• No results found

ThE hILLS ShIRE COUNCIL

N/A
N/A
Protected

Academic year: 2023

Share "ThE hILLS ShIRE COUNCIL"

Copied!
101
0
0

Loading.... (view fulltext now)

Full text

Provides a summary of The Hills Shire Council's key highlights and achievements, a message from the Mayor and Chief Executive Officer, and a financial statement. The Local Government Code of Accounting Practice and Financial Reporting. to the best of our knowledge and belief, these financial statements:. a fair presentation of the operating result and financial position of the Board for the year, and. is consistent with the Council's accounts and other documents.

Summary of Significant Accounting Policies

The council is a member of the following district 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 "at fair value through profit or loss". However, the application of the new standard will affect the type of information disclosed in the notes to the financial statements.

Income from Continuing Operations

Income from Continuing Operations (continued)

Interest on past due rates and annual charges (incl. special purpose rates) - Interest earned on investments (income from interest and coupon payments).

TOTAL OTHER REVENUE

Expenses from Continuing Operations

TOTAL EMPLOYEE COSTS EXPENSED

Expenses from Continuing Operations (continued)

IMPAIRMENT COSTS EXPENSED

TOTAL OTHER EXPENSES

Gains or Losses from the Disposal of Assets

Disposal proceeds / Redemptions / Maturations - Financial assets less: Carrying amount of financial assets sold / redeemed / Net accrued gain/(loss) on disposal.

TOTAL CASH ASSETS, CASH EQUIVALENTS & INVESTMENTS

Receivables

TOTAL NET RECEIVABLES

Inventories & Other Assets

TOTAL INVENTORIES / OTHER ASSETS

Statement of Cash Flows - Additional Information

Net losses/(gains) on disposal of assets Non-monetary capital support and contributions Recognition of impairment losses. The bank overdraft facility may be drawn at any time and may be terminated by the bank without notice. Interest rates for overdrafts are Interest rates for loans and other liabilities are disclosed in Note 15.

Commitments for Expenditure

Debt Service ratio Debt Service Cost

Building & infrastructure renewals ratio Asset Renewals (4)

To assess the impact of uncollected interest rates and annual charges on the Council's liquidity and adequacy. To assess the level of dependence of the Council on revenue from tariffs and annual levies and to assess the security of the Council. Assess the adequacy of current assets and their ability to meet short-term obligations for.

Investment Properties

Financial Risk Management

Financial Risk Management (continued)

The biggest risk associated with these receivables is credit risk - the risk that debts owed to the Council will not be repaid in full. Credit risk in terms of interest rates and annual charges is reduced by the Council's ability to secure the charge against the land in relation to the debts – meaning the land can be sold to recover the debt. The level of outstanding claims is reported to the Council on a monthly basis, and criteria for acceptable collection performance are set and monitored.

The following is a profile of the Board's debtor credit risk at the balance sheet date:. ii) movement in Provision for impairment of receivables. Debt and loans are both subject to liquidity risk - the risk that insufficient funds will be available to meet payment obligations as and when they are due. Council manages this risk by monitoring cash flow requirements and liquidity levels and maintaining an adequate cash buffer.

Loans are also subject to interest rate risk - the risk that fluctuations in interest rates could adversely affect borrowing costs and debt service requirements. Council manages this risk by diversifying loan types, maturities and interest rate structures.

Material Budget Variations

Material Budget Variations (continued)

The table (on the next page) reflects the location of each contribution plan including internal borrowings from the General Fund and from contributions not under the NSW Government has established a Priority Infrastructure Fund (PIF) for FY 10/11 and the Housing Acceleration Fund ( HAF) ) for the financial year 12/13 to bridge the gap between the IPART approved contribution rate for essential infrastructure and the cap. Development Contribution Report (continued) $ '000 The Council collects contributions, levies charges and enters into planning agreements for development works subject to planning permission issued by the Council. The following tables describe the receipt, interest and use of the above contributions and charges and the value of all remaining funds which are "restricted" in their future use.

SUMMARY OF OBJECTS AND TASK Drainage Roads Traffic Facilities Open Space Community Facilities Planning Agreement Other. S tat e m e nt o f D ev e lo pe r C on tr ib ut io n s (continued) $ '000 S94 CONTRIBUTIONS - Under a Plan CONTRIBUTION PLAN NUMBER 5 - Castle Hill Roads Open Space Community Facilities Other Industries CONTRIBUTION PLAN NUMBER 6 Roads. S tat e m e nt o f D Eve Lo Pe r C on tr ib ut io n s (continued) $ '000 S94 CONTRIBUTIONS - Under a plan CONTRIBUTION SCHEDULE NUMBER 7 - South Areas Roads Traffic Facilities Open Space Community NUMBER OF OTHER CONTRIBUTIONS Rouse Hill Drainage Roads Traffic facilities Open space Community facilities Planning agreement Other.

STATEMENT OF DEVELOPMENT IMPROVEMENTS (continued) $ '000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 9 - Castle Hill Town Center Roads Open Space Community Facilities Other CONTRIBUTION PLAN NUMBER 11 - Annangrove Industrial Traffic Facilities CONTRIBUTION PLAN NUMBER 12 - Balmoral Road Drainage Roads Traffic Facilities Open Space Community Facilities Other. STATEMENT OF DEVELOPMENT RATIO (continued) $ '000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 13 - North Kellyville Drainage Roads Traffic Facilities Open Space Community Facilities Other CONTRIBUTION NO. - Carlingford Drainage Roads Traffic Facilities Open Space Community Facilities Other.

