FIXED ASSET REGISTER
Local councils must maintain an asset register to ensure its fixed assets are appropriately safeguarded. Once recorded on the asset register, the value of assets must not change from year to year until disposal. Concepts of depreciation and impairment adjustments are not appropriate for local councils.
The Register is adopted by the Council at the end of each Municipal Year but is a working document over the following Municipal Year, during which Council Officers will update and amend details, as necessary.
A Fixed Asset Register:
- forms part of the ‘Annual Return’ (box 9)
- forms a basis for decisions on risk and insurance issues.
- provides information on the age and potential lifespan of certain items
- provides assurance of the continued existence of Council’s property.
The Council’s asset register includes all items, whether purchased, gifted or otherwise acquired:
- land and buildings held freehold or on long term lease in the name of the Council
- community assets
- open spaces equipment such as playgrounds
- vehicles, plant and machinery
- assets considered to be portable, attractive or of community significance
- other assets such as office equipment, street furniture
Asset Registers for each end-of-financial year:
2019-21 Assets Register
2018-19 Assets Register
2017-18 Assets Register