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Report 13 of the 20 Nov 03 meeting of the Finance Committee and details the overall results of the valuation of MPA property estate for Members information.

Warning: This is archived material and may be out of date. The Metropolitan Police Authority has been replaced by the Mayor's Office for Policing and Crime (MOPC).

See the MOPC website for further information.

Valuation of MPA property estate

Report: 13
Date: 20 November 2003
By: Commissioner

Summary

To ensure appropriate entries in the accounts, and to remove previous qualifications, external advisers valued the MPA estate as at 31 March 2003. This report details the overall results for Members information.

A. Recommendation

That the report be noted.

B. Supporting information

1. Upon the formation of the MPA the property estate was transferred as required by statute and vests in the MPA.

2. Accounting requirements as to valuation had previously not been robust and had resulted in “qualification” of the 2001/02 accounts.

3. As a consequence a scheme of valuation was agreed and external valuers were appointed to value the estate as at 31 March 2003.

4. It is intended that in future years 20% of the estate by value / sector will be re-valued fully each year with the remaining 80% being re-valued on a “desk top” basis. The full revaluation percentage will roll forward ensuring that a robust 5 year rolling revaluation is carried out in accordance with best practice.

5. This report seeks to provide Members with an overview of the results. It is not proposed to publish further details as this falls with the definition of commercially sensitive data.

6. The value of the estate totals £ 1,419,937,351. The attached Appendix 1 provides a breakdown and further overall data.

7. This data will provide a valuable basis as the Authority moves to an asset management regime for the estate.

C. Equality and diversity implications

No implications are considered to be present in this report.

D. Financial implications

This valuation should ensure that previous qualifications are removed for the 2002/03 accounts and ensuing years. This will improve the Authority's financial standing, for example in relation to its borrowing capability under the prudential framework.

E. Legal implications

None.

F. Background papers

  • Building Towards the Safest City – a property and estates strategy

G. Contact details

Report author: Alan Croney, Director Property Services, MPS.

For more information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

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