Purpose

To approve the award of the contract for
provision of asset valuation services for the purposes of statutory
financial reporting to Wilks Head & Eve.

Decision

This contract is for valuation of assets owned
in line with requirements and guidance set out by several bodies
including Chartered Institute of Public Finance and Accounting Code
of Practice on Local Authority Accounting (‘The CIPFA
Code’) in the United Kingdom.
Valuation of the Council’s fixed assets is the key area of
risk for the external audit process due to the relatively large
value of the Council’s asset compared to other transactions/
balances in out accounts, with assets exceeding £1bn in
value.
The contract duration will be 4 years through a direct award for
the fixed asset valuation contract via the ESPO framework Lot 1.3A
Fixed Asset Valuations (East of England) for a five-year period
commencing 1 October 2024 to 30 September 2028.

Alternative options considered

Option 1 -
Option 2 -
Option 3 -