Wyre Council Asset Valuation and Financial Reporting

Overview

The Council's property portfolio comprises approximately: 62 Operational Land and Building assets. 67 Investment Property assets. The Council requires property valuation services in accordance with all relevant accounting, financial reporting and valuation standards to support the preparation of its annual Statement of Accounts. The successful provider shall deliver a consistent, proportionate and robust valuation service throughout the contract term, ensuring continuity of methodology, reporting and liaison with Council officers and external auditors. Year 1 (Valuation Date: 31 March 2027) The successful provider shall undertake: Full valuation of all Operational Land and Building assets. Full valuation of all Investment Property assets. Inspection of all assets within both portfolios. Provision of valuation reports and supporting valuation schedules, including Excel and Enterprise/KEL-compatible formats, suitable for financial reporting purposes. Ongoing liaison with relevant Council officers and external auditors throughout the valuation process. Year 2 (Valuation Date: 31 March 2028) The successful provider shall undertake: Full valuation of the Investment Property portfolio. Indexation review of the Operational Land and Building portfolio. Provision of valuation reports and supporting valuation schedules, including Excel and Enterprise/KEL-compatible formats, suitable for financial reporting purposes. Preparation of an indexation report detailing the methodology adopted, indices applied and rationale for any value movements. Sample inspections of selected assets across both portfolios to confirm the continued appropriateness of the indexation approach. Technical support and liaison with external auditors as required. Year 3 (Valuation Date: 31 March 2029) The successful provider shall undertake: Full valuation of the Investment Property portfolio. Indexation review of the Operational Land and Building portfolio. Provision of valuation reports and supporting valuation schedules, including Excel and Enterprise/KEL-compatible formats, suitable for financial reporting purposes. Preparation of an updated indexation report detailing the methodology adopted, indices applied and rationale for any value movements. Sample inspections of selected assets across both portfolios to confirm the continued appropriateness of the indexation approach. Technical support and liaison with external auditors as required.