The Consultancy involves the following tasks for each asset class revaluation undertaken during the term of the Contracts:

1. Review the two documents in Appendix D (MEERA Guidelines and NSW Treasury Accounting Policy TPP21-09 Valuation of Physical Non-Current Assets at Fair Value). Confirm the currency of these documents and ensure you comply with the principles in the documents or their current equivalents when undertaking the revaluation.

2. Outline valuation methodology in accordance with NSW Treasury Accounting Policy TPP21-09 Valuation of Physical Non-Current Assets at Fair Value.

3. Confirm assets and review the current modern engineering equivalent asset for all assets and specify if there are changes to the asset types.

4. Review all data supplied including the current data extraction spreadsheet, previous Revaluation Reports, Condition Assessment Reports and spreadsheets, Hunter Water cost estimating manuals where available (i.e. for watermains, water pump stations (including flow meters, sewer gravity mains, sewer rising mains and sewage pumping stations).

5. Using information obtained from other sources review the unit rates and values established at the time of the previous Revaluations for items not contained in Hunter Water cost estimating manuals, for example:

* Stormwater - channels, pipes, bridges, culverts, detention basins, fencing, trash racks, roads etc.

* Wastewater Treatment - WWTW assets;

* Water Resources - dams, weirs, canals, WTPs, borefields, roads and fencing;

* Water Network - reservoirs, tanks, chlorinators and water meters.

6. Establish appropriate unit rates and values for the current Revaluation for the items listed in Items 3 and 4 above.

7. Fully document all calculations and assumptions used to establish the recommended unit rates and values.

8. Review and compare current inflation indices in particular the Australian Bureau of Statistics (ABS) Consumer Price Index (CPI), the ABS Producer Price Index (PPI) for building construction and the NSW Water Supply and Sewerage Construction Indices published by the NSW Office of Water (NOW).

9. Confirm the useful life of specific assets and provide justifications of any changes.

10. Review all condition assessment data to determine any impacts on the asset lives of specific assets.

11. Submit all recommended unit rates and values along with MEERA values for initial review.

12. Determine the gross replacement cost, depreciation and written down value for all assets and ensure they are current as of the following dates:

* Wastewater Treatment - 31 March 2026;

* Water Resources - Water Treatment - 31 March 2027;

* Water Network & Recycled Water Assets - 31 March 2028;

* Sewer Network - 31 March 2029.

Stormwater - 31 March 2030;

13. Provide a draft report, a final draft and a final Revaluation Report for each asset area, together with supplementary volumes of estimating rates and calculations both in hard copy and electronic (including word and excel files along with PDF of the full reports)

14. Complete all data entries in asset summary spreadsheets as provided by Hunter Water.

15. Take part in regular meetings and provide written progress reports as required in this Brief.

16. The revaluation may be audited by an independent third party. Any audit actions are to be included in the revaluation for the following year and subsequent years.