• No results found

The hills

N/A
N/A
Protected

Academic year: 2023

Share "The hills "

Copied!
106
0
0

Loading.... (view fulltext now)

Full text

These financial statements are general purpose financial statements prepared in accordance with;. the Local Government Code of Accounting Practice and Financial Reporting. These financial statements have been prepared in accordance with the historical cost convention, except for (i) financial assets and liabilities at fair value through profit or loss, available-for-sale financial assets and investment properties, all of which are measured at fair value, (ii) depreciation write-down of any asset based on impairment (if warranted) and (iii) certain classes of infrastructure, property, plant and equipment that are measured at fair value.

Summary of Significant Accounting Policies (continued)

Summary of Significant Accounting Policies (continued) A liability is recognised in respect of revenue that is

Council is a member of the following County Councils (which are legal entities under the Local Government Act); Operating lease payments (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the lease term.

Summary of Significant Accounting Policies (continued) incorporated into Cash & Cash Equivalents for

Realized and unrealized gains and losses arising from changes in the fair value of financial assets classified as “fair value through profit or loss”. Unrealized gains and losses arising from changes in the fair value of non-monetary securities classified as.

Summary of Significant Accounting Policies (continued) assets, their values and depreciation charges from

- current assets held for sale are not depreciated while they are classified as - short-term assets classified as "held for sale" are shown in the balance sheet separately from other assets.

Summary of Significant Accounting Policies (continued) Borrowing costs incurred for the construction of any

Liabilities and contingencies are disclosed net of the amount of GST recoverable from (or payable to) the ATO. ab) new accounting standards and uIG interpretations. The Board's assessment of the impact of these new standards and interpretations is set out below.

Summary of Significant Accounting Policies (continued) The amendment removes the requirement for

Hills Shire Council's Notes to the Financial Statements for the financial year ended 30 June 2010 Note 2 (a. Costs relating to the Council's role as a component of democratic governance, including elections, membership fees and expenses, subscriptions to associations and to local authorities, council meetings and policy-making committees, area representation and publication and compliance, together with associated administration costs.

Income from Continuing Operations

Income from Continuing Operations (continued)

TOTAL OTHER REVENUE

Expenses from Continuing Operations

TOTAL EMPLOYEE COSTS EXPENSED

Expenses from Continuing Operations (continued)

IMPAIRMENT COSTS EXPENSED

Gains or Losses from the Disposal of Assets

TOTAL CASH ASSETS, CASH EQUIVALENTS & INVESTMENTS

Receivables

TOTAL NET RECEIVABLES

Inventories & Other Assets

TOTAL INVENTORIES

Inventories & Other Assets (continued)

The Hills Shire Council Notes to the Financial Statements for the year ended 30 June 2010 Note 9a. Infrastructure, property, plant and equipment (1) Excluding investment property and non-current assets held for resale. (2) Asset purchases consisted of renewals of assets of and new assets of. Council has not recognized any impairment losses during the reporting period, nor has it reversed losses from prior periods.

Liabilities, loans and provisions (continued). ii) Current liabilities that are not expected to be settled within the next 12 months. The following liabilities, although classified as short-term, are not expected to be settled within the next 12 months. Employee vacation entitlements and continuing expenses represent accrued and payable earnings and an estimate of those that will be paid in the future as a result of past service.

Statement of Cash Flows - Additional Information

Statement of Cash Flows - Additional Information (continued)

Commitments for Expenditure

Commitments for Expenditure (continued)

  • Unrestricted Current Ratio
  • Debt Service Ratio Debt Service Cost
  • Rates & Annual Charges Coverage Ratio
  • Rates, Annual Charges, Interest &
  • Building & Infrastructure Renewals Ratio

Additional Fees Outstanding Percentages, Annual and Additional Fees Outstanding Rates, Annual and Additional Fees Collectable. The tariff and fee coverage has increased slightly as a result of a reduction in interest income and less proceeds from the sale of assets. To assess the impact of uncollected rates and annual charges on the Council's liquidity and the adequacy of.

To assess the level of dependence of the Council on revenue from tariffs and annual levies and to assess the security of the Council. To assess the adequacy of working capital and its ability to meet obligations in the short term for the unrestricted operation of the Council.

Investment Properties

Financial Risk Management

Financial Risk Management (continued)

The biggest risk associated with these debtors is credit risk - the risk that debts due and payable to the Council cannot be repaid in full. Credit risk on rates and annual charges is minimized by the ability of the Council to secure a charge on the land associated with the debt - that is, the land can be sold to recover the debt. The level of outstanding debtors is reported to the Board monthly and benchmarks are set and monitored for acceptable collection performance.

Debt and borrowing are both subject to liquidity risk – the risk that sufficient funds will not be available to meet payment obligations as and when they fall due. The Council manages this risk by monitoring its cash flow requirements and liquidity levels and maintaining an adequate liquidity buffer. Likewise, payment terms (in extenuating circumstances) can be extended, and overdrafts can be drawn on.

Borrowings are also subject to interest rate risk - the risk that movements in interest rates may adversely affect funding costs and debt service requirements. The Council manages this risk through diversification of borrowing types, maturities and interest rate structures.

Material Budget Variations

Material Budget Variations (continued)

The Hills Shire Council Notes to the annual accounts for the financial year ended 30 June 2010 Note 17. Statement of developer per contribution $ '000 The table below reflects the location of each contribution plan including internal loans from the general fund and from contributions not under a plan. During this fiscal year, $21.1 million was spent, although only $8.5 million was received. in contributions. Therefore, Section 94 per 30.6.2010 borrowed $17,466 million. from reserves (internal restrictions) and from contributions not under a plan, $3.6 million.

