2015–16 - city of hobsons bay · 2019-01-16 · hobsons bay city council 2015/2016 financial...

ANNUAL FINANCIAL REPORTHobsons Bay City Council

For the year ended 30 June 20162015–16

CONTENTS

CONTENTSCertification of the Financial Statements 42Auditor-General’s report on the Financial Report 43–44Performance Statement 46

Performance Statement and notes accompanying the Performance Statement

48–55

Certification of the Performance Statement 56Auditor-General’s Report on the Performance Statement 57–58

Financial Statements

Comprehensive Income StatementBalance SheetStatement of Changes in EquityStatement of Cash FlowsStatement of Capital Works

0405060708

Notes to Financial Statements

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IntroductionSignificant accounting policiesBudget comparisonRates and chargesStatutory fees and finesUser feesGrantsContributionsNet gain/(loss) on disposal of property, infrastructure, plant and equipmentOther incomeEmployee costsMaterials and servicesBad and doubtful debts DepreciationBorrowing costsOther items of expenseCash and cash equivalentsTrade and other receivablesOther financial assetsInventoriesAssets held for saleOther assetsProperty, infrastructure, plant and equipmentInvestment propertyOther financial assetsTrade and other payablesTrust funds and depositsProvisionsInterest bearing loans and borrowingsReservesReconciliation of cash flows from operating activities to surplusFinancing arrangementsCommitmentsOperating leasesSuperannuationContingent liabilities and contingent assetsFinancial instrumentsRelated party transactionsEvents occurring after balance date

0909–1516–19

2020202122222222232323232324

24–2525252525

26–303131313132 3334353637

37–383839

40–4141

Hobsons Bay City Council2015/2016 Financial Report

Note 2016 2015$'000 $'000

IncomeRates and charges 3 95,428 91,669 Statutory fees and fines 4 3,214 3,566 User fees 5 6,322 6,333 Grants - operating 6 11,194 14,038 Grants - capital 6 1,780 640 Contributions - monetary 7 3,485 2,014 Contributions - non monetary 7 1,085 - Fair value adjustments for assets held for resale 20 - 338 Fair value adjustments for investment property 23 273 - Other income 9 5,102 4,365 Total income 127,883 122,963

ExpensesEmployee costs 10 (53,695) (51,937) Materials and services 11 (38,955) (37,647) Bad and doubtful debts 12 93 (280) Depreciation 13 (18,298) (17,832) Net loss on disposal of property, infrastructure, plant and equipment 8 (2,479) (1,402) Borrowing costs 14 (569) (403) Other expenses 15 (1,516) (1,525) Total expenses (115,419) (111,026)

Surplus for the year 12,464 11,937

Other comprehensive incomeItems that will not be reclassified to surplus or deficit in future periodsNet asset revaluation increment 22 50,064 24,806 Total comprehensive result 62,528 36,743

Comprehensive Income StatementFor the Year Ended 30 June 2016

The above comprehensive income statement should be read in conjunction with the accompanying notes.Page 1


Note 2016 2015$'000 $'000

IncomeRates and charges 3 95,428 91,669 Statutory fees and fines 4 3,214 3,566 User fees 5 6,322 6,333 Grants - operating 6 11,194 14,038 Grants - capital 6 1,780 640 Contributions - monetary 7 3,485 2,014 Contributions - non monetary 7 1,085 - Fair value adjustments for assets held for resale 20 - 338 Fair value adjustments for investment property 23 273 - Other income 9 5,102 4,365 Total income 127,883 122,963

ExpensesEmployee costs 10 (53,695) (51,937) Materials and services 11 (38,955) (37,647) Bad and doubtful debts 12 93 (280) Depreciation 13 (18,298) (17,832) Net loss on disposal of property, infrastructure, plant and equipment 8 (2,479) (1,402) Borrowing costs 14 (569) (403) Other expenses 15 (1,516) (1,525) Total expenses (115,419) (111,026)


Other comprehensive incomeItems that will not be reclassified to surplus or deficit in future periodsNet asset revaluation increment 22 50,064 24,806 Total comprehensive result 62,528 36,743

Comprehensive Income StatementFor the Year Ended 30 June 2016

The above comprehensive income statement should be read in conjunction with the accompanying notes.Page 1

04 Annual financial report 2015–16


Note 2016 2015 $'000 $'000

AssetsCurrent assetsCash and cash equivalents 16 3,280 14,348 Trade and other receivables 17 8,070 8,134 Other financial assets 18 42,000 30,000 Inventories 19 31 14 Non-current assets classified as held for sale 20 300 805 Other assets 21 868 657 Total current assets 54,549 53,958

Non-current assetsTrade and other receivables 17 301 414 Property, infrastructure, plant and equipment 22 1,015,251 956,082 Investment property 23 9,005 8,732 Other financial assets 24 230 230 Total non-current assets 1,024,787 965,458 Total assets 1,079,336 1,019,416

LiabilitiesCurrent liabilitiesTrade and other payables 25 12,150 15,100 Trust funds and deposits 26 5,014 4,936 Provisions 27 12,448 12,185 Interest-bearing loans and borrowings 28 - 5,000 Total current liabilities 29,612 37,221

Non-current liabilitiesProvisions 27 926 925 Interest-bearing loans and borrowings 28 14,200 9,200 Total non-current liabilities 15,126 10,125 Total liabilities 44,738 47,346

Net assets 1,034,598 972,070

EquityAccumulated surplus 386,405 380,505 Reserves 29 648,193 591,565 Total Equity 1,034,598 972,070

Balance SheetAs at 30 June 2016

Page 6


Note 2015 2014 $'000 $'000

AssetsCurrent assetsCash and cash equivalents 16 14,348 11,891 Trade and other receivables 17 8,134 6,834 Other financial assets 18 30,000 16,000 Inventories 19 14 38 Other assets 20 657 689 Non-current assets classified as held for sale 21 805 - Total current assets 53,958 35,452

Non-current assetsTrade and other receivables 17 414 878 Non-current assets classified as held for sale 21 - 1,314 Property, infrastructure, plant and equipment 22 956,082 926,652 Investment property 23 8,732 8,732 Other financial assets 24 230 230 Total non-current assets 965,458 937,806 Total assets 1,019,416 973,258

LiabilitiesCurrent liabilitiesTrade and other payables 25 15,100 11,741 Trust funds and deposits 26 4,936 4,307 Provisions 27 12,185 11,331 Interest-bearing loans and borrowings 28 5,000 9,648 Total current liabilities 37,221 37,027

Non-current liabilitiesProvisions 27 925 904 Interest-bearing loans and borrowings 28 9,200 - Total non-current liabilities 10,125 904 Total liabilities 47,346 37,931

Net assets 972,070 935,327

EquityAccumulated surplus 380,505 376,480 Reserves 29 591,565 558,847 Total Equity 972,070 935,327

As at 30 June 2015Balance Sheet

The above balance sheet should be read in conjunction with the accompanying notes.

05Annual financial report 2015–16

Hobsons Bay City Council

Accumulated Revaluation OtherTotal Surplus Reserve Reserves

2016 $'000 $'000 $'000 $'000

Balance at beginning of the financial year 972,070 380,505 573,983 17,582 Surplus for the year 12,464 12,464 - - Net asset revaluation increment 29(a) 50,064 - 50,064 - Transfers to other reserves 29(b) - (15,554) - 15,554 Transfers from other reserves 29(b) - 8,990 - (8,990) Balance at end of the financial year 1,034,598 386,405 624,047 24,146


2015 $'000 $'000 $'000 $'000

Balance at beginning of the financial year 935,327 376,480 549,177 9,670 Surplus for the year 11,937 11,937 - - Net asset revaluation increment 29(a) 24,806 - 24,806 - Transfers to other reserves 29(b) - (10,906) - 10,906 Transfers from other reserves 29(b) - 2,994 - (2,994) Balance at end of the financial year 972,070 380,505 573,983 17,582

Page 3

2015/2016 Financial Report

Statement of Changes in EquityFor the Year Ended 30 June 2016

Note

The above statement of changes in equity should be read in conjunction with the accompanying notes.



2016 $'000 $'000 $'000 $'000

Balance at beginning of the financial year 972,070 380,505 573,983 17,582 Surplus for the year 12,464 12,464 - - Net asset revaluation increment 29(a) 50,064 - 50,064 - Transfers to other reserves 29(b) - (15,554) - 15,554 Transfers from other reserves 29(b) - 8,990 - (8,990) Balance at end of the financial year 1,034,598 386,405 624,047 24,146


2015 $'000 $'000 $'000 $'000

Balance at beginning of the financial year 935,327 376,480 549,177 9,670 Surplus for the year 11,937 11,937 - - Net asset revaluation increment 29(a) 24,806 - 24,806 - Transfers to other reserves 29(b) - (10,906) - 10,906 Transfers from other reserves 29(b) - 2,994 - (2,994) Balance at end of the financial year 972,070 380,505 573,983 17,582

Page 3


Statement of Changes in EquityFor the Year Ended 30 June 2016

Note

The above statement of changes in equity should be read in conjunction with the accompanying notes.



2016 2015Inflows/ Inflows/

(Outflows) (Outflows)Note $'000 $'000

Cash flows from operating activities

Rates and charges 94,649 91,821 Statutory fees and fines 3,367 3,379 User fees 7,107 6,093 Grants - operating 11,194 14,322 Grants - capital 1,780 640 Contributions - monetary 3,485 2,014 Interest received 1,572 1,356 Trust funds and deposits taken 891 923 Other receipts 3,696 3,042 Net GST refund 3,560 2,631 Employee costs (55,312) (52,483) Materials and services (47,052) (42,014) Trust funds and deposits repaid (813) (294) Net cash provided by operating activities 30 28,124 31,430

Cash flows from investing activities

Payments for property, infrastructure, plant and equipment (28,328) (19,667) Proceeds from sale of property, infrastructure, plant and equipment 1,200 273 Payments for investments (12,000) (14,000) Proceeds from loans and advances 443 215 Net cash used in investing activities (38,685) (33,179)

Cash flows from financing activities

Finance costs (507) (346) Proceeds from borrowings 5,000 14,200 Repayment of borrowings (5,000) (9,648) Net cash provided by/(used in) financing activities (507) 4,206

Net increase (decrease) in cash and cash equivalents (11,068) 2,457 Cash and cash equivalents at the beginning of the financial year 14,348 11,891 Cash and cash equivalents at the end of the financial year 3,280 14,348

Financing arrangements 31Restrictions on cash assets 16


Statement of Cash FlowsFor the Year Ended 30 June 2016

The above statement of cash flow should be read in conjunction with the accompanying notes.Page 4


2016 2015Inflows/ Inflows/

(Outflows) (Outflows)Note $'000 $'000

Cash flows from operating activities

Rates and charges 94,649 91,821 Statutory fees and fines 3,367 3,379 User fees 7,107 6,093 Grants - operating 11,194 14,322 Grants - capital 1,780 640 Contributions - monetary 3,485 2,014 Interest received 1,572 1,356 Trust funds and deposits taken 891 923 Other receipts 3,696 3,042 Net GST refund 3,560 2,631 Employee costs (55,312) (52,483) Materials and services (47,052) (42,014) Trust funds and deposits repaid (813) (294) Net cash provided by operating activities 30 28,124 31,430

