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Fixedassets3

Nairobi County Government Initiates Comprehensive Evaluation of Fixed Assets in Devolved Functions: Deputy Governor Njoroge Muchiri Leads Identification and Valuation Event

Nairobi: 27th February, 2024

The County Government of Nairobi Launches Identification, Verification, Validation and Valuation of Fixed Assets.

The event whose objective is to Identify, verify, validate and value the assets of the National Government relating to the devolved functions to the County Governments was graced by the Deputy Governor H.E Njoroge Muchiri at City Hall -Nairobi.
Fixedassets4Fixed assets are an essential component of a County’s financial statement, as they represent long-term investments made by the County to support its operations. Consequently, accurate valuation is an essential tool for financial reporting, decision-making, insurance coverage, and taxation purposes.

With stakeholders drawn from the Intergovernmental Relations Technical Committee, Nairobi City County Government, National Land Commission, National Government Administration Officers (NGAO), State Department of Devolution, Nairobi Water & Sewerage Company, Ministry of Lands, Public Works, Housing and Urban Development, the exercise will run until 10th April, 2024.
Fixedassets1Terms of reference include:- Identifying and verifying County Assets ; Identifying, record and securing all documents relating to the assets ; Identifying and documenting disputed assets ; Preparation of a comprehensive register of the assets e.g. Land Reference Number; Physical Location; Survey Plans; Acreage; Valuation among others.

The County Government of Nairobi commits to deploy adequate officers, equipment, and any other necessary facilitation to ensure the intended objective of effective, efficient and accurate valuation exercise is achieved.

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