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NOTES TO THE FINANCIAL STATEMENTS

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The council's financial statements must be audited by external accountants (who usually specialize in local government). an opinion on whether the financial statements present fairly the financial performance and position of the Council and.

NOTES TO THE FINANCIAL STATEMENTS

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Council is a member of the following County Councils (which are legal entities under the Local Government Act); Realized and unrealized gains and losses arising from changes in the fair value of financial assets classified as “fair value through profit or loss”.

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 30 June 2015 NOTE 2(a) Council Functions/ Activities - Financial Information

Income from continuing operations Expenses from continuing operations Total assets held (current and non-current) Functions/activities 20152014 Actual Actual Actual Grants included in income from continuing operations. Costs relating to the Council's role as an integral part of democratic government, including elections, membership fees and expenses, subscriptions to local authority associations, Council and policy-making committee meetings, area representation and public disclosure and compliance, together with associated administration.

NOTE 2(b) Council Functions/ Activities - Component Descriptions

Income from Continuing Operations

Other user charges and fees. i) Fees and charges - Statutory and Regulatory functions (per s.608) General Administration.

Income from Continuing Operations

Income from Continuing Operations (continued)

TOTAL OTHER REVENUE

Income from Continuing Operations (continued)

Financial Assistance - General Component Financial Assistance - Local Roads Component Pensioner Rates Subsidies - General Component Total General Purpose. This grant has ceased to be paid in advance in the year 13/14 up to 50% as it happened in previous years.

Expenses from Continuing Operations

Expenses from Continuing Operations

TOTAL EMPLOYEE COSTS EXPENSED

Auditor Remuneration

Operating Lease Payments are attributable to

Expenses from Continuing Operations (continued)

Expenses from Continuing Operations (continued)

IMPAIRMENT COSTS EXPENSED

TOTAL OTHER EXPENSES

Gains or Losses from the Disposal of Assets

Proceeds from disposal / Redemptions / Maturity - Financial assets minus: accounting value of financial assets sold / redeemed / due net gain/(loss) on disposal.

Gains or Losses from the Disposal of Assets

TOTAL CASH ASSETS, CASH EQUIVALENTS & INVESTMENTS

NOTE 6a Cash Assets and NOTE 6b Investments

NOTE 6c Restricted Cash, Cash Equivalents & Investments - Details

NOTE 6c Restricted Cash, Cash Equivalents & Investments - Details (continued) Financial Statements 2015

Receivables

TOTAL NET RECEIVABLES

Receivables

Inventories and Other Assets

Inventories & Other Assets

TOTAL INVENTORIES / OTHER ASSETS

FINANCIAL STATEMENTS for the financial year ended 3 0 June 2015 NO TE 9a In fas truct ur e, Pr ty , Plans and Equipment Hills Shire Council Notes to the Financial Statements for the financial year ended 30 June 2015 Note 9a . Refer to Note 22 - Fair Value Measurement for information about the fair value of Infrastructure, Property, Plant and Other Equipment.

NOTE 9b Externally Restricted Infrastructure, Property, Plant & Equipment

NOTE 10a Payables, Borrowings & Provisions (continued)

  • Statement of Cash Flows - Additional Information
  • Statement of Cash Flows - Additional Information
  • Statement of Cash Flows - Additional Information (continued)
  • Commitments for Expenditure
  • Statement of Cash Flows - Additional Information (continued)
  • Commitment for Expenditure

The bank's overdraft can be withdrawn at any time and can be terminated by the bank without notice. Interest on overdrafts is Interest on loans and other debt is disclosed in note 15.

Local Government Industry Indicators - Consolidated

Operating Performance Ratio Total continuing operating revenue (1)

Own Source Operating Revenue Ratio Total continuing operating revenue (1)

Rates, Annual Charges, Interest &

NOTE 13a(i) Statement of Performance Measurement - Indicators (Consolidated)

NOTE 13a(ii) Local Government Industry Indicators - Graphs (Consolidated)

  • Investment Properties
  • Investment Properties
  • Financial Risk Management
  • Financial Risk Management
  • Financial Risk Management (continued)
  • Financial Risk Management (continued)
  • Material Budget Variations
  • Material Budget Variations
  • Material Budget Variations (continued)
  • Material Budget Variations (continued)

Net Gain/(Loss) on Fair Value Adjustments - Transfer to Non-Current Assets Held for Resale. The basis of valuation of investment properties is Fair Value, being the amounts for which the properties could be exchanged between willing parties in an arm's length transaction, based on current prices in an active market for similar properties in the same location and condition and subject to similar conditions. rents. Refer to Note 22 - Fair Value Measurement for information about the fair value of investment properties held.

See note 22 - Fair value measurement for information on the fair value of financial assets and liabilities.