Cash flows from investing activities

Payments for property, infrastructure, plant and equipment (28,328) (19,667) Proceeds from sale of property, infrastructure, plant and equipment 1,200 273 Payments for investments (12,000) (14,000) Proceeds from loans and advances 443 215 Net cash used in investing activities (38,685) (33,179)

Cash flows from financing activities

Finance costs (507) (346) Proceeds from borrowings 5,000 14,200 Repayment of borrowings (5,000) (9,648) Net cash provided by/(used in) financing activities (507) 4,206

Net increase (decrease) in cash and cash equivalents (11,068) 2,457 Cash and cash equivalents at the beginning of the financial year 14,348 11,891 Cash and cash equivalents at the end of the financial year 3,280 14,348

Financing arrangements 31Restrictions on cash assets 16


Statement of Cash FlowsFor the Year Ended 30 June 2016

The above statement of cash flow should be read in conjunction with the accompanying notes.Page 4



Note 2016 2015$'000 $'000

PropertyLand improvements 1,679 1,960 Total land 1,679 1,960

Buildings 11,181 6,153 Heritage Buildings 2,515 750 Total buildings 13,696 6,903

Total property 15,375 8,863

Plant and equipmentHeritage plant and equipment - 22 Plant, machinery and equipment 961 1,798 Fixtures, fittings and furniture 32 -Computers and telecommunications 537 434 Library books 398 535 Total plant and equipment 1,928 2,789

InfrastructureRoads 5,694 6,366 Footpaths and cycleways 2,777 1,652 Drainage 1,174 467 Recreational, leisure and community facilities 1,897 2,137 Off street car parks 423 1,007 Other infrastructure 195 -Total infrastructure 12,160 11,629

Total capital works expenditure 29,463 23,281

Represented by:New asset expenditure 8,797 2,960 Asset renewal expenditure 18,447 14,873 Asset upgrade expenditure 2,219 5,448 Total capital works expenditure 29,463 23,281


Statement of Capital WorksFor the Year Ended 30 June 2016

The above statement of capital works should be read in conjunction with the accompanying notes.Page 5


Note 2016 2015$'000 $'000

PropertyLand improvements 1,679 1,960 Total land 1,679 1,960

Buildings 11,181 6,153 Heritage Buildings 2,515 750 Total buildings 13,696 6,903

Total property 15,375 8,863

Plant and equipmentHeritage plant and equipment - 22 Plant, machinery and equipment 961 1,798 Fixtures, fittings and furniture 32 -Computers and telecommunications 537 434 Library books 398 535 Total plant and equipment 1,928 2,789

InfrastructureRoads 5,694 6,366 Footpaths and cycleways 2,777 1,652 Drainage 1,174 467 Recreational, leisure and community facilities 1,897 2,137 Off street car parks 423 1,007 Other infrastructure 195 -Total infrastructure 12,160 11,629

Total capital works expenditure 29,463 23,281

Represented by:New asset expenditure 8,797 2,960 Asset renewal expenditure 18,447 14,873 Asset upgrade expenditure 2,219 5,448 Total capital works expenditure 29,463 23,281


Statement of Capital WorksFor the Year Ended 30 June 2016

The above statement of capital works should be read in conjunction with the accompanying notes.Page 5




IntroductionHobsons Bay City Council was established by an Order of the Governor in Council on 22 June 1994 and is a body corporate. The Council's main office is located at 115 Civic Parade, Altona.

Statement of compliance These financial statements are a general purpose financial report that consists of a Comprehensive Income Statement, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, Statement of Capital Works and Notes accompanying these financial statements. The general purpose financial report complies with the Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, the Local Government Act 1989, and the Local Government (Planning and Reporting) Regulations 2014.

Note 1 Significant accounting policies

(a) Basis of accountingThe accrual basis of accounting has been used in the preparation of these financial statements, whereby assets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received or paid.

Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated judgements are based on professional judgement derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods that are affected by the revision. Judgements and assumptions made by management in the application of AAS's that have significant effects on the financial statements and estimates relate to: - the fair value of land, buildings, infrastructure, plant and equipment (refer to Note 1 (l) ) - the determination of depreciation for buildings, infrastructure, plant and equipment (refer to Note 1 (m) ) - the determination of employee provisions (refer to Note 1 (s) )

Unless otherwise stated, all accounting policies are consistent with those applied in the prior year. Where appropriate, comparative figures have been amended to accord with current presentation, and disclosure has been made of any material changes to comparatives.

(b) Changes in accounting policies

There have been no changes in accounting policies from the previous period.

(c) Committees of managementAll entities controlled by Council that have material revenues, expenses, assets or liabilities, such as committees of management, have been included in this financial report. Any transactions between these entities and Council have been eliminated in full.

Notes to the Financial ReportFor the Year Ended 30 June 2016


Note 1 Significant accounting policies (cont.)

(d) Revenue recognitionIncome is recognised when the Council obtains control of the contribution or the right to receive the contribution, it is probable that the economic benefits comprising the contribution will flow to the Council and the amount of the contribution can be measured reliably.

Rates and Charges

Statutory fees and finesStatutory fees and fines (including parking fees and fines) are recognised as revenue when the service has been provided, the payment is received, or when the penalty has been applied, whichever first occurs.

User feesUser fees are recognised as revenue when the service has been provided or the payment is received, whichever first occurs.

GrantsGrant income is recognised when Council obtains control of the contribution. This is normally obtained upon their receipt (or acquittal) or upon earlier notification that a grant has been secured, and are valued at their fair value at the date of transfer.

Where grants or contributions recognised as revenues during the financial year were obtained on condition that they be expended in a particular manner or used over a particular period and those conditions were undischarged at balance date, the unused grant or contribution is disclosed in Note 6. The note also discloses the amount of unused grant or contribution from prior years that was expended on Council’s operations during the current year.

ContributionsMonetary and non monetary contributions are recognised as revenue when Council obtains control over the contributed asset.

Sale of property, infrastructure, plant and equipmentThe profit or loss on sale of an asset is determined when control of the asset has irrevocably passed to the buyer.

InterestInterest is recognised as it is earned.

DividendsDividend revenue is recognised when the Council's right to receive payment is established.

Other IncomeOther income is measured at the fair value of the consideration received or receivable and is recognised when Council gains control over the right to receive the income.



(e) Fair value measurement

Council measures certain assets and liabilities at fair value where required or permitted by Australian Accounting Standards. AASB 13 Fair value measurement, aims to improve consistency and reduce complexity by providing a definition of fair value and a single source of fair value measurement and disclosure requirements for use across Australian Accounting Standards.AASB 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value under AASB 13 is an exit price regardless of whether that price is directly observable or estimated using another valuation technique. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within a fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable: andLevel 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For the purpose of fair value disclosures, Council has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.In addition, Council determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

(f) Cash and cash equivalentsCash and cash equivalents include cash on hand, deposits at call, and other highly liquid investments with original maturities of 90 days or less, net of outstanding bank overdrafts.

(g) Trade and other receivablesReceivables are carried at amortised cost using the effective interest rate method. A provision for doubtful debts is recognised when there is objective evidence that an impairment has occurred.

(h) Other financial assetsOther financial assets are valued at fair value, being market value, at balance date. Term deposits are measured at amortised cost. Any unrealised gains and losses on holdings at balance date are recognised as either a revenue or expense.

(i) InventoriesInventories held for distribution are measured at cost, adjusted when applicable for any loss of service potential. Inventories are measured at the lower of cost and net realisable value.All other inventories, including land held for sale, are measured at the lower of cost and net realisable value. Where inventories are acquired for no cost or nominal consideration, they are measured at current replacement cost at the date of acquisition.

(j) Non-current assets classified as held for saleA non-current asset classified as held for sale (including disposal groups) is measured at the lower of its carrying amount and fair value less costs to sell, and are not subject to depreciation. Non-current assets, disposal groups and related liabilities and assets are treated as current and classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset's sale (or disposal group sale) is expected to be completed within 12 months from the date of classification.

(k) Recognition and measurement of property, plant and equipment, infrastructure, intangiblesAcquisitionThe purchase method of accounting is used for all acquisitions of assets, being the fair value of assets provided as consideration at the date of acquisition plus any incidental costs attributable to the acquisition. Fair value is the amount for which the asset could be exchanged between knowledgeable willing parties in an arm's length transaction. Where assets are constructed by Council, cost includes all materials used in construction, direct labour, borrowing costs incurred during construction, and an appropriate share of directly attributable variable and fixed overheads.In accordance with Council's policy, the threshold limits detailed in Note 1 (m) have been applied when recognising assets within an applicable asset class and unless otherwise stated are consistent with the prior year.



(l) Recognition and measurement of property, plant and equipment, infrastructure, intangibles (cont'd)RevaluationSubsequent to the initial recognition of assets, non-current physical assets, other than plant and equipment, are measured at their fair value, being the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. At balance date, the Council reviewed the carrying value of the individual classes of assets measured at fair value to ensure that each asset materially approximated its fair value. Where the carrying value materially differed from the fair value at balance date, the class of asset was revalued.Fair value valuations are determined in accordance with a valuation hierarchy. Changes to the valuation hierarchy will only occur if an external change in the restrictions or limitations of use of an asset result in changes to the permissible or practical highest and best use of the asset. Further details regarding the fair value hierarchy are disclosed at Note 22 Property, infrastructure, plant and equipment.In addition, Council undertakes a formal revaluation of land, buildings, and infrastructure assets on a regular basis ranging from one to two years. The valuation is performed either by experienced council officers or independent experts.Where the assets are revalued, the revaluation increments are credited directly to the asset revaluation reserve except to the extent that an increment reverses a prior year decrement for that class of asset that had been recognised as an expense in which case the increment is recognised as revenue up to the amount of the expense. Revaluation decrements are recognised as an expense except where prior increments are included in the asset revaluation reserve for that class of asset in which case the decrement is taken to the reserve to the extent of the remaining increments. Within the same class of assets, revaluation increments and decrements within the year are offset.

Land under roads

Land under roads acquired after 30 June 2008 is brought to account using the cost method. The Council does not recognise land under roads that it controlled prior to that period in its financial report.

(m) Depreciation and amortisation of property, infrastructure, plant and equipment and intangiblesBuildings, land improvements, plant and equipment, infrastructure, and other assets having limited useful lives are systematically depreciated over their useful lives to the Council in a manner which reflects consumption of the service potential embodied in those assets. Estimates of remaining useful lives and residual values are made on a regular basis with major asset classes reassessed annually. Depreciation rates and methods are reviewed annually.Where assets have separate identifiable components that are subject to regular replacement, these components are assigned distinct useful lives and residual values and a separate depreciation rate is determined for each component.Straight line depreciation is charged based on the residual useful life as determined each year.Depreciation periods used are listed below and are consistent with the prior year unless otherwise stated.


