Lincolnshire County Council- Financial Accounting Valuations

Key Details

Description

Lincolnshire County Council manages a substantial and diverse property portfolio consisting of both operational and non-operational assets, including schools, offices, fire stations, libraries, investment properties, land holdings, surplus assets and leasehold interests. The portfolio comprises approximately 850 assets with a total accounting value of around £796.4 million, making it one of the Council's most significant corporate resources and a key component of its balance sheet. The portfolio is subject to a range of statutory valuation and financial reporting requirements, including rolling asset valuations, investment property valuations and IFRS 16 lease accounting valuations. The Council is required to maintain up-to-date property valuations to support statutory financial reporting and ensure compliance with the CIPFA/LASAAC Code of Practice on Local Authority Accounting, International Financial Reporting Standards (IFRS), and the RICS Valuation Standards ("Red Book"). The Council currently operates a five-year rolling valuation programme, under which a minimum of 20% of assets are revalued annually. In addition to cyclical revaluations, the Council may require a range of specialist valuation services to support year-end accounting requirements, including impairment reviews, investment property valuations, component accounting assessments, IFRS 16 lease valuations, reviews of assets held for sale, and ad hoc valuations arising from acquisitions, disposals and changes in asset use. To ensure continued compliance with statutory accounting requirements and to provide sufficient specialist capacity and resilience, the Council intends to outsource the valuation of its property portfolio to an appropriately qualified and experienced provider. The appointed provider will be responsible for delivering valuations and associated reporting in accordance with relevant accounting and professional standards, providing robust and auditable valuation information to support the preparation of the Council's annual Statement of Accounts. The successful provider will work closely with both the Corporate Property and Finance teams to deliver valuation services within prescribed reporting timescales and provide clear supporting information, including asset lives, residual values, land and building apportionments, component valuations, fair value assessments and valuation narratives where required

Suitability