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 30 June 2015 NOTE 17 Statement of Developer Contributions

Developer Contribution Statement(continued) $'000 The municipality recovers contributions, collects fees and enters into planning agreements for development work subject to a development permit issued by the municipality. The following tables describe the receipt, interest and use of the above contributions and levies and the value of any remaining funds that are "restricted" in their future use. DEVELOPERS CONTRIBUTIONS(continued) $ '000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 5 - Castle Hill Roads Open Space Community Facilities Other CONTRIBUTION PLAN NUMBER 6 - Extractive Industries Roads.

St at em en t of e elop er C ont ribu tions(continued) $ '000 S94 CONTRIBUTION - UNDER A PLAN CONTRIBUTION PLAN NUMBER 7 - Southern Precincts Roads Traffic Facilities Open Space Community Facilities Other CONTRIBUTION PLAN NUMBER 8 - Rouse Hill Drainage Open Space Community Facilities Other.

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 30 June 2015 NOTE 17 Statement of Developer Contributions (continued)

  • Contingencies & Other Assets/Liabilities Not Recognised
  • Contingencies & Other Assets/ Liabilities Not Recognised
  • Contingencies & Other Assets/Liabilities Not Recognised (continued)
    • Other Liabilities (continued) (i) Infringement Notices/Fines
  • Interests in Other Entities
  • Contingencies & Other Assets/ Liabilities Not Recognised (continued)
  • Interests in Other Entities
  • Equity - Retained Earnings and Revaluation Reserves
  • Equity - Retained Earnings and Revaluation Reserves
  • Equity - Retained Earnings and Revaluation Reserves (continued)
  • Equity - Retained Earnings and Revaluation Reserves (continued)
  • 34;Held for Sale" Non Current Assets & Disposal Groups

Development Rebate Road (continued) $ '000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 9 - Castle Hill Town Center Roads Open Space Other Community Facilities CONTRIBUTION PLAN NUMBER 11 - Annangrove Industrial Roads Other Objects. Ributions Development Road Road (continued) $ '000 S94 CONTRIBUTIONS - ACCORDING TO A PLAN CONTRIBUTION PLAN NUMBER 12 - Balmoral Street Drainage Roads Traffic Space Open Space Other Community Facilities CONTRIBUTION PLAN Kelly NUMBER 13 - Roads Traffic facilities Open space Community facilities Other. Therefore, at the end of the year, there is a potential asset due to the Council that represents issued but unpaid. with the exception of minors who may have been. the injured party in the 4-year period may file a claim by Due to the limited information available on the status, age 21, although the likelihood of any claim being the value and duration of outstanding Notices, the Council is thought to be minimal. unable to determine the value of unpaid income. vi) Possible purchases of land due to planning restrictions imposed by the Council.

At the reporting date, reliable estimates of the value of any potential liability (and subsequent land asset) from such potential acquisitions were not possible.

TOTAL NON CURRENT ASSETS CLASSIFIED AS "HELD FOR SALE"

  • Held for Sale’ Non Current Assets and Disposal Groups
  • Fair Value Measurement
  • Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date
  • Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
  • Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
  • Fair Value Measurement
  • Fair Value Measurement (continued)
  • Level 2
  • TotalFair Value Measurement Hierarchy
  • Fair Value Measurement (continued)

Notes to the annual accounts. i) Fixed assets and disposal Group assets Fixed assets "Held for sale". The fair value of assets and liabilities must be estimated in accordance with various accounting standards for either recognition and measurement requirements or for disclosure purposes. During the year, there have been no transfers between Level 1 and Level 2 fair value hierarchies for recurring fair value measurements.

Where the Board is unable to derive Fair Valuations using quoted market prices of identical assets (ie Level 1 inputs) the Board instead uses a difference of both observable inputs (Level 2 inputs) and unobservable inputs (level 3 inputs).

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 30 June 2015 NOTE 22 Fair Value Measurement (continued)

Council Information & Contact Details

Council Information and Contact Details

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2015 NOTE 2 4 Opinion of developer contributions excluding internal borrowings The Hills Shire Council Notes to the Financial Statements for the financial year ended 30 June 2015 Note 24. The Government of NSW has issued a Priority Infrastructure Fund (PIF) established for FY 10/11, Housing Acceleration Fund (HAF) for FY 12/13 and Local Infrastructure Growth Scheme from FY 13/14 to bridge the gap between the IPART Approved Essential Infrastructure Contribution rate and the Cap . The Hills Shire Council Notes to the Financial Statements for the year ended 30 June 2015 Note 24.

All contributions must be spent/used for the specific purpose for which they are levied and any interest applicable to unspent funds must be allocated to the remaining funds.