(l) Recognition and measurement of property, plant and equipment, infrastructure, intangibles (cont'd)RevaluationSubsequent to the initial recognition of assets, non-current physical assets, other than plant and equipment, are measured at their fair value, being the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. At balance date, the Council reviewed the carrying value of the individual classes of assets measured at fair value to ensure that each asset materially approximated its fair value. Where the carrying value materially differed from the fair value at balance date, the class of asset was revalued.Fair value valuations are determined in accordance with a valuation hierarchy. Changes to the valuation hierarchy will only occur if an external change in the restrictions or limitations of use of an asset result in changes to the permissible or practical highest and best use of the asset. Further details regarding the fair value hierarchy are disclosed at Note 22 Property, infrastructure, plant and equipment.In addition, Council undertakes a formal revaluation of land, buildings, and infrastructure assets on a regular basis ranging from one to two years. The valuation is performed either by experienced council officers or independent experts.Where the assets are revalued, the revaluation increments are credited directly to the asset revaluation reserve except to the extent that an increment reverses a prior year decrement for that class of asset that had been recognised as an expense in which case the increment is recognised as revenue up to the amount of the expense. Revaluation decrements are recognised as an expense except where prior increments are included in the asset revaluation reserve for that class of asset in which case the decrement is taken to the reserve to the extent of the remaining increments. Within the same class of assets, revaluation increments and decrements within the year are offset.

Land under roads

Land under roads acquired after 30 June 2008 is brought to account using the cost method. The Council does not recognise land under roads that it controlled prior to that period in its financial report.

(m) Depreciation and amortisation of property, infrastructure, plant and equipment and intangiblesBuildings, land improvements, plant and equipment, infrastructure, and other assets having limited useful lives are systematically depreciated over their useful lives to the Council in a manner which reflects consumption of the service potential embodied in those assets. Estimates of remaining useful lives and residual values are made on a regular basis with major asset classes reassessed annually. Depreciation rates and methods are reviewed annually.Where assets have separate identifiable components that are subject to regular replacement, these components are assigned distinct useful lives and residual values and a separate depreciation rate is determined for each component.Straight line depreciation is charged based on the residual useful life as determined each year.Depreciation periods used are listed below and are consistent with the prior year unless otherwise stated.


(e) Fair value measurement

Council measures certain assets and liabilities at fair value where required or permitted by Australian Accounting Standards. AASB 13 Fair value measurement, aims to improve consistency and reduce complexity by providing a definition of fair value and a single source of fair value measurement and disclosure requirements for use across Australian Accounting Standards.AASB 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value under AASB 13 is an exit price regardless of whether that price is directly observable or estimated using another valuation technique. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within a fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable: andLevel 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For the purpose of fair value disclosures, Council has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.In addition, Council determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

(f) Cash and cash equivalentsCash and cash equivalents include cash on hand, deposits at call, and other highly liquid investments with original maturities of 90 days or less, net of outstanding bank overdrafts.

(g) Trade and other receivablesReceivables are carried at amortised cost using the effective interest rate method. A provision for doubtful debts is recognised when there is objective evidence that an impairment has occurred.

(h) Other financial assetsOther financial assets are valued at fair value, being market value, at balance date. Term deposits are measured at amortised cost. Any unrealised gains and losses on holdings at balance date are recognised as either a revenue or expense.

(i) InventoriesInventories held for distribution are measured at cost, adjusted when applicable for any loss of service potential. Inventories are measured at the lower of cost and net realisable value.All other inventories, including land held for sale, are measured at the lower of cost and net realisable value. Where inventories are acquired for no cost or nominal consideration, they are measured at current replacement cost at the date of acquisition.

(j) Non-current assets classified as held for saleA non-current asset classified as held for sale (including disposal groups) is measured at the lower of its carrying amount and fair value less costs to sell, and are not subject to depreciation. Non-current assets, disposal groups and related liabilities and assets are treated as current and classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset's sale (or disposal group sale) is expected to be completed within 12 months from the date of classification.

(k) Recognition and measurement of property, plant and equipment, infrastructure, intangiblesAcquisitionThe purchase method of accounting is used for all acquisitions of assets, being the fair value of assets provided as consideration at the date of acquisition plus any incidental costs attributable to the acquisition. Fair value is the amount for which the asset could be exchanged between knowledgeable willing parties in an arm's length transaction. Where assets are constructed by Council, cost includes all materials used in construction, direct labour, borrowing costs incurred during construction, and an appropriate share of directly attributable variable and fixed overheads.In accordance with Council's policy, the threshold limits detailed in Note 1 (m) have been applied when recognising assets within an applicable asset class and unless otherwise stated are consistent with the prior year.



(m) Depreciation and amortisation of property, infrastructure plant and equipment and intangibles (cont'd)Asset recognition thresholds and depreciation periods Depreciation

PeriodThreshold

Limit$'000

Property land - 1 land improvements 50 years 2,000 Buildings heritage buildings 150 years 2,000 buildings 50 years 2,000 building improvements 50 years 2,000 Plant and Equipment computers and telecommunications 3 - 5 years 1 fixtures, fittings and furniture 5 - 20 years 1,000 heritage plant and equipment - 1 library books 5 years 1 plant, machinery and equipment 3 - 10 years 500 Infrastructure road pavements and seals 100 years 5,000 road substructure 100 years 5,000 road formation 100 years 5,000 road kerb, channel and minor culverts 50 years 5,000 road surface 20 years 5,000 bridges deck 100 years 5,000 bridges substructure 100 years 5,000

footpaths and cycleways30 - 50

years 3,000

drainage 50 - 100 years

5,000

recreational, leisure and community facilities10 - 50

years 2,000

waste management 5 - 15 years 5,000 off street car parks 50 years 5,000 other infrastructure 7 - 50 years 1,000

(n) Repairs and maintenanceRoutine maintenance, repair costs, and minor renewal costs are expensed as incurred. Where the repair relates to the replacement of a component of an asset and the cost exceeds the capitalisation threshold the cost is capitalised and depreciated. The carrying value of the replaced asset is expensed.

(o) Investment propertyInvestment property, comprising freehold office complexes, is held to generate long-term rental yields. Investment property is measured initially at cost, including transaction costs. Costs incurred subsequent to initial acquisition are capitalised when it is probable that future economic benefit in excess of the originally assessed performance of the asset will flow to the Council. Subsequent to initial recognition at cost, investment property is carried at fair value, determined annually by independent valuers. Changes to fair value are recorded in the comprehensive income statement in the period that they arise. Rental income from the leasing of investment properties is recognised in the comprehensive income statement on a straight line basis over the lease term.

(p) Impairment of assetsAt each reporting date, the Council reviews the carrying value of its assets to determine whether there is any indication that these assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the assets carrying value. Any excess of the assets carrying value over its recoverable amount is expensed to the comprehensive income statement, unless the asset is carried at the revalued amount in which case, the impairment loss is recognised directly against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same class of asset.



(q) Trust funds and depositsAmounts received as deposits and retention amounts controlled by Council are recognised as trust fundsuntil they are returned, transferred in accordance with the purpose of the receipt, or forfeited (refer to Note26).

(r) BorrowingsBorrowings are initially measured at fair value, being the cost of the interest bearing liabilities, net oftransaction costs. The measurement basis subsequent to initial recognition depends on whether theCouncil has categorised its interest-bearing liabilities as either financial liabilities designated at fair valuethrough the profit and loss, or financial liabilities at amortised cost. Any difference between the initialrecognised amount and the redemption value is recognised in net result over the period of the borrowingusing the effective interest method.The classification depends on the nature and purpose of the interest bearing liabilities. The Councildetermines the classification of its interest bearing liabilities at initial recognition.

Borrowing costsBorrowing costs are recognised as an expense in the period in which they are incurred, except where theyare capitalised as part of a qualifying asset constructed by Council. Except where specific borrowings areobtained for the purpose of specific asset acquisition, the weighted average interest rate applicable toborrowings at balance date, excluding borrowings associated with superannuation, is used to determine theborrowing costs to be capitalised.Borrowing costs include interest on bank overdrafts and interest on borrowings.

(s) Employee costs and benefitsThe calculation of employee costs and benefits includes all relevant on-costs and are calculated as followsat reporting date.

Wages and salaries and annual leaveLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulated sickleave expected to be wholly settled within 12 months of the reporting date are recognised in the provisionfor employee benefits in respect of employee services up to the reporting date, classified as currentliabilities and measured at their nominal values.Liabilities that are not expected to be wholly settled within 12 months of the reporting date are recognised inthe provision for employee benefits as current liabilities, measured at the present value of the amountsexpected to be paid when the liabilities are settled using the remuneration rate expected to apply at thetime of settlement.

Long service leaveLiability for long service leave (LSL) is recognised in the provision for employee benefits.Current liability - unconditional LSL is disclosed as a current liability even when the council does not expect to settle the liability within 12 months because it will not have the unconditional right to defer settlement of the entitlement should an employee take leave within 12 months.The components of this current liability are measured at :

- present value - component that is not expected to be wholly settled within 12 months.- nominal value - component that is expected to be wholly settled within 12 months.

Classification of employee costsNon-current liability - conditional LSL that has been accrued, where an employee is yet to reach a qualifying term of employment, is disclosed as a non - current liability. There is an unconditional right to defer settlement of the entitlement until the employee has completed the requisite years of service.This non-current LSL liability is measured at present value.



(t) Leases

Operating leasesLease payments for operating leases are required by the accounting standard to be recognised on a straight line basis, rather than expensed in the years in which they are incurred.

(u) Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST.Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

(v) Financial guaranteesFinancial guarantee contracts are not recognised as a liability in the balance sheet unless the lender has exercised their right to call on the guarantee or Council has other reasons to believe that it is probable that the right will be exercised. Details of guarantees that Council has provided, that are not recognised in the balance sheet, are disclosed at Note 35 contingent liabilities and contingent assets.

(w) Contingent assets and contingent liabilities are not recognised in the Balance Sheet, but are disclosed by way of a Note and, if quantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivable or payable respectively.Commitments are not recognised in the Balance Sheet. Commitments are disclosed at their nominal value by way of Note and presented inclusive of the GST payable.

(x) Pending accounting standardsCertain new AAS's have been issued that are not mandatory for the 30 June 2016 reporting period. Council has assessed these pending standards and has identified that no material impact will flow from the application of these standards in future reporting periods.

(y) RoundingUnless otherwise stated, amounts in the financial report have been rounded to the nearest thousand dollars. Figures in the financial statement may not equate due to rounding.

Contingent assets and contingent liabilities and commitments




Statement of Changes in EquityNote 2 Budget comparison

(a) Income and ExpenditureBudget Actual Variance

2016 2016 2016$'000 $'000 $'000 Ref

IncomeRates and charges 95,390 95,428 38 Statutory fees and fines 3,390 3,214 (176) User fees 9,707 6,322 (3,385) 1Grants - operating 11,196 11,194 (2) Grants - capital 616 1,780 1,164 2Contributions - monetary 1,590 3,485 1,895 3Contributions - non monetary - 1,085 1,085 4Fair value adjustments for investment property - 273 273 5Other income 1,344 5,102 3,758 6Total income 123,233 127,883 4,650

ExpensesEmployee costs (53,687) (53,695) (8) Materials and services (42,455) (38,955) 3,500 7Bad and doubtful debts (222) 93 315 8Depreciation (17,118) (18,298) (1,180) 9Other Expenses - (1,516) (1,516) 10Net loss on disposal of property, infrastructure, plant and equipment - (2,479) (2,479) 11Borrowing costs (641) (569) 72 12Total expenses (114,123) (115,419) (1,296)

Surplus for the year 9,110 12,464 3,354


The budget comparison notes compare Council’s financial plan, expressed through its annual budget, with actual performance. The Local Government (Planning and Reporting) Regulations 2014 requires explanation of any material variances. Council has adopted a materiality threshold of the lower of ten percent or one million where further explanation is warranted. Explanations have not been provided for variations below the materiality threshold unless the variance is considered to be material because of its nature.

