Section 5: Financial Summary This will change as a result of the new Development contributions policy. 5.1.2 Cemetery Funding Strategy It is considered that the provision of this activity provides private benefits to individuals as well as indirect benefits to the public as a whole. The costs of interments and subsequent maintenance are considered private while the cost of ongoing open space maintenance of what are essentially parks, e.g.; Omaka Cemetery, is considered public. There are also public benefits from the heritage value of cemeteries and the general promotion of public health through the sanitary disposal of the deceased. As a result of the Cemetery Funding Policy Review 2005 Council adopted a recommendation to increase cost recovery of 50% of total cemetery costs from user charges, with fees to be CPI adjusted each year. Operational Funding as at 2014/15 Operational costs directly associated with interments and maintenance of plots Charges 50% General Rates 50% 5.1.3 Public Toilet Funding Strategy Public toilet capital and maintenance costs are accounted for in the Reserves and Amenities long term and annual budgets. Finance for public toilets is largely rates funded. It is expected that this will change as a result of the new development contributions policy which enable public toilet capital costs as a result of growth to be included in the contribution. 5.1.4 Asset Valuation and Depreciation Generally reserve assets are held at their historic cost value and accumulated depreciation values are maintained, with the exception of reserve land and building assets. These assets are held at re-valued amounts Where assets are re-valued these represent their fair values at the date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date. Additions/improvements between valuations are recorded at cost. Cost represents the value of the consideration given to acquire the assets and the value of other directly attainable costs that have been incurred in bringing the assets to the location and condition necessary for their intended use. Some reserve land and assets have been vested in Council as part of subdivision consent process or otherwise gifted. Vested Reserve Land has been initially recognised at the most recent appropriately certified government valuation which is their deemed cost while vested reserve assets are initially based on actual quantities of components vested and in the current “in ground” cost of providing identical services and this is their deemed cost. Depreciation is provided on a straight line basis on all property, plant and equipment other than land, at rates which will write off the cost of the assets to their estimated residual values over their useful lives. Depreciation of these assets commences when the assets are ready for their intended use. Page 66