Annual Report 2003–04
Asset management
In conjunction with the Information Technology and Financial Management sections, the Office Services Subsection is responsible for the effective management of Senate assets. Monthly reconciliation of the department’s asset position led to discrepancies between the assets and financial databases being identified between August and December 2003. As a result, a broad review of assets management and the assets database was undertaken, resolving the discrepancies and leading to significant tightening of controls and strengthening of procedures for the future.
At 30 June 2004, the department controlled 5,092 assets with a gross value of $13.8 million and a written down value of $6.7 million (last year’s total was 5,203 assets with a gross value of $23.2 million). The lower number of assets is due to the exclusion of security assets which are to be transferred to the Department of Parliamentary Services. In 2003–04, 221 new assets were added and 97 assets were written off.
In order to focus on upgrading the assets database and completing the annual stocktake, further disposals were put on hold until the completion of the stocktake. In June 2004, identification of items for disposal during the winter parliamentary recess commenced.
The annual stocktake was completed on 4 June 2004. This was later than usual, owing to the upgrading of the software and database used, the impact of the August to December 2003 discrepancies, and the decision to postpone disposal action that would normally have taken place during the year. As a result of the delay, the need for further improvements to the assets database and departmental procedures has been identified.
On completion of the stocktake, 179 assets with a depreciated value of $65,583 had not been located. Forty of these assets had not been found in the previous stocktake, and will be written off. The items not found were predominantly old and of low value.
