City of Darwin Land and Building Revaluation

⁠⁠⁠Under the direction of the Manager of Finance, the selected supplier will revalue the Council's land & buildings, providing a number of service including (but not limited to) the following:
* Date of valuation. Valuation should be as at 30 June 2016 and meet Councils requirements for its financial statements so that there is no audit qualification on the Councils General Purpose Financial Statements in respect of the valuation. The valuation should be undertaken in accordance with the Australian Accounting Standards, including AASB 116 Property, Plant and Equipment and AASB 13 Fair value Measurement.

* Insurance Replacement Value. The valuations should also include insurance replacement values for buildings.

* Components. Determine the components to separately value where the assets include substantial components with significantly different lives if this would have a material affect on depreciation (such as structural, electrical, mechanical, fire, cladding (such as roof) etc).

* Useful lives. Recommend or confirm (where useful life has already been defined) useful lives.

* Depreciation. Provide accumulated depreciation and valuation of the assets.

* Ongoing support. Assist with Finance Staff and Audit queries and liaise with Council's auditor as/if necessary.

* Exclusions. Excluded from the valuation; land under roads, being road reserves.

* Reports. The consultant will prepare a comprehensive narrative report describing the valuation methodology (including, for example, the methodology relating to the value in use for parks and reserves), scope, procedures, any assumptions made and definitions used in the service. The report should include digital photographs of buildings/structures, comparative charts between years and tables which define the following fields for each asset: