New


New in the local government sphere usually means recently made or created. It is one of the three main types of capital expenditure, along with upgrade & renewal.

New Expenditure

New expenditure means capital costs incurred in the creation of a new asset and includes design, land clearing, project management etc. It should be noted however any design work carried out more than 12 months prior to the commencement of construction work is typically expensed.

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The Local Government (Planning and Reporting) Regulations 2014 define "new asset expenditure" as expenditure that creates a new asset that provides a service that does not currently exist.

Related Pages

External Links & References

  1. Wiktionary
  2. Local Government (Planning and Reporting) Regulations 2014 - Reg 5
  3. Google Search

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