The budget figures detailed below are those adopted by Council on 23 June 2015. The Budget was based on assumptions that were relevant at the time of adoption of the Budget. Council sets guidelines and parameters for income and expense targets in this budget in order to meet Council’s planning and financial performance targets for both the short and long-term. The budget did not reflect any changes to equity resulting from asset revaluations, as their impacts were not considered predictable.

These notes are prepared to meet the requirements of the Local Government Act 1989 and the Local Government (Planning and Reporting) Regulations 2014 .





(a) Income and Expenditure (cont.)

(i) Explanation of material variations

Buildings ExplanationHeritage Buildings

1 User fees

2 Capital grants

3 Contributions monetary

4 Contributions non monetary

5 Fair value adjustment for investment property

6 Other income

7 Materials and Services

8 Bad and doubtful debts

9 Depreciation10 Other expenses

11 Net loss on disposal of assets

12 Borrowing costs

Depreciation was over budget as a result of asset additions since the 2016 budget was struck.

Variance Ref

Capital grants were over budget by $1.164 million as a result of funding for the Roads to Recovery program exceeding budget by ($612,000) and unbudgeted government funding for the Kororoit Creek trail ($390,000).Monetary contributions were over budget by $1.895 million mainly due to additional open space contributions ($1.17 million) and other urban development contributions ($45,000). Further capital works contributions were received for the Kororoit Creek trail project ($306,000) and Brooklyn EPA improvements ($200,000).

Other income is over budget by $ 3.758 million. After adjusting for $2.843 million in rental income previously classification as user fees, other income is $ 924,000 over budget. This is mainly due to an increase in interest on investments resulting from increased cash held throughout the financial year ($846,000).Materials and services were under budget by $3.5 million, which is largely the result of reclassifying $1.765 million to other expenses. The other $ 1.735 million under expenditure is manly a result of a reduction in professional services and consultants within infrastructure and city services ($498,000), infrastructure and city services contract negotiations and efficiency gains($427,000), community care contracts ($228,000), strategic planning policy service ($183,000), offset against increases for water charges ($490,000) and the Woods Street Art Space ($150,000).

Net loss on disposal of property, infrastructure, plant and equipment was $2.479 million. This mainly relates to Council's committee of management being revoked for land at Point Gellibrand, whilst another land asset was removed as part of Council’s reconciliation of its asset register against title office records.

The reduction in bad and doubtful debts is the result of the write off of uncollectable amounts during the year and a focus on reducing amounts owed to Council.

Borrowing costs were below budget as a result of interest rates on the short term loan facility being lower than budgeted.

Non monetary contributions were $1.085 million and relate to the initial recognition of land assets. Two assets have been included after Council was granted control as committee of management, whilst another land asset was ‘discovered’ as part of Council’s reconciliation of its asset register against title office records.The fair value adjustment for investment properties of $273,000 recognises the increase in the value of Council owned investment properties as part of the land and building revaluation process.

User fees were $3.385 million under budget as a result of transferring rental income to other income ($2.843 million) and payments in lieu of rates to rate income ($518,000).After these adjustments, user fees were only $24,000 below budget with the most significant decreases in community care services ($261,000), roads and drainage fees ($134,000), parking meter income as a result of the free parking trial ($75,000) and family day care ($46,000). The most significant increases above budget were in relation to the grassland offset sites program ($180,000), the recycling education program ($75,000), children’s service ($37,000), food safety ($37,000) and building control ($28,000).

Other expenses were over budget by $1.516 million, which related to the transfer of costs from materials and services.




Statement of Changes in EquityNote 2 Budget comparison (cont)

(b) Capital WorksBudget Actual Variance

2016 2016 2016$'000 $'000 $'000 Ref

PropertyLand improvements 1,033 1,679 646 1Total Land 1,033 1,679 646

Buildings 14,759 11,181 (3,578) 2Heritage buildings - 2,515 2,515 3Total Buildings 14,759 13,696 (1,063) Total Property 15,792 15,375 (417)

Plant and EquipmentPlant, machinery and equipment 967 961 (6) Fixtures, fittings and furniture 110 32 (78) 4Computers and telecommunications 890 537 (353) 5Library books 550 398 (152) 6Total Plant and Equipment 2,517 1,928 (589)

InfrastructureRoads 4,473 5,694 1,221 7Footpaths and cycleways 2,503 2,777 274 8Drainage 2,107 1,174 (933) 9Recreational, leisure and community facilities 1,483 1,897 414 10Off street car parks 751 423 (328) 11Other infrastructure 390 195 (195) 12Total Infrastructure 11,707 12,160 453

Total Capital Works Expenditure 30,016 29,463 (553)

Represented by:New asset expenditure 8,874 8,797 (77) 13Asset renewal expenditure 18,052 18,447 395 13Asset upgrade expenditure 3,090 2,219 (871) 13Total Capital Works Expenditure 30,016 29,463 (553)






(b) Capital Works (cont.)

(i) Explanation of material variations

Item Explanation

1 Land improvements

2 & 3 Buildings and Heritage buildings

4 Fixtures, fittings and furniture

5 Computers and telecommunications6 Library books

7 Roads

8 Footpaths and cycleways

9 Drainage

10 Recreational, leisure and community

11 Off street car parks

12 Other infrastructure

13 New, Renewal and upgrade expenditure

Drainage is below budget as a result of works at Cole Street ($430,000), Challis Street ($198,000), Primula Avenue ($197,000) and Litter traps ($200,000) not proceeding. This was offset by works at Anne Street Recreational, leisure and community facilities are over budget by $414,000 as a result of additional expenditure on Council fencing ($220,000), Skate BMX facilities ($145,000) carried forward from last year and cricket practice nets ($85,000).Off street car park expenditure is under budget as a result of works at Paisley Park ($301,000) and Truganina Park ($250,000) not proceeding. Offset by additional works at Brooklyn Reserve ($115,000) and Collins Street Altona North ($92,000).The under expenditure of $195,000 is the result of a transfer of costs under the greenhouse street lighting project ($390,000) from capital to operating expense offset by additional expenditure at Merton Street ($86,000).

The budgeted council expenditure on furniture and fittings has been reclassified to other categories.

Information technology is under budget as a result of the transfer to operating expense of some budgeted items.

The reduction in hard book purchases is offset by additional operating expenditure on e-books, licenses and subscription services ($152,000).Roads were over budget as a result of additional works at Douglas Parade ($531,000), Thorpe Street ($305,000),Altona Road($298,000) and various works carried forward in the Stitch in time program ($501,000). This was offset by savings in the Vibrant Villages program ($370,000) and traffic management ($248,000).Footpaths and cycleways were over budget as a result of pathway upgrades at Comben Reserve ($323,000), the Pier Street revitalisation ($153,000) and works carried forward from 2014/15 for the Maddox Road bike path ($120,000).

Variance Ref

Expenditure was over budget as a result of foreshore works at Seaholme ($493,000) and land improvement works at Paisley Park ($178,000).Buildings and heritage buildings were under budget ($ 1.063 million) due to the delayed commencement of works at Newport Community Hub ($693,000), Altona Sports Precinct ($374,000), Bayfit ($154,000) and the Civic Centre ($198,000). Heritage building expenditure was not budgeted separately however, the works at the Williamstown town hall were ($220,000) over budget.

The variations to budget are the result of the above changes and the classification of expenditure to the appropriate category.


Hobsons Bay City Council Notes to the Financial Report2015/2016 Financial Report For the Year Ended 30 June 2016

2016 2015$'000 $'000

Note 3 Rates and charges

Council uses Capital Improved Value (CIV) as the basis of valuation of allproperties within the municipal district. The Capital Improved Value of a property is the sum which the property might beexpected to realise at the time of valuation ifoffered for sale on any reasonable terms and conditions.

The valuation base used to calculate general rates for 2015/16 was $24,309 million (2014/15 $24,196 million). The 2015/16 residential rate in the dollar was 0.2795cents (2014/150.2617 cents). Differential rating factors are used for the purpose ofapplying variable rates according to land use.

General Rates 88,641 83,092 Waste management charge 6,638 7,912 Supplementary rates and rate adjustments (173) 147 Revenue in lieu of rates 322 518 Total rates and charges 95,428 91,669

The date of the latest general revaluation of land for rating purposes within themunicipal district was 1 January 2016, and thevaluation will be firstapplied in therating year commencing 1 July 2016.

Note 4 Statutory fees and fines

Infringements and costs 1,679 2,052 Town planning fees 887 876 Permits 556 562 Land information certificates 78 65 Court recoveries 14 11 Total statutory fees and fines 3,214 3,566

Note 5 User fees

Aged and health services 2,287 1,611 Child care and children's programs 1,198 1,668 Parking 853 853 Other fees and charges 920 1,215 Registration and other permits 454 601 Leisure centres and recreation 357 149 Building services 253 236 Total user fees 6,322 6,333



2016 2015$'000 $'000

Note 6 GrantsGrants were received in respect of the following :Summary of grantsCommonwealth funded grants 4,976 6,992 State funded grants 7,997 7,686 Total grants received 12,973 14,678

Operating GrantsRecurrent - Commonwealth GovernmentVictoria Grants Commission 1,276 3,786 Family day care 4 211 Aged Care 1,826 1,653 Family, Youth and Children 797 1,332 Recurrent - State GovernmentAged care 4,645 4,384 School crossing supervisors 176 174 Libraries 595 574 Maternal and child health 596 591 Recreation 67 3 Community safety 13 14 Family, Youth and Children 474 454 Food Services 298 294 Public Health 132 135 Beach cleaning 116 90 Other 70 105 Total recurrent operating grants 11,085 13,800 Non-recurrent - Commonwealth GovernmentAged Care 20 - Non-recurrent - State GovernmentFamily and children 60 - Other 29 238 Total non-recurrent operating grants 109 238 Total operating grants 11,194 14,038

Capital GrantsRecurrent - Commonwealth GovernmentRoads to recovery 953 - Total recurrent capital grants 953 - Non-recurrent - Commonwealth GovernmentFamily youth and children 100 - Recreation - 10 Non-recurrent - State GovernmentRecreation 727 411 Environmental - 219 Total non-recurrent capital grants 827 640 Total capital grants 1,780 640

Unspent grants received on condition that they be spent in a specific manner

Balance at start of year 228 10 Received during the financial year and remained unspent at balance date 159 228 Received in prior years and spent during the financial year (228) (10) Balance at year end 159 228



2016 2015$'000 $'000

Note 7 ContributionsMonetary 3,485 2,014 Non monetary 1,085 - Total contributions 4,570 2,014

Contributions of non monetary assets were received in relation to the followingasset classes.Land 1,085 - Total non-monetary contributions 1,085 -

Note 8 Net loss on disposal of property, infrastructure, plant and equipment

Proceeds of sale 1,200 298 Written down value of assets disposed (3,679) (1,700) Total net loss on disposal of property, infrastructure, plant and equipment (2,479) (1,402)

Note 9 Other income

Interest 1,678 1,400 Investment property rental 2,319 1,698 Other rent 583 735 Other 522 532 Total other income 5,102 4,365

Note 10 (a) Employee costs

Wages and salaries 46,435 45,604 WorkCover 461 774 Casual staff 1,492 1,332 Superannuation 4,081 4,070 Fringe benefits tax 4 4 Redundancy 1,222 153 Total employee costs 53,695 51,937

Note 10 (b) SuperannuationCouncil made contributions to the following funds:

Defined benefit fundEmployer contributions to Local Authorities Superannuation Fund (Vision Super) 397 415 Employer contributions - other funds - -

397 415

Employer contributions payable at reporting date. - -

Accumulation fundsEmployer contributions to Local Authorities Superannuation Fund (Vision Super) 2,427 2,374 Employer contributions - other funds 1,416 1,281

3,843 3,655

Employer contributions payable at reporting date. - 141

Refer to note 34 for further information relating to Council's superannuation obligations.



