Asset Valuations and Insurance Valuations for Dumfries & Galloway Council.

Tender description

Our Council is considering outsourcing our asset and insurance valuations this financial year and potentially the next four years after that. The valuation date for this financial year being 31 March 2021. The valuations are carried out on a 5 year rolling programme. Any assets that have had significant enhancements (>10% of asset value) or are impaired, or have moved category – e.g. from operational to surplus, will be added to the list annually. The contract would be for the 5 year period. Our Council is considering outsourcing our asset and insurance valuations this financial year and potentially the next four years after that. The valuation date for this financial year being 31 March 2021. I attach a list of assets that are currently due for valuation this year along with the current valuation figure, basis of valuation and last valuation date. I also attach a list of all Council assets to be valued over the five year period referred to below. The valuations are carried out on a 5 year rolling programme. Any assets that have had significant enhancements (>10% of asset value) or are impaired, or have moved category – e.g. from operational to surplus, will be added to the list annually. The contract would be for the 5 year period. The valuations are to be carried out in accordance with International Financial Reporting Standards (IFRS) as applied to the United Kingdom public sector and interpreted by the current Chartered Institute of Public Finance and Accountancy (CIPFA) - Code of Practice for Local Authority Accounting. The valuations are to be made in accordance with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2017 and Global Standards 2018 UK national supplement, in so far as they are consistent with the IFRS standards and CIPFA interpretation; the UK Valuation Practice Guidance Applications (VPGA) state financial statements of local authorities need to be prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom (the ‘Code’), published by the Chartered Institute of Public Finance and Accountancy (CIPFA), which is based on the International Financial Reporting Standards (IFRS). We are trying to gauge the interest in this possible contract along with a "ballpark annual fee" to allow us to position the procurement process correctly.