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 30 June 2015 NOTE 24 Statement of Developer Contributions without Internal Borrowings (continued)

S for the fiscal year ended June 3, 2015 NOTE 2 4 Developer Contribution Statement without. The Hills Shire Council Notes to the Financial Statements for the year ended June 30, 2015 Note 24.to)/of ExpOver or internal opening received during the yearearned during borrowingLimited projectionsCumulative TARGETContributionsInterestExpensesInternHold as AssetincomeoutstandingFundingdue/(payable)Futurestill(under)Borrowings BalanceCashNon Cashin YearYear. Independent Auditor's Report to the Council – s417(2) Report on the General Purpose Financial Statements Report on the financial statements.

Our responsibility is to express an opinion on the financial statements based on our audit.

SPECIAL PURPOSE

FINANCIAL STATEMENTS 2014 - 2015

SPECIAL PURPOSE FINANCIAL STATEMENTS

CONTENTS

Surplus (deficit) from continuing operations before capital amounts Grants and contributions provided for capital purposes.

Income Statement of Council’s Other Business Acitivities

Statement of Financial Position - Council’s Other Business Acitivities

CONTENTS - of the Notes accompanying the Financial Statements

Significant Accounting Policies

Certain taxes and other costs (duly described) have been imputed for the purposes of national competition policy. "Pricing and costing for council businesses a guide to competitive neutrality" issued by the Office of Local Government in July 1997 has also been adopted. Amounts shown in the financial statements are in Australian currency and rounded to the nearest thousand dollars.

However, where the Council is exempt from paying taxes normally paid by private sector businesses (such as income tax), equivalent tax payments have been applied to all Council-nominated business activities and are reflected in these financial statements.

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

Significant Accounting Policies

The Board members of the Council are responsible for the preparation and fair presentation of the financial statements and have determined that the accounting policy described in note 1 to the financial statements which form part of the financial statements is appropriate to meet the requirements of the Local Government to meet Code of Accounting Practice and Financial Reporting. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. In our opinion, the financial statements present, in all material respects, the financial position by Business Activity of The Hills Shire Council as at 30 June 2015 and its financial performance by Business Activity for the year ended in accordance with the requirements of the applicable Accounting Standards set out in Note 1 to the financial statements, and the Local Government Code of Accounting Practice and Financial Reporting.

The financial statements have been prepared for the purpose of meeting the Council's financial reporting responsibilities under the Local Government Accounting and Financial Reporting Code of Practice.

SPECIAL SCHEDULES 2014 - 2015

Special Schedules 1

SPECIAL SCHEDULES

SPECIAL SCHEDULE NO 7 - Report on Infrastructure Assets for the financial year ended 30 June 2015

The estimated cost of bringing assets to a satisfactory standard is the amount required to be spent on an asset to ensure that it is in a satisfactory standard. 3). Actual maintenance is what has been spent in the current year to maintain the assets. Actual maintenance may be higher or lower than required annual maintenance due to the timing of when maintenance actually occurs.

4). Recorded value is consistent with Note 9 of the General Purpose Financial Statements of the Board (5). Assessment of the condition of infrastructure assets "Key" Excellent No work required (normal maintenance) Condition Description here.

SPECIAL SCHEDULE NO 7 - Report on Infrastructure Assets (continued) for the financial year ended 30 June 2015

These estimated costs should not include planned improvements (i.e. to increase, intensify or improve the facilities).

Infrastructure Asset Performance Indicators Consolidated

Infrastructure Backlog Ratio Estimated Cost to bring Assets to a

Asset Maintenance Ratio Actual Asset Maintenance

Capital Expenditure Ratio Annual Capital Expenditure

SPECIAL SCHEDULE NO 7 Report on Infrastructure Assets (continued)

1 The fictitious general income will not agree with interest income in the accounts in the corresponding year. 2 Regulations take into account changes in the number of assessments and any increase or decrease in the land value during the year. 6 Transfer amounts that are in excess (an amount in excess of allowable income) require Ministerial approval by order published in the NSW Government Gazette in accordance with section 512 of the Local Government Act 1993.

The OLG will extract these amounts from councils' Special Schedule 9 in the Financial Data Return (FDR) to administer this process.

SPECIAL SCHEDULE NO 9 Permissible Income Calculation for the financial year ended 30 June 2015

We have audited the accompanying special purpose financial statement containing the reconciliation of total allowable general income (Special Schedule No. 9) of The Hills Shire Council (“the Council”) for the year ended 30 June 2016. The Councilors of the Council are responsible for the preparation and fair presentation of Special Annex No. The procedures chosen depend on the auditor's judgment, including the assessment of the risks of material misstatement of Special Schedule No.

In making our risk assessments, we consider the internal controls relevant to the entity's preparation of Special Table No.

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