2016 2015Note 11 Materials and services $'000 $'000

Contract payments 17,130 15,601 General maintenance 6,660 7,081 Building maintenance 4,832 4,784 Utilities 3,353 2,922 Office administration 2,011 1,903 Consultants 1,977 2,302 Information technology 1,179 1,281 Insurance 1,003 1,121 Other 810 652 Total materials and services 38,955 37,647

Note 12 Bad and doubtful debtsParking fine debtors (51) 125 Other debtors (42) 155 Total bad and doubtful debts (93) 280

Note 13 Depreciation and amortisation

Property 2,908 2,788 Plant and equipment 2,246 2,158 Infrastructure 13,144 12,886 Total depreciation and amortisation 18,298 17,832 Refer to note 22 for a more detailed breakdown of depreciation and amortisation charges

Note 14 Borrowing costs

Interest - Borrowings 569 403 Total borrowing costs 569 403

Note 15 Other expenses

Auditors' remuneration - VAGO - audit of the financial statements, performancestatement and grant acquitals

63 58

Auditors' remuneration - Internal 102 87 Councillors' allowances 238 233 Operating lease rentals 1,113 1,147 Total other expenses 1,516 1,525



2016 2015Note 16 Cash and cash equivalents $'000 $'000

Cash on hand 3 4 Cash at bank 297 1,354 Term deposits 2,980 12,990

3,280 14,348 Councils cash and cash equivalents are subject to external restrictions that limit amounts available for discretionary use. These include:- Trust funds and deposits (Note 26) 5,014 4,936 - Car park reserve (Note 29) 222 222 - Developer contribution fund (Note 29) 26 291 - Street tree planting reserve (Note 29) 289 269 - Recreation land fund (Note 29) 4,335 3,165 Total restricted funds 9,886 8,883 Total unrestricted cash and cash equivalents (6,606) 5,465

Intended allocationsAlthoughnotexternally restricted the following amountshave beenallocated for specificfuture purposes by Council:- Cash held to fund future infrastructure works 7,818 250 - Cash held to fund carried forward waste management works 5,217 5,150 - Cash held to fund future loan repayments 3,550 2,025 - Cash held to fund carried forward capital works 2,689 4,951 - Cash held to fund unexpended grants 159 228 Total funds subject to intended allocations 19,433 12,604

Refer also to Note 18 for details of other financial assets held by Council.

Thetotal of restricted funds and intendedallocations is greater than the total of cashandcash equivalents. However, the Council also has $ 42.000 million (2014/15 $ 30.000million) in term deposits with a maturity greater than 90 days. (Note 18).

Note 17 Trade and other receivables

CurrentRates debtors 5,007 4,228 Infringement debtors 1,953 2,111 Provision for doubtful debts - infringements (1,427) (1,478) Loans and advances to community organisations 112 464 Other debtors 2,658 3,209 Provision for doubtful debts - other debtors (233) (400) Total current trade and other receivables 8,070 8,134 Non-currentLoans and advances to community organisations 301 414 Total non-current trade and other receivables 301 414

Total trade and other receivables 8,371 8,548

(a) Ageing of Receivables

Past due by up to 30 days 2,361 2,837 Past due between 31 and 180 days 225 539 Past due between 181 and 365 days 68 99 Past due by more than 1 year 417 612 Total trade & other receivables 3,071 4,087

(b) Movement in provisions for doubtful debtsBalance at the beginning of the year 400 254 New Provisions recognised during the year (43) 156 Amounts already provided for and written off as uncollectible (124) (10) Balance at end of year 233 400

At balance date other debtors representing financial assets were past due but not impaired. These amounts relate to a number of independent customers for whom there is no recent history of default. The ageing of the Council's trade & other receivables (excluding statutory receivables) was:



2016 2015$'000 $'000

Note 17 Trade and other receivables (cont.)

(c) Ageing of individually impaired ReceivablesAt balance date, other debtors representing financial assets with a nominal value of $978,000 (2015 $1.697 million) were impaired. The amount of the provision raisedagainst these debtors was $ 233,000 (2015: $400,000). These debtors have beenindividually determined as impaired as a result of their doubtful collection. Many of thelong outstanding past due amounts have been lodged with Council's debt collectors orare on payment arrangements.

Past due between 31 and 180 days 60 37 Past due between 181 and 365 days 58 51 Past due by more than 1 year 115 312 Total trade & other receivables 233 400

The ageing of receivables that have been individually determined as impaired at reporting date


2016 2015$'000 $'000

Note 18 Other financial assets

Term deposits 42,000 30,000 Total other financial assets 42,000 30,000

Note 19 Inventories

Inventories held for distribution 31 14 Total inventories 31 14

Note 20 Assets held for sale

CurrentOpening balance 805 -Disposals (805) -Transfer from land 300 467 Independent valuation as at 30 June 2015 - 338

300 805

Non-currentIndependent valuation as at 30 June 2012 - 1,314 Transfer to land - (1,314) Total assets held for sale 300 805

Note 21 Other assets

Prepayments 485 437 Accrued income 383 220 Total other assets 868 657


Note

22

Prop

erty

, infra

stru

ctur

e, pl

ant a

nd eq

uipm

ent

Sum

mar

y of p

rope

rty, in

frast

ruct

ure,

plan

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At F

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alue

30 Ju

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30 Ju

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2016

At F

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WDV

30

June

2015

Land

451,7

06

(2

,197)

449,5

09

40

7,975

(1,86

9)

40

6,106

Bu

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s18

8,737

(63,9

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12

4,762

178,3

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(5

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119,2

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Plan

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Equ

ipmen

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,071

(22,9

56)

8,1

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30,32

6

(2

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)

8,673

Infra

struc

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762,4

18

(3

38,18

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424,2

35

74

2,620

(324

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41

8,396

W

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30

-

8,6

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3,642

-

3,642

1,442

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(4

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1,015

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1,3

62,91

0

(406

,828)

95

6,082

Sum

mar

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WIP

Addit

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Tran

sfers

Clos

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8,465

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5

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165

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6,173

1,185

8,6

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Hob

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Note

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epor

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15/2

016

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For t

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30 Ju

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Hob

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Note

s to

the F

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For t

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30 Ju

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te 22

Pr

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ty, in

frast

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plan

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equi

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nt'd)

Land

and

Build

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Note

Land

- sp

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Land

im

prov

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tsTo

tal L

and

Herita

ge

build

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Build

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sp

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Tota

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At fa

ir valu

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1539

1,918

16,05

7

40

7,975

17,50

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16

0,843

17

8,347

3,6

42

58

9,964

Ac

cumu

lated

depr

eciat

ion at

1 Ju

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(1

,869)

(1,86

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(54,0

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(59,0

83)

-(6

0,952

)39

1,918

14,18

8

40

6,106

12,51

0

10

6,754

11

9,264

3,6

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52

9,012

Mo

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in fa

ir va

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Acqu

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at fa

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85

1,679

2,764

2,5

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5,173

7,688

6,008

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44,13

4

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44,13

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)

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39

3

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43,73

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367

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(328

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230

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433,9

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8,465

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107,9

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3,446

6,227

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5,330

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(5,86

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(3

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(2,38

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(127

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(71)

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457,0

86

3,1

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1,659

30,73

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6,6

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5

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(197

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(363

)(3

7,001

)(8

8,232

)(8

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(2,45

6)(5

79)

(3,51

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(338

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25

9,327

2,755

38,34

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93,42

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22

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71

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4,400

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(4

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1,199

3,7

91

87

9

1,0

18

1,228

8,115




Note 22 Property, infrastructure, plant and equipment cont'd

Valuation of land and buildings

Assettype: Level1 Level2 Level3Land - 433,970 Landimprovements - - 17,736 Buildings - 32,304 134,901 HeritageBuildings - 521 21,011 Total - 32,825 607,618

Valuation of infrastructure

Assettype: Level1 Level2 Level3

Roads - - 457,086 Drainage - - 181,659 Footpaths and cycleways - - 75,347 Recreational, leisure and community facilities - - 30,739 Waste management - - 3,446 Bridges - - 3,118 Off street carparks - - 6,650 Other infrastructure - - 4,373 Total - - 762,418


Valuation of land and buildings were undertaken by Stephen Davey, AAPI CPV, valuer registration no. 63379 of Opteon Property Group, a qualified independent valuer. The valuation of land and buildings is at fair value, being market value based on highest and best use permitted by relevant land planning provisions. Where land use is restricted through existing planning provisions the valuation is reduced to reflect this limitation. This adjustment is an unobservable input in the valuation. The adjustment has no impact on the comprehensive income statement.

Specialised land is valued at fair value using site values adjusted for englobo (undeveloped and/or unserviced) characteristics, access rights and private interests of other parties and entitlements of infrastructure assets and services. This adjustment is an unobservable input in the valuation. The adjustment has no impact on the comprehensive income statement.

Any significant movements in the unobservable inputs for land and land under roads will have a significant impact on the fair value of these assets.

Details of the Council’s land and buildings and information about the fair value hierarchy as at 30 June 2016 are as follows:

Valuation of infrastructure assets has been determined in accordance with a valuation undertaken by the Council's asset management team as at 30 June 2016, supervised by Paris Zenonos B.Eng (Civil) (Hons), based on current replacement cost less accumulated depreciation at the date of valuation. The valuation is at fair value based on replacement cost less accumulated depreciation as at the date of valuation.Details of the Council’s infrastructure and information about the fair value hierarchy as at 30 June 2016 are as follows:




Note 22 Property, infrastructure, plant and equipment cont'd 2016 2015$'000 $'000

Description of significant unobservable inputs into level

Reconciliation of specialised landCommunity facilites 44,697 39,872 Parks and reserves 373,520 338,033 Other 15,753 14,508 Total specialised land 433,970 392,413

Infrastructure assets are valued based on the depreciated replacement cost. Significant unobservable inputs include the current replacement cost and remaining useful lives of infrastructure. The remaining useful lives of infrastructure assets are determined on the basis of the current condition of the asset and vary from 5 years to 150 years. Replacement cost is sensitive to changes in market conditions, with any increase or decrease in cost flowing through to the valuation. Useful lives of infrastructure are sensitive to changes in use, expectations or requirements that could either shorten or extend the useful lives of infrastructure assets.