The outstanding expenses in these tables represent actual outstanding expenses under these plans and do not include payments to general fund reserves and non-plan contributions. Refer to the next page for comment regarding the state government's $20,000 limit and the Council's end-of-plan shortfall estimate. Statement of Development by Contributions (continued) $'000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 2 - West Pennant Hills CONTRIBUTION PLAN NUMBER 3 - Crestwood.

Statement of Development by Contributions (continued) $ '000 S94 CONTRIBUTIONS - FORCE A PLAN CONTRIBUTION PLAN NUMBER 7 - Southern Territories CONTRIBUTIONS PLAN NUMBER 8 - Rouse Hill 18,054 Internal due/(payable) Cumulative Statement of Contributions (Contribution per Dev. continued) $ '000 S94 CONTRIBUTIONS - UNDER A PLAN CONTRIBUTION PLAN NUMBER 12 - Balmoral Road CONTRIBUTION PLAN NUMBER 13 - North Kellyville.

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)

The Council recognized for the first time (in last year's Accounts) Land Under Roads (LUR) in accordance with the application of AASB 1051 - Land Under Roads. Consolidation of Hills Community Care (HCC) accounts YE 08/09 Consolidation of Child Care Center (CCC) accounts 09/10. The council included Hills Community Care in its accounts for the first time in 08/09 and Child Care Centers in 09/10.

In previous years, the Council had not consolidated the operations and balance of KKL and KKK in its Financial Reports. In accordance with AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors, the above changes in.

Financial Result & Financial Position by Fund

34;Held for Sale" Non Current Assets & Disposal Groups

Events occurring after Balance Sheet Date

Discontinued Operations

Intangible Assets

Reinstatement, Rehabilitation & Restoration Liabilities

Hills Shire Council Notes to Financial Statements for the financial year ended 30 June 2010 Note 27. S94 Development for Domestic Borrowing Contributions gs (continued) $ '000 Estimated section cap at end of plan Deficit NSW recently announced implementation of a $20,000 Section 94 Contribution Cap. Councils advised by the Government will have to fund any deficit over and above the $20,000 limit for infrastructure through alternative sources, including the use of general rates and special rates as set out by S495 of the Local Government Act 1993.

THSC has two S94 plans, namely CP 12 Balmoral Road Release Area and CP 13 North Kellyville Release Area, where contribution fees are well above the $20,000 limit. The THSC Council has undertaken detailed financial modeling over 15 years applying the NPV methodology to calculate the end of the plan deficit, and it comes to $245 million (NPV). If there are no other sources of funding and planned spending cannot be reduced, the Council will have to increase its General Charges across the Shire by 36% in 2011/2012.

S94 Development for Domestic Borrowing Contributions gs(continued) $ '000 CONTRIBUTIONS S94 - UNDER A CONTRIBUTION PLAN NUMBER 4 PLAN - Glenhaven CONTRIBUTION PLAN NUMBER 5 - Castle Hill CONTRIBUTION PLAN NUMBER 6 - Industries. S94 Development for Inland Borrowing Contributions gs(continued) $ '000 CONTRIBUTIONS S94 - under A PLAN CONTRIBUTION PLAN NUMBER 9 - Castle Hill Town Center CONTRIBUTION NUMBER PLAN 10 - Bannerman Road CONTRIBUTION PLAN - Annangrove1

Contents

Contents page

The Division of Local Government Guidelines “Pricing and Charges for Council Businesses – A Guide to Competitive Neutrality”. Present the operating result and financial position fairly for each of the Council's declared business activities for the year, and. Surplus (deficit) from continuing operations before capital amounts Grants and contributions provided for capital purposes.

NET ASSETS

TOTAL EQUITY

Significant Accounting Policies

These financial statements are special purpose financial statements (SPFS) prepared for use by the municipality and the department of local government. For purposes of these statements, the Board's business activities (mentioned herein) are not reporting entities. Council has adopted the principle of 'competitive neutrality' for its business activities as part of the National Competition Policy which is applied across Australia at all levels of government.

"Pricing & Costing for Council Businesses A Guide to Competitive Neutrality" published by the Department for Local Government in July 1997 was also adopted. Costing for Council Businesses – A Guide to Competitive Neutrality, the Council stated that the following should be considered business activities:. where the gross business turnover is more than USD 2 million). Amounts shown in the financial statements are in Australian currency and rounded to the nearest thousand dollars.

Council is liable to pay various taxes and financial charges in the conduct of its business activities. However, where the municipality is exempt from paying taxes generally paid by private sector businesses (such as income tax), equivalent tax payments have been applied to all business activities designated by the municipality and are reflected in these financial statements.

Significant Accounting Policies (continued) For the purposes of disclosing comparative

Significant Accounting Policies (continued)

Contents page

Special Schedules 1

Community Centers and Halls Performing Arts Venues Other Performing Arts Other Cultural Services Sports Venues and Facilities Swimming Pools. Parks and Gardens (Lakes) Other Sports and Total Entertainment Recreation and Culture Fuel and Power. Closed Rural Roads (SRR) - Local Closed Rural Roads - Regional Unsealed Rural Roads (URR) - Local Unsealed Rural Roads (URR) - Regional Bridge in UR - Local.

Requires major rebuild - Ranges from poor to critical - Ranges from generally good to fair unusable - Critical, beyond repair.

References

Related documents

Table of References to Documents Relevant to the Operation of the Massey University Animal Ethics Committee • Abbreviated Code of Ethical Conduct for signing by additional applicants