9.5 - Annual property purchase reports

Introduction

Each year, approved organisations that received financial assistance under the property activity shall provide Land Transport NZ with a property purchase report.

Note: Transit New Zealand shall submit a national property report directly to Land Transport NZ’s programme manager.

Key date

Approved organisations shall ensure that Land Transport NZ receives this report no later than 31 August.

Report elements

The return should specifically identify:

• income from sales (of land, building, and chattels)
• the value of unsold properties transferred to the approved organisation during the year
• income from rents and leases
• income from interest
• outgoings on maintenance and rates
• purchases made during the year for projects approved by Land Transport NZ
• the net value of financially assisted land asset (not transferred to road reserve) as at 30 June.

Note: While this information is required to be aggregated for all properties, detailed records as outlined on the next page are also required to be kept for each individual property for audit purposes.

Detailed records to be kept

Records are to be maintained by approved organisations of all land acquired for land transport purposes for which financial assistance has been received. For each individual property, it is necessary to maintain the following information:

• address
• legal description
• date of purchase
• date utilised for land transport purposes
• date of sale of any surplus land
• valuation at purchase date (land plus improvements to be shown separately)
• valuation at time of utilisation for land transport purposes (land plus improvements to be shown separately)
• valuation of any unsold surplus land 12 months after construction/implementation is completed
• financial assistance rate(s)
• financial assistance claimed to date
• payments made to Land Transport NZ to date
• income from rents and leases
• expenditure relating to maintenance and rates
• a statement as to how Land Transport NZ’s financial interest has been registered on the property title.

Note: These records will be subject to periodic audit by Land Transport NZ. Valuation reports should be retained to support any valuation figures.

Form completion

The report is to be prepared and submitted on the appropriate form on LTP online.