Contingencies & Other Assets/Liabilities Not Recognised

Contingencies & Other Assets/Liabilities Not Recognised (continued)

  • Other liabilities (continued) (i) infringement notices/fines

Controlled Entities, Associated Entities & Interests in Joint Ventures

Equity - Retained Earnings and Revaluation Reserves

Equity - Retained Earnings and Revaluation Reserves (continued)

Council Information & Contact Details

The Hills Shire Council Notes to the Financial Statements for the Fiscal Year Ended June 30, 2013 Note 22. Review of Developer Contributions with Internal Loans $'000 Council currently does not have any S94 Developer Contribution Plans or S94 Funds from prior years. The table (on the next page) shows the position of each contribution plan, including internal loans from the general fund and contributions not covered by a plan.

The NSW Government established the Priority Infrastructure Fund (PIF) for FY 10/11 and the Housing Acceleration Fund (HAF) for FY 12/13 to bridge the gap between the IPART-approved basic infrastructure contribution rate and the Cap. Statement of Contributions of Developers with Internal Indebtedness (Continued) $ '000 The following tables show in detail the receipt, interest and use of the above contributions and charges, and the value of all remaining funds "restricted" in their future use. Statement of Contributions by Internally Debt Developers (Continued) $ '000 S94 CONTRIBUTIONS - Under Plan PLAN CONTRIBUTION NUMBER 7 - South Areas Roads Transport Facilities Open Space Community Facilities Other PLAN CONTRIBUTION NUMBER 8 - Rouse Hill Drainage Roads Transport Facilities Open Space Planning Agreement of communal facilities Other total.

Statement of Development Contributions with Internal Borrowing (continued) $ '000 S94 CONTRIBUTIONS - According to a plan CONTRIBUTION PLAN NUMBER 13 - North Kellyville Drainage Streets Traffic space Open space Community Other facilities Community facilities Total other. Statement of Development Contributions with Internal Borrowing (continued) Tax S94a '000 $ - according to a plan OTHER CONTRIBUTIONS PLAN S94 OTHER CONTRIBUTIONS - NO According to a plan Drainage Roads Open parking space Other.

SPECIAL PURPOSE FINANCIAL STATEMENTS for the year ended 30 June 2013

These special purpose financial statements have been prepared for use by both the Council and the Local Government Division in meeting their requirements under the National Competition Policy. The principle of competitive neutrality is based on the concept of a "level playing field" between persons/entities competing in a market, particularly between private and public sector competitors. In essence, the principle is that government businesses, whether Commonwealth, State or Local, must operate with no net competitive advantage over other businesses as a result of their public ownership.

For the Council, the principle of competitive neutrality and public reporting applies only to registered business activities. In preparing these accounts for Council self-classified Category 1 businesses and ABS-defined activities, Councils must (a) adopt the corporatisation model and (b) apply full cost attribution, including regime payments, to the equivalent of tax, and debt guarantee fees (where the company benefits from the world's borrowing position by comparing it with commercial interest rates). Department for Local Government guidance 'Prices and Charges for Municipal Enterprises - A Guide to Competitive Neutrality'.

Fairly present the operating result and financial position for each of the Council's reported business activities for the year and.

Significant Accounting Policies

While income tax is not a specific cost for the purpose of pricing a good or service, it must be taken into account in assessing the required rate of return on invested capital. Consequently, the return on invested capital is set at a pre-tax level (profit/(loss) from ordinary activities before capital amounts) as would be applied by a private sector competitor - that is, it must include a provision equal to that of the corporation. income tax rate, currently 30%. As this tax equivalent is notional - ie paid to the 'Council' as the owner of the business activity, it represents an internal payment and has no effect on the functioning of the council.

In order to calculate a debt guarantee fee, the municipality has determined what the difference in the debtor rate would have been between the commercial interest rate and the municipality's debtor rate for its business. Accordingly, the published grants (in relation to national competition policy) represent the difference between revenue generated from "rate of return" pricing and revenue generated from prices set by the Council in a given financial year. The policy statement requires that councils with Category 1 companies "will be expected to generate a return on the capital funds employed comparable to returns for private companies operating in a similar area".

Business activities should, as a minimum, generate a return equivalent to the Commonwealth 10 year bond rate which is 3.77% at 30/6/13. The actual rate of return achieved by each Business Activity is disclosed at the foot of each respective Income Statement.

SPECIAL SCHEDULES

Special Schedules 1

Community centers and halls Performing arts Venues Other Performing arts Other cultural services Sports grounds and venues Swimming pools. Parks and gardens (lakes) Other sports and leisure total recreation and culture fuel and energy. Sealed Roads (SRR) - Local Sealed Roads (SRR) - Regional Unsealed Roads (URR) - Local Unsealed Roads (URR) - Regional Bridges on UR - Local.

3). Actual annual maintenance is what has been spent in the current year on asset maintenance. 8 - Financial projections until June 30 i) Operating Budget Income from continuing operations Expenses from continuing operations Operating result from continuing operations (ii) Capital budget New capital works (2) Replacement/renovation of existing assets financed by total capital budget: Loans - Sale of assets - Reserves - Grants/Contributions - Current income - Other notes: (1)From 12/13 Income Statement.

THE HILLS SHIRE COuNCIL FINANCIAL REPORT 2012 - 2013

References

Related documents

ORDINARY MEETING OF COUNCIL 28 SEPTEMBER, 2021 LOCAL PLANNING PANEL MEETING 18 AUGUST, 2021 THE HILLS SHIRE PAGE 399 Figure 3 Proposed development concept, 21-23 Lexington