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 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