Specialised land is valued using a market based direct comparison technique. Significant unobservable inputs include the extent and impact of restriction of use and the market cost of land per square metre. The extent and impact of restrictions on use varies and results in a reduction to surrounding land values between 5% and 95%. The market value of land varies significantly depending on the location of the land and the current market conditions. Currently land values range between $2.85 and $4,222 per square metre. Land under roads is valued at cost.

Specialised buildings are valued using a depreciated replacement cost technique. Significant unobservable inputs include the current replacement cost and remaining useful lives of buildings. Current replacement costs is calculated on a square metre basis and ranges from $383 to $9,359 per square metre. The remaining useful lives of buildings are determined on the basis of the current condition of buildings and vary from 0 years to 100 years. Replacement cost is sensitive to changes in market conditions, with any increase or decrease in cost flowing through to the valuation. Useful lives of buildings are sensitive to changes in expectations or requirements that could either shorten or extend the useful lives of buildings.



2016 2015$'000 $'000

Note 23 Investment property

Balance at beginning of financial year 8,732 8,732 Fair value adjustments 273 - Balance at end of financial year 9,005 8,732

Valuation of investment property

Note 24 Other financial assets

Non-Current Other Financial Assets

Unlisted shares at cost - Regional Kitchen Pty Ltd 230 230

Other financial assets 230 230

Note 25 Trade and other payables

Trade payables 11,051 12,059 Net GST payable 1 27 Accrued expenses 1,098 2,979 Prepaid Income - 35 Total trade and other payables 12,150 15,100

Note 26 Trust funds and deposits

Refundable deposits 3,603 3,136 Fire services levy 1,317 1,115 Other refundable deposits 94 685 Total trust funds and deposits 5,014 4,936

Refundable deposits - Deposits are taken by council as a form of surety in a number of circumstances, including in relation to building works, tender deposits, contract deposits and the use of civic facilities.


Purpose and nature of items

Valuation of investment property has been determined in accordance with an independent valuation by Stephen Davey, AAPI CPV, valuer registration no. 63379 of Opteon Property Group who has recent experience in the location and category of the property being valued. The valuation is at fair value, based on the current market value for the property.

Fire Service Levy - Council is the collection agent for fire services levy on behalf of the State Government. Council remits amounts received on a quarterly basis. Amounts disclosed here will be remitted to the state government in line with that process.




Note 27 ProvisionsEmployee Total

provisions

$ '000 $ '0002016Balance at beginning of the financial year 13,110 13,110 Additional provisions 4,103 4,103 Amounts used (3,908) (3,908) Increase in the discounted amount arisingbecauseof time and theeffect of any change in thediscountrate

68 68 Balance at the end of the financial year 13,373 13,373 2015Balance at beginning of the financial year 11,331 11,331 Additional provisions 1,930 1,930 Amounts used (951) (951) Increase in the discounted amount arisingbecauseof time and theeffect of any change in thediscountrate

800 800 Balance at the end of the financial year 13,110 13,110

2016 2015$'000 $'000

(a) Employee provisions

Annual leave 3,531 3,508 Time In Lieu 70 87 Long service leave 5,967 5,777

9,568 9,372

Annual leave 891 887 Long service leave 1,989 1,926

2,880 2,813 Total current employee provisions 12,448 12,185

Non-current Long service leave 926 925 Total non-current employee provisions 926 925

Current 12,448 12,185 Non-current 926 925

13,374 13,110

Current provisions expected to be wholly settled within 12

Current provisions expected to be wholly settled after 12

Aggregate carrying amount of employee provisions:

Total aggregate carrying amount of employee provisions




2016 2015$'000 $'000

Note 28 Interest-bearing loans and borrowings

CurrentBorrowings - secured (1) - 5,000

- 5,000

Non-currentBorrowings - secured (1) 14,200 9,200

14,200 9,200 Total 14,200 14,200

(a) The maturity profile for Council's borrowings is:

Not later than one year - 5,000 Later than one year and not later than five years - - Later than five years 14,200 9,200

14,200 14,200

(1) Borrowings are secured against the rates of the municipality.


Note 29

Balance atbeginning of

reporting period Increment (decrement)Balance at end of reporting period

(a) Asset revaluation reserves $'000 $'000 $'000

2016

PropertyLand 294,897 43,871 338,768 Buildings 7,224 (796) 6,428

302,121 43,075 345,196 InfrastructureRoads 214,190 7,066 221,256 Drainage 57,672 (77) 57,595

271,862 6,989 278,851 Total asset revaluation reserves 573,983 50,064 624,047

2015PropertyLand 270,091 24,806 294,897 Buildings 7,224 - 7,224

277,315 24,806 302,121 InfrastructureRoads 214,190 - 214,190 Drainage 57,672 - 57,672

271,862 - 271,862 Total asset revaluation reserves 549,177 24,806 573,983

Balance atbeginning of

reporting period

Transfer from accumulated

surplus

Transfer to accumulated

surplusBalance at end of reporting period

$'000 $'000 $'000 $'000(b) Other reserves

Car park reserve 222 - - 222 Infrastructure 250 7,818 (250) 7,818 Recreation land fund reserve 3,165 2,670 (1,500) 4,335 Developer contribution reserve 291 25 (290) 26 Street tree planting reserve 269 110 (90) 289 Capital works carryover reserve 4,951 2,689 (4,951) 2,689 Discretionary loan repayment reserve 2,025 1,525 - 3,550 Grants commission reserve 1,259 - (1,259) - Waste management sinking fund 5,150 717 (650) 5,217 Total Other reserves 17,582 15,554 (8,990) 24,146

2015

Car park reserve 222 - - 222 Infrastructure - 250 - 250 Recreation land fund reserve 1,783 1,820 (438) 3,165 Developer contribution reserve 300 - (9) 291 Street tree planting reserve 240 102 (73) 269 Capital works carryover reserve 2,474 4,951 (2,474) 4,951 Discretionary loan repayment reserve 1,000 1,025 - 2,025 Grants commission reserve - 1,259 - 1,259 Waste management sinking fund 3,651 1,499 - 5,150 Total Other reserves 9,670 10,906 (2,994) 17,582

2016 2015$'000 $'000

Total asset revaluation reserves 624,047 573,983 Total other reserves 24,146 17,582 Total reserves 648,193 591,565


Reserves

The asset revaluation reserve is used to record the increased (net) value of Council's assets over time.



2016 2015$'000 $'000

Note 30


Depreciation/amortisation 18,298 17,832 Loss on disposal of property, infrastructure, plant and equipment 2,479 1,402 Contributions - non monetary (1,085) - Fair value adjustments for investment property (273) (338) Change in assets and liabilities:Increase in trade and other receivables (146) (836) (Increase)/decrease in prepayments (48) 36 Decrease in accrued income (163) (4) Increase/(decrease) in trade and other payables (3,649) 504 (Increase)/decrease in inventories (17) 24 Increase in employee benefits 264 873 Net cash provided by operating activities 28,124 31,430

Note 31 Financing arrangements

Bank overdraft 700 700 Credit card facilities 300 300 Other facilities 14,200 14,200 Total facilities 15,200 15,200

Used facilitiesBank overdraft - - Credit cards (61) (55) Interest bearing loans (14,200) (14,200) Total used facilities (14,261) (14,255)

Unused facilities 939 945

Reconciliation of cash flows from operating activities to surplus/(deficit)



Note 32 Commitments

2016Not later than 1

year

Later than 1 year and not later than 2 years

Later than 2 years and not

later than 5 yearsLater than 5

years Total$'000 $'000 $'000 $'000 $'000

OperatingRoads and footpaths 3,900 3,900 983 - 8,783 Building facilities 4,006 - - - 4,006 Garbage collection 3,525 3,525 6,768 - 13,818 Information & Communications 983 156 94 - 1,233 Other 2,449 974 435 - 3,858 Open space 927 927 927 - 2,781 Utilities 536 251 33 - 820 Cleaning contracts for council buildings 705 118 - - 823 Meals for delivery 670 670 2,009 1,139 4,488 Total 17,701 10,521 11,249 1,139 40,610

CapitalBuildings 419 - - - 419 Total 419 - - - 419

2015Not later than 1

year

Later than 1 year and not later than 2 years

Later than 2 years and not

later than 5 yearsLater than 5

years Total$'000 $'000 $'000 $'000 $'000

OperatingGarbage collection 3,525 3,525 10,216 87 17,353 Roads & Footpaths 3,900 3,900 4,893 - 12,693 Building facilities 4,006 4,006 11 - 8,023 Information & Communications 880 880 55 - 1,815 Utilities 661 543 247 - 1,451 Other 1,365 938 427 - 2,730 Cleaning contracts for council buildings 705 705 120 - 1,530 Meals for delivery 670 670 2,009 1,811 5,160 Total 15,712 15,167 17,978 1,898 50,755

CapitalBuildings 7,614 405 - - 8,019 Open Space 461 - - - 461 Other 24 - - - 24 Total 8,099 405 - - 8,504


The Council has entered into the following commitments



2016 2015$'000 $'000

Note 33 Operating leases

(a) Operating lease commitments

At the reporting date, the Council had the following obligations under non-cancellable operating leases for the lease of equipment and land and buildings for use within Council's activities (these obligations are not recognised as liabilities):

Not later than one year 911 934 Later than one year and not later than five years 1,157 1,410 Later than five years - -

2,068 2,344

(b) Operating lease receivables

The Council has entered into commercial property leases on its investment property, consisting of surplus freehold office complexes. These properties held under operating leases have remaining non-cancellable lease terms of between 1 and 40 years. All leases include a CPI based revision of the rental charge annually.

Future minimum rentals receivable under non-cancellable operating leases are as follows:

Not later than one year 1,778 1,413 Later than one year and not later than five years 4,060 2,959 Later than five years 4,608 4,096

10,446 8,468

Note 34 Superannuation

Accumulation

Defined Benefit

Funding arrangements

Net investment returns 7.0% paSalary information 4.25% paPrice inflation (CPI) 2.5% pa.

Council makes the majority of its employer superannuation contributions in respect of its employees to the Local Authorities Superannuation Fund (the Fund). This Fund has two categories of membership, accumulation and defined benefit, each of which is funded differently. Obligations for contributions to the Fund are recognised as an expense in the Comprehensive Income Statement when they are made or due.

The Fund's accumulation categories, Vision MySuper/Vision Super Saver, receive both employer and employee contributions on a progressive basis. Employer contributions are normally based on a fixed percentage of employee earnings (for the year ended 30 June 2016, this was 9.5% as required under Superannuation Guarantee legislation).

Council does not use defined benefit accounting for its defined benefit obligations under the Fund's Defined Benefit category. This is because the Fund's Defined Benefit category is a pooled multi-employer sponsored plan.

There is no proportional split of the defined benefit liabilities, assets or costs between the participating employers as the defined benefit obligation is a floating obligation between the participating employers and the only time that the aggregate obligation is allocated to specific employers is when a call is made. As a result, the level of participation of Council in the Fund cannot be measured as a percentage compared with other participating employers. Therefore, the Fund Actuary is unable to allocate benefit liabilities, assets and costs between employers for the purposes of AASB

Council makes employer contributions to the Defined Benefit category of the Fund at rates determined by the Trustee on the advice of the Fund Actuary.

