Thank you, Mr. Chairman. When disposing of this asset, we went out and got a market appraisal because our policy is we have to record it as a grant-in-kind, the fair market value of the property. So we had to determine that. We did retain an appraiser who went and appraised the property using two methods; the cost approach, which showed a fair market value of $780,000 and then they did the income approach, which showed no value and we blended the two approaches to come up with an estimate of what would be reasonable as a fair market value and arrived at a $390,000 fair market value for the tanks, and then there was land and other components that were transferred to get you to the $523,000 fair market value. The reason that showed as a grant-in-kind is because that is our estimate of the value of the property transferred to the business. The additional loss of $209,000 is to get us from the fair market value up to what the book value was of the asset on our accounts because we have to clear the entire asset off our books as it's no longer owned by us. So that's the reconciliation.
Mr. Voytilla on Bill 32: Supplementary Appropriation Act, No. 2, 2003-2004
In the Legislative Assembly on October 7th, 2003. See this statement in context.
Bill 32: Supplementary Appropriation Act, No. 2, 2003-2004
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
October 7th, 2003
Page 1291
Voytilla
See context to find out what was said next.