DRC Asset Valuations 2026

Description

There is a requirement of Cornwall Council’s Capital Accounts that the ca.4,000 assets owned by the Council within the Council’s General Fund (GF) are valued over a 5-year rolling programme, i.e., at least 20% are valued each year. The Asset Valuation programme establishes the value of the assets to produce the final Capital Valuation figure for the Cornwall Council accounts. Due to the lack of capacity within the Cornwall Council Property Team and/or this more specialist area of valuation, the Asset Valuations valued on a Depreciated Replacement Cost (DRC) basis will be outsourced including Asset Valuations of some Specialist assets at year 2030/31. The outsourcing will be for the financial years 2026/27, 2027/28, 2028/29, 2029/30 and 2030/31, along with the corresponding external auditor queries to enable the Council’s accounts to be closed down.