As at 30 June 2015, an interim acturial investigation was held as the Fund provides lifetime pensions in the Defined Benefit category. The vested benefit index (VBI) of the Defined Benefit category of which Council is a contributing employer was 105.8%. To determine the VBI, the fund Actuary used the following long-term assumptions:

119.



Note 34 Superannuation (cont'd)

Employer contributions

Regular contributions

Funding calls

2015 Interim actuarial investigation surplus amounts

A VBI surplus of $130.8 million; andA total service liability surplus of $239 million.

Future superannuation contributions

Note 35 Contingent liabilities and contingent assets

Guarantees for loans to other entities

Altona Sports Centre - Loan Guarantee 1,500 1,500

Contingent assets4,010 3,533

In the event that the Fund Actuary determines that there is a shortfall based on the above requirement, the Fund’s participating employers (including Council) are required to make an employer contribution to cover the shortfall. Using the agreed methodology, the shortfall amount is apportioned between the participating employers based on the pre-1 July 1993 and post-30 June 1993 service liabilities of the Fund’s Defined Benefit category, together with the employer’s payroll at 30 June 1993 and at the date the shortfall has been calculated.

Vision Super has advised that the estimated VBI at 30 June 2016 was 102.0%. The VBI is to be used as the primary funding indicator. Because the VBI was above 100%, the 2015 interim actuarial investigation determined the Defined Benefit category was in a satisfactory financial position and that no change was necessary to the Defined Benefit category’s funding arrangements from prior years.

On the basis of the results of the 2015 interim actuarial investigation conducted by the Fund Actuary, Council makes employer contributions to the Fund’s Defined Benefit category at rates determined by the Fund’s Trustee. For the year ended 30 June 2016, this rate was 9.5% of members' salaries (9.5% in 2014/2015). This rate will increase in line with any increase to the contribution rate. In addition, Council reimburses the Fund to cover the excess of the benefits paid as a consequence of retrenchment above the funded resignation or retirement benefit.

If the Defined Benefit category is in an unsatisfactory financial position at an actuarial investigation or the Defined Benefit category‘s VBI is below its shortfall limit at any time other than the date of the actuarial investigation, the Defined Benefit category has a shortfall for the purposes of SPS 160 and the Fund is required to put a plan in place so that the shortfall is fully funded within three years of the shortfall occurring. The Fund monitors its VBI on a quarterly basis and the Fund has set its shortfall limit at 97%.

Due to the nature of the contractual obligations between the participating employers and the Fund, and that the Fund includes lifetime pensioners and their reversionary beneficiaries, it is unlikely that the Fund will be wound up. If there is a surplus in the Fund, the surplus cannot be returned to the participating employers. In the event that a participating employer is wound-up, the defined benefit obligations of that employer will be transferred to that employer’s successor.

The Fund’s interim actuarial investigation as at 30 June 2015 identified the following in the defined benefit category of which Council is a contributing employer:

The VBI surplus means that the market value of the fund’s assets supporting the defined benefit obligations exceed the vested benefits that the defined benefit members would have been entitled to if they had all exited on 30 June 2015. The total service liability surplus means that the current value of the assets in the Fund’s Defined Benefit category plus expected future contributions exceeds the value of expected future benefits and expenses. Council was notified of the 30 June 2015 VBI during August 2015.

The expected contributions to be paid to the Defined Benefit category of Vision Super for the year ending 30 June 2017 is $390,000.

Council has obligations under a defined benefit superannuation scheme that may result in the need to make additional contributions to the scheme, matters relating to this potential obligation are outlined in Note 34. As a result of the volatility in financial markets the likelihood of making such contributions in future periods exists. At this point in time it is not known if additional contributions will be required, their timing or potential amount.

The amount disclosed for financial guarantee in this note is the nominal amount of the underlying loan that is guaranteed by the Council, not the fair value of the financial guarantee.

Bank guarantees from service providers



Note 36

(b) Market risk

Interest rate risk

- diversification of investment product; - monitoring of return on investment; and - benchmarking of returns and comparison with budget.

Interest rate movements have not been sufficiently significant during the year to have an impact on the Council's year end result.

(c) Credit risk

- council have a policy for establishing credit limits for the entities Council deal with; - council may require collateral where appropriate; and - council only invest surplus funds with financial institutions which have a recognised credit rating specified in council's investment policy.

There are no material financial assets which are individually determined to be impaired.

(d) Liquidity risk

To help reduce these risks Council: - have a liquidity policy which targets a minimum and average level of cash and cash equivalents to be maintained; - have readily accessible standby facilities and other funding arrangements in place; - have a liquidity portfolio structure that requires surplus funds to be invested within various bands of liquid instruments; - monitor budget to actual performance on a regular basis; and - set limits on borrowings relating to the percentage of loans to rate revenue and percentage of loan principal repayments to rate revenue.

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

Market risk is the risk that the fair value or future cash flows of council financial instruments will fluctuate because of changes in market prices. The Council's exposure to market risk is primarily through interest rate risk with only insignificant exposure to other price risks and no exposure to foreign currency risk.


Financial instruments(a) Objectives and policiesThe Council's principal financial instruments comprise cash assets, term deposits, receivables (excluding statutory receivables), payables (excluding statutory payables) and bank borrowings. Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument is disclosed in Note 1 of the financial statements. Risk management is carried out by senior management under policies approved by the Council. These policies include identification and analysis of the risk exposure to Council and appropriate procedures, controls and risk minimisation.

Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Council's interest rate liability risk arises primarily from long term loans and borrowings at fixed rates which exposes council to fair value interest rate risk / Council does not hold any interest bearing financial instruments that are measured at fair value, and therefore has no exposure to fair value interest rate risk. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Council has minimal exposure to cash flow interest rate risk through its cash and deposits that are at floating rates. Investment of surplus funds is made with approved financial institutions under the Local Government Act 1989 . Council manages interest rate risk by adopting an investment policy that ensures:

There has been no significant change in the Council's exposure, or its objectives, policies and processes for managing interest rate risk or the methods used to measure this risk from the previous reporting period.

Credit risk is the risk that a contracting entity will not complete its obligations under a financial instrument and cause Council to make a financial loss. Council have exposure to credit risk on some financial assets included in the balance sheet. To help manage this risk:

Receivables consist of a large number of customers, spread across the ratepayer, business and government sectors. Credit risk associated with the Council's financial assets is minimal because the main debtor is secured by a charge over the rateable property.

The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements. Council does not hold any collateral.

Liquidity risk includes the risk that, as a result of council's operational liquidity requirements it will not have sufficient funds to settle a transaction when required or will be forced to sell a financial asset at below value or may be unable to settle or recover a financial asset.

The Council's maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed on the face of the balance sheet and the amounts related to financial guarantees disclosed in Note 35, and is deemed insignificant based on prior periods' data and current assessment of risk.

There has been no significant change in Council's exposure, or its objectives, policies and processes for managing liquidity risk or the methods used to measure this risk from the previous reporting period.

Council may also be subject to credit risk for transactions which are not included in the balance sheet, such as when Council provide a guarantee for another party. Details of our contingent liabilities are disclosed in Note 35.

With the exception of borrowings, all financial liabilities are expected to be settled within normal terms of trade. Details of the maturity profile for borrowings are disclosed at Note 29.



Note 36 Financial instruments (cont'd)

(e) Fair value

(f) Sensitivity disclosure analysis

- A parallel shift of + 1.0% and -1.0% in market interest rates (AUD) from year-end rates of 2.89%.


Taking into account past performance, future expectations, economic forecasts, and management's knowledge and experience of the financial markets, Council believes the following movements are 'reasonably possible' over the next 12 months:

These movements will not have a material impact on the valuation of Council's financial assets and liabilities, nor will they have a material impact on the results of Council's operations.

Fair value hierarchyCouncil's financial assets and liabilities are not valued in accordance with the fair value hierarchy , Council's financial assets and liabilities are measured at amortised cost.



Note 37 Related party transactions

(i) Responsible Persons

Councillors Councillor Peter Hemphill (Mayor 06/11/2015 to 30/06/2016)Councillor Collen Gates (Mayor 01/07/2015 to 06/11/2015) Councillor Angela Altair Councillor Carl MarsichCouncillor Paul MorganCouncillor Jason PriceCouncillor Sandra Wilson

Chief Executive Officer Chris Eddy

(ii) Remuneration of Responsible Persons

2016 2015No. No.

5 5 1 1 1 1

$310,000 - $ $319,999 - 1 $330,000 - $ $339,999 1 -

8 8

573,000 541,000

(iii)

The number of Senior Officers other than the Responsible Persons, are shown below in their relevant income bands:

2016 2015No. No.

1 5 4 7 4 5 6 -- 1 1 -- 2 - 2 2 -1 -

19 22

3,437,000 3,769,000

(iv)

A Senior Officer other than a Responsible Person, is an officer of Council who: a) has management responsibilities and reports directly to the Chief Executive; orb) whose total annual remuneration exceeds $139,000

Senior Officers Remuneration


Names of persons holding the position of a Responsible Person at the Council at any time during the year are:

The numbers of Responsible Persons whose total remuneration from Council and any related entities, excluding retirement benefits, fall within the following bands:

$20,000 - $29,999$40,000 - $49,999$60,000 - $69,999

Total Remuneration for the reporting year for Responsible Persons included above amounted to:

Income Range:$140,000 - $149,999

$180,000 - $189,999

$230,000 - $239,999$240,000 - $249,999

$190,000 - $199,999

$170,000 - $179,999

$250,000 - $259,999

$150,000 - $159,999$160,000 - $169,999

No retirement benefits were made by the Council to a responsible person during the rerporting period by Council.

Responsible persons retirement benefits

Total Remuneration for the reporting year for Senior Officers included above,

$260,000 - $269,999




Note 37 Related party transactions (cont'd)

(v)

(vi)

(vii)Details of transactions between council and other related parties are disclosed below:

Note 38 Events occurring after balance date No matters have occurred after balance date that require disclosure in the financial report.

Loans to responsible personsNo loans have been made, guaranteed or secured by the Council to a responsible person of the Council, or a related party of a responsible person during the reporting period (2014/15, Nil).

Transactions with responsible personsNo transactions other than remuneration payments or the reimbursement of approved expenses were entered into by the Council with responsible persons or related parties of such responsible persons, during the reporting period (2014/15, Nil).


Councillor Angela Altair is President of the Williamstown Literary Festival. For the year ended 30 June 2016, Council contributed ($22,000 GST inclusive) for event

Other transactions

Councillor Peter Hemphill is a board member of Seaworks Foundation Ltd. For the year ended 30 June 2016, Council contributed ($67,200 GST inclusive) towards a business investment case and event sponsorship.


For the year ended 30 June 2016

PERFORMANCE STATEMENT


PERFORMANCE STATEMENT

Hobsons Bay is situated on Port Phillip Bay around 10 kilometres west of central Melbourne.

It covers an area of approximately 66 square kilometres. It has over 20 kilometres of bay frontage, quality residential areas, a huge expanse of environmentally significant open space and a range of major industrial complexes, which contribute significantly to the economy of Victoria.

Hobsons Bay is home to Victoria’s chemical and petroleum industries and contains some of the state’s largest industrial enterprises. The local economy includes manufacturing, transport and goods distribution companies and a large number of light industries and service industries.

