,530

798

8,027

6,380

806

3,311

17,707


790

(53,348)

0

Revaluation increments/decrements

13,676

(1,089)

2,163

(2,419)

(129)

(1,691)

5,606

0

0

16,117

Fair value of assets disposed

(12)

0

0

0

0

0

0

(637)

0

(649)

Impairment losses recognised in operating result

0

0

0

0

0

0

0

0

0

0

Assets Reclassifty


0

0

0

0

0

0

0

0

0

0

Contributed assets

0

0

0

0

150

0

235

800

0

1,185

Subtotal

29,194

(291)

10,190

3,961

827

1,620

23,548

953

(8,497)

61,504

Movements in accumulated depreciation

N/A

N/A


N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Depreciation and amortisation

(16,917)

(1,413)

(6,454)

(1,736)

(367)

0

(12,230)

(663)

0

(39,780)

Accumulated depreciation of disposals

0

0

0

0

0

0

0

3

0

3

Subtotal

(16,917)

(1,413)

(6,454)

(1,736)

(367)


0

(12,230)

(660)

0

(39,777)

At fair value 30 June 2016

776,822

95,269

158,668

135,404

6,780

40,385

228,474

57,076

52,112

1,550,990

Accumulated depreciation at 30 June 2016

(32,670)

(2,780)

(14,055)

(3,445)

(1,208)

0

(24,244)

(7,852)

0

(86,254)

Total


744,152

92,489

144,613

131,959

5,572

40,385

204,230

49,224

52,112

1,464,736


  1. Valuation of property

Valuation of land and buildings were undertaken by a qualified valuer Pauline Lawson, Certified Practising Valuer, member of Australian Property Institute, member number 1138. The valuation of land and buildings is at fair value, being market value based on highest and best use permitted by relevant land planning provisions. Where land use is restricted through existing planning provisions the valuation is reduced to reflect this limitation. This adjustment is an unobservable input in the valuation. The adjustment has no impact on the Comprehensive Income Statement.

Specialised land is valued at fair value 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. This adjustment is an unobservable input in the valuation. The adjustment has no impact on the Comprehensive Income Statement.

Any significant movements in the unobservable inputs for land and land under roads will have a significant impact on the fair value of these assets.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within a fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:


  • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

  • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

  • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Details of Council’s land and buildings and information about the fair value hierarchy as at 30 June 2016 are as follows:

Council

Level 1

$’000


Level 2

$’000


Level 3

$’000


Total

$’000


Non-specialised land

0

123,406

10,230

133,636

Specialised land

0

13,350

1,699,417


1,712,767

Total land

0

136,756

1,709,647

1,846,403

Heritage Buildings

0

10,620

157,625

168,245

Buildings

0

63,037

100,630

163,667

Total buildings

0

73,657

258,255

331,912

No transfers between levels occurred during the year.

  1. Valuation of infrastructure

Valuation of infrastructure assets has been determined in accordance with a valuation undertaken by Thyagie Wettasinghe, Asset Engineer, Master of Asset Management.

The valuation is at fair value based on replacement cost less accumulated depreciation as at the date of valuation.

Details of Council’s infrastructure and information about the fair value hierarchy as at 30 June 2016 are as follows:


Council

Level 1

$’000


Level 2

$’000


Level 3

$’000


Total

$’000


Roads

0

0

744,152

744,152

Bridges

0

0

92,489

92,489

Footpaths and cycleways

0

0

144,613

144,613

Drainage

0

0

131,959

131,959

Recreational, leisure and community facilities


0

0

5,572

5,572

Parks, open space and streetscapes

0

0

40,385

40,385

Promenades and wharves

0

0

61,344

61,344

Other infrastructure

0

0

142,886

142,886

Total Infrastructure

0

0

1,363,400

1,363,400

No transfers between levels occurred during the year.

  1. Description of significant unobservable inputs into Level 3 valuations

    Council


    2016

    $'000


    2015

    $'000


    Specialised land and land under roads is valued using a market based direct comparison technique. Significant unobservable inputs include the extent and impact of restriction of use and the market cost of land per square metre. The extent and impact of restrictions on use varies and results in a reduction to surrounding land values between 5% and 95%. The market value of land varies significantly depending on the location of the land and the current market conditions. Currently land values range between $41 and $9,680 per square meter.

    1,712,767

    1,544,576

    Specialised buildings are valued using a depreciated replacement cost technique. Significant unobservable inputs include the current replacement cost and remaining useful lives of buildings. Current replacement costs is calculated on a square metre basis and ranges from $74 to $10,000 per square metre. The remaining useful lives of buildings are determined on the basis of the current condition of buildings and vary from 10 years to 100 years. Replacement cost is sensitive to changes in market conditions, with any increase or decrease in cost flowing through to the valuation. Useful lives of buildings are sensitive to changes in expectations or requirements that could either shorten or extend the useful lives of buildings.

    103,720

    87,050


    Infrastructure assets are valued based on the depreciated replacement cost. Significant unobservable inputs include the current replacement cost and remaining useful lives of infrastructure. The remaining useful lives of infrastructure asses are determined on the basis of the current condition of the asset and vary from 10 years to 189 years. Replacement cost is sensitive to changes in market conditions, with any increase or decrease in cost flowing through to the valuation. Useful lives of infrastructure are sensitive to changes in use, expectations or requirements that could either shorten or extend the useful lives of infrastructure assets.

    1,363,400

    1,333,468

  2. Reconciliation of specialised land

Council

2016

$'000


2015

$'000


Land under roads

17,200

17,200

Parks and reserves

1,695,567

1,527,376


Total specialised land

1,712,767

1,544,576

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