TOWN OF VICTORIA PARK FOR THE YEAR ENDED 30 JUNE 2023 6. ASSET DEPRECIATION
By Program Community amenities Recreation and culture Transport Other property and services By Class Buildings - non-specialised Furniture and equipment Plant and equipment Information technology Infrastructure - roads Infrastructure - pathways Infrastructure - drainage Infrastructure - parks Infrastructure - other Right of use - furniture and fittings
2022/23 Budget
2021/22 Actual
2021/22 Budget
$
$
$
2,290,000 431,474 6,678,659 551,510
2,288,588 431,474 6,672,070 620,790
1,633,300 1,314,900 5,720,000 800,000
9,951,643
10,012,922
9,468,200
2,290,000 54,800 390,000 90,000 4,539,306 1,213,318 456,035 431,474 470,000 16,710
2,288,588 67,929 395,781 90,242 4,539,304 1,213,318 456,038 431,474 463,410 66,838
1,603,000 400,000 390,000 360,000 4,089,900 1,195,000 465,000 450,000 465,300 50,000
9,951,643
10,012,922
9,468,200
SIGNIFICANT ACCOUNTING POLICIES DEPRECIATION The depreciable amount of all fixed assets including buildings but excluding freehold land, are depreciated on a straight-line basis over the individual asset’s useful life from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful life of the improvements. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
AMORTISATION The depreciable amount of all intangible assets with a finite useful life, are depreciated on a straight-line basis over the individual asset’s useful life from the time the asset is held for use. The assets residual value of intangible assets is considered to be zero and useful live and amortisation method are reviewed at the end of each financial year. Amortisation is included within Depreciation on non-current assets in the Statement of Comprehensive Income.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Major depreciation periods used for each class of depreciable asset are: Buildings - non-specialised Furniture and equipment Plant and equipment Information technology Infrastructure - roads Infrastructure - pathways Infrastructure - drainage Infrastructure - parks Infrastructure - other Right of use - furniture and fittings
30 to 50 years 4 to 10 years 5 to 15 years 20 to 80 years 20 years 80 years 10 to 60 Years
ANNUAL BUDGET 2022-2023 TOWN OF VICTORIA PARK
23