Hobsons Bay is an established municipality with limited undeveloped land suitable for residential use with strategic redevelopment sites for future residential development. Its population is expected to grow to 107,243 over the next 20 years.

These features contribute to the City’s culture, which is strongly linked to its maritime heritage, environment, industry and lifestyle.


46

SustainableCapacityIndicatorsFortheyearended30June2016

Results Results Material Variations and Comments

Indicator/measure 2015 2016 Population C1 Expenses per head of municipal population $1,202.71 $1,244.26 [Total expenses / Municipal population]

C2 Infrastructure per head of municipal population

$6,033.88 $6,098.93

[Value of infrastructure / Municipal population]

C3 Population density per length of road

210.99 214.72

[Municipal population / Kilometres of local roads]

Own-source revenue

C4 Own-source revenue per head of municipal population $1,150.53 $1,189.51 [Own-source revenue / Municipal population]

C5 Recurrent grants Recurrent grants per head of municipal population [Recurrent grants / Municipal population]

$155.40 $130.26

Decreased recurrent grant funding resulting from a significant reduction in the Victorian

Grants Commission 2015-16 payment as part was received in the prior financial year.

Disadvantage C6 Relative Socio-Economic Disadvantage 7.00 7.00 [Index of Relative Socio-Economic Disadvantage by decile]

47

Sustainable Capacity IndicatorsFor the year ended 30 June 2016


48

ServicePerformanceIndicatorsFortheyearended30June2016

Results Results Service/indicator/measure 2015 2016 Material Variations and Comments Aquatic Facilities Utilisation AF6 Utilisation of aquatic facilities 4.22 3.20 Variation is due to a slight change in how visits are counted within the

reports from the pool receipting system. [Number of visits to aquatic facilities / Municipal population] Animal Management Health and safety AM4 Animal management prosecutions 0.00 1.00 [Number of successful animal management prosecutions] Food Safety Health and safety

FS4 Critical and major non-compliance outcome notifications 75.00% 98.78% Closer monitoring of critical and major on compliance notifications has improved our result in 2015/16

[Number of critical non-compliance outcome notifications and major non-compliance notifications about a food premises followed up / Number of critical non-compliance outcome notifications and major non-compliance notifications about a food premises] x100

Governance Satisfaction G5 Satisfaction with council decisions 65.50 69.00

[Community satisfaction rating out of 100 with how council has performed in making decisions in the interest of the community]

Service Performance IndicatorsFor the year ended 30 June 2016


49

Results Results Service/indicator/measure 2015 2016 Material Variations and Comments Home and Community Care (HACC) Participation HC6 Participation in HACC service 17.00% 17.07%

[Number of people that received a HACC service / Municipal target population for HACC services] x100

Participation HC7 Participation in HACC service by CALD people 12.00% 12.27%

[Number of CALD people who receive a HACC service / Municipal target population in relation to CALD people for HACC services] x100

Libraries

LB4

Participation Active library members [Number of active library members / Municipal population] x100

23.00% 21.74%

Once the new facility is open, and further collection access avenues made possible through the release of

Library App a concerted promotional program will commence particularly promoting the benefits of

membership to the community including use of facilities and access to e-collections.

MC4

Maternal and Child Health (MCH) Participation Participation in the MCH service[Number of children who attend the MCH service at least once (in the year) / Number of children enrolled in the MCH service] x100

76.00% Nil

In 2016 there was an initiative to transition the majority of Victorian councils offering Maternal and Health services to a new database. The database is not

expected to provide reliable information until the end of September 2016. Therefore Council is unable to report

this data for the 2015/16 financial year.

Service Performance Indicators cont.For the year ended 30 June 2016


50

Results Results Service/indicator/measure 2015 2016 Material Variations and Comments

MC5

Participation Participation in the MCH service by Aboriginal children [Number of Aboriginal children who attend the MCH service at least once (in the year) / Number of Aboriginal children enrolled in the MCH service] x100

77.00% Nil

In 2016 there was an initiative to transition the majority of Victorian councils offering Maternal and Health services to a new database. The database is not

expected to provide reliable information until the end of September 2016. Therefore Council is unable to report

this data for the 2015/16 financial year. Roads

R5

Satisfaction Satisfaction with sealed local roads [Community satisfaction rating out of 100 with how council has performed on the condition of sealed local roads]

64.00 70.00

Prompt response to the larger than average increase in road requests reported during the period could be a

factor contributing to the increase in community satisfaction rating. However, it should be noted that a different randomly selected sample of 800 community

members is surveyed each year. Statutory Planning Decision making SP4 Council planning decisions upheld at VCAT 62.00% 57.45%

[Number of VCAT decisions that did not set aside council's decision in relation to a planning application / Number of VCAT decisions in relation to planning applications] x100

Waste Collection Waste diversion WC5 Kerbside collection waste diverted from landfill 47.00% 46.88%

[Weight of recyclables and green organics collected from kerbside bins / Weight of garbage, recyclables and green organics collected from kerbside bins] x100

51


53

Results Results Forecasts Material Variations and Dimension/indicator/measure 2015 2016 2017 2018 2019 2020 Comments Liquidity

L1 Working capital Current assets compared to current liabilities [Current assets / Current liabilities] x100

144.97% 184.22% 179.88% 171.91% 159.11% 153.63%

The increased ratio is consistent with an increased

level of cash at year end, largely a result of the improved operational and capital works results in 2015-16, the capital works carryover and year end

balance sheet changes. Council’s cash reserves are

increasing to cover future loan principal repayments, waste requirements (both of which

are held in reserve) and growing future creditor and

employee leave commitments. In addition, savings in

operational and capital works are being transferred to an

infrastructure reserve to fund future years capital works

shortfalls. Therefore increasing cash reserves are

not to be seen as an opportunity to increase

spending.

52

FinancialPerformanceIndicatorsFortheyearended30June2016

Results Results Forecasts Material Variations and Dimension/indicator/measure 2015 2016 2017 2018 2019 2020 Comments Efficiency

Revenue level

E1 Average residential rate per residential property assessment

$1,621.50 $1,697.27 $1,771.38 $1,811.42 $1,852.48 $1,894.55

[Residential rate revenue / Number of residential property assessments]

Expenditure level

E2 Expenses per property assessment $2,722.91 $2,785.00 $2,772.34 $2,885.11 $2,960.09 $3,065.99

[Total expenses / Number of property assessments]

E3

Workforce turnover Resignations and terminations compared to average staff [Number of permanent staff resignations and terminations / Average number of permanent staff for the financial year] x100

5.42% 13.72% 5.39% 5.39% 5.39% 5.39%

Increased number of terminations in 2015-16

resulting from Council decision to outsource direct long day

care.

Financial Performance IndicatorsFor the year ended 30 June 2016


54

Results Results Forecasts Material Variations and Results Results Forecasts Material Variations and Dimension/indicator/measure 2015 2016 2017 2018 2019 2020 Comments

L2 Unrestricted cash Unrestricted cash compared to current liabilities [Unrestricted cash / Current liabilities] x100

81.39% 109.91% 124.78% 120.96% 112.06% 110.26%

Whilst unrestricted cash appears to be increasing, Council's increasing cash

reserves are earmarked for specific purposes (as

mentioned above) and are required to ensure Council

remains financially sustainable when these funds are spent.

Obligations

O1 Asset renewal Asset renewal compared to depreciation [Asset renewal expense / Asset depreciation] x100

83.41% 100.81% 119.95% 107.43% 111.57% 112.30%

The increased level of asset renewal reflects Council's

commitment to continue its focus on endeavouring to

provide a sufficient level of annual funding to meet

ongoing asset renewal needs, before funding new assets.

Loans and borrowings O2 Loans and borrowings compared to rates 15.49% 14.88% 14.47% 14.06% 13.67% 13.32%

[Interest bearing loans and borrowings / Rate revenue] x100

55

Results Results Forecasts Material Variations and Dimension/indicator/measure 2015 2016 2017 2018 2019 2020 Comments

O3

Loans and borrowings repayments compared to rates [Interest and principal repayments on interest bearing loans and borrowings / Rate revenue] x100

10.90% 5.77% 0.64% 0.63% 0.61% 0.60%

The increased amount in 2014-15 reflects Council's decision to transfer its loan borrowings

($9.2 million) to the local government funding vehicle

bond, whilst the 2015-16 figure reflects the decision to transfer

another $5 million. The reduced indicators from 2016-17 reflect the decision not to

borrow further, combined with interest only repayment

schedules.

Indebtedness

O4 Non-current liabilities compared to own source revenue [Non-current liabilities / Own source revenue] x100

9.65% 14.02% 13.59% 13.31% 12.97% 12.69%

The increase in 2015-16 reflects Council's decision to

convert $5 million to long term borrowings via a local

government funding vehicle bond.


Financial Performance Indicators cont.For the year ended 30 June 2016

56

Results Results Forecasts Material Variations and Dimension/indicator/measure 2015 2016 2017 2018 2019 2020 Comments Operating position Adjusted underlying result OP1 Adjusted underlying surplus (or deficit) 9.53% 8.04% 10.49% 9.85% 9.30% 8.16%

[Adjusted underlying surplus (deficit)/ Adjusted underlying revenue] x100

Stability Rates concentration S1 Rates compared to adjusted underlying revenue 75.65% 77.70% 78.17% 78.58% 78.52% 78.78% [Rate revenue / Adjusted underlying revenue] x100

Rates effort

S2 Rates compared to property values 0.38% 0.39% 0.35% 0.36% 0.37% 0.38%

[Rate revenue / Capital improved value of rateable properties in the municipality] x100

57


Other InformationFor the year ended 30 June 2016

Council is required to prepare and include a performance statement within its annual report. The performance statement includes the results of the prescribed sustainable capacity, service performance and financial performance indicators and measures together with a description of the municipal district and an explanation of material variations in the results. This statement has been prepared to meet the requirements of the Local Government Act 1989 and Local Government (Planning and Reporting) Regulations 2014.

Where applicable the results in the performance statement have been prepared on accounting bases consistent with those reported in the Financial Statements. The other results are based on information drawn from Council information systems or from third parties (e.g. Australian Bureau of Statistics).

The performance statement presents the actual results for the current year and for the prescribed financial performance indicators and measures, the results forecast by the Council’s strategic resource plan. The Local Government (Planning and Reporting) Regulations 2014 requires explanation of any material variations in the results contained in the performance statement. Council has adopted materiality thresholds relevant to each indicator and measure and explanations have not been provided for variations below the materiality thresholds unless the variance is considered to be material because of its nature.

The forecast figures included in the performance statement are those adopted by Council in its strategic resource plan on 23 June 2015 and which forms part of the council plan. The strategic resource plan includes estimates based on key assumptions about the future that were relevant at the time of adoption and aimed at achieving sustainability over the long term. Detailed information on the actual financial results is contained in the General Purpose Financial Statements. The strategic resource plan can be obtained by contacting Council.

HOBSONS BAY CITY COUNCIL

115 Civic Parade, AltonaPO Box 21, Altona 3018Phone (03) 9932 1000Fax (03) 9932 1090NRS phone 133 677 and quote 03 9932 1000Email [email protected]

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www.hobsonsbay.vic.gov.au

2015–16 - city of hobsons bay · 2019-01-16 · hobsons bay city council 2015/2016 financial...

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