Asset management
The department manages more than 9400 non-financial assets with a gross book value of $640 million. The gross book value of assets increased from the 2005-06 financial year as a result of a revaluation of infrastructure, plant and equipment, land and buildings and significant progress on intangible assets under the Systems for People initiative.
Major asset categories are infrastructure, plant and equipment, land and buildings, and intangible assets (software). These assets are managed by line areas to meet their business needs. Under accrual budgeting and accounting requirements, capital purchases are made in line with our capital plans. Accrual-based monthly reports on the progress of purchases against capital plans and depreciation against the budget allow line managers to make informed asset acquisition and replacement decisions and ensure on-going capital budget management and accuracy of reporting.
All assets owned by the department are subject to an annual stock-take, which is used to update and verify the accuracy of asset records. Assets are depreciated at rates applicable for each asset class, as verified by the Australian National Audit Office.
Assets are maintained through specified maintenance programmes, including contracted services. Additional information on the department’s assets can be found in the Financial Statements in this report.