urban land development authority - final report 1 … report 1 july 2011 – 31 january 2013 urban...

Final Report1 July 2011 – 31 January 2013

Urban Land Development Authority

Final Report 1 July 2011 – 31 January 2013 1


Annual Report2011-2012

Urban Land Development Authority I Final Report

Public availability of report

The Department of State Development, Infrastructure and Planning is committed to minimising its impact on the environment by limiting the number of printed copies of this report. An electronic version of this document is available on our website at www.dsdip.qld.gov.au

Details of contact officer for enquiries

Email: [email protected]

Mail: Department of State Development, Infrastructure and Planning PO Box 15009 City East QLD 4002

Telephone: 13QGOV or (07) 3227 8548

Interpreter Service Statement

The Queensland Government is committed to providing accessible services to Queenslanders of all cultural and linguistic backgrounds. If you

have difficulty understanding this publication and need a translator, please call the Translating and Interpreting Service (TIS National) on telephone 131 450 and ask them to telephone the Queensland Department of State Development, Infrastructure and Planning on telephone (07) 3227 8548.

Copyright notice

The Department of State Development, Infrastructure and Planning is responsible for driving the economic development of Queensland.

© State of Queensland, Department of State Development, Infrastructure and Planning, May 2013, 100 George Street, Brisbane Qld 4000. (Australia)

Licence: This work is licensed under the Creative Commons CC BY 3.0 Australia licence.

To view a copy of this licence, visit www.creativecommons.org/licenses/by/3.0/au/deed.en. Enquiries about this licence or any copyright issues can be directed to the Senior Advisor, Governance on telephone (07) 3224 2085 or in writing to PO Box 15009, City East, Queensland 4002.

Attribution: The State of Queensland, Department of State Development, Infrastructure and Planning.

The Queensland Government supports and encourages the dissemination and exchange of information. However, copyright protects this publication. The State of Queensland has no objection to this material being reproduced, made available online or electronically but only if it is recognised as the owner of the copyright and this material remains unaltered.

Disclaimer: While every care has been taken in preparing this publication, the State of Queensland accepts no responsibility for decisions or actions taken as a result of any data, information, statement or advice, expressed or implied, contained within. To the best of our knowledge, the content was correct at the time of publishing.

Any references to legislation are not an interpretation of the law. They are to be used as a guide only. The information in this publication is general and does not take into account individual circumstances or situations. Where appropriate, independent legal advice should be sought.

International Standard Serial Number (ISNN)

ISSN - 1839-4493

2

Contents

Compliance letter ....................................................................................................................................................................... 2

About this report ....................................................................................................................................................................... 3

Message from the former CEO ................................................................................................................................................... 4

About the ULDA ......................................................................................................................................................................... 5

Planning ................................................................................................................................................................................... 6

Development assessment .......................................................................................................................................................... 7

Community engagement ............................................................................................................................................................ 7

Residential development ........................................................................................................................................................... 8

Urban development .................................................................................................................................................................. 11

ULDA Board ...............................................................................................................................................................................12

Executive Management Team ...................................................................................................................................................14

ULDA staffing ............................................................................................................................................................................15

Governance ...............................................................................................................................................................................16

Financial summary ....................................................................................................................................................................17

Financial statements .................................................................................................................................................................21

Compliance checklist ............................................................................................................................................................... 62



2

About this report

This is the Final Report of the Urban Land Development Authority (ULDA). As part of machinery-of-government changes implemented on 1 February 2013, the ULDA was abolished and the ULDA’s functions were transitioned into Economic Development Queensland, which is a commercialised business unit of the Department of State Development, Infrastructure and Planning.

This report refers to the activities and performance of the ULDA for the financial year 1 July 2011 to 30 June 2012 and for the last seven months of the ULDA until 31 January 2013.

The ULDA Final Report has been developed for the Deputy Premier and Minister for State Development, Infrastructure and Planning, the Honourable Jeff Seeney MP and ULDA stakeholders including builder partners, local government, industry and the community.

This report contains financial statements and a summary of the ULDA’s financial and non-financial performance for the reporting period 1 July 2011 – 31 January 2013, in line with the targets and objectives outlined in the Financial and Performance Management Standard 2009.

It also complies with the ULDA’s legislative reporting requirements under the Financial Accountability Act 2009, the Urban Land Development Authority Act 2007 and the Queensland Government’s Annual Report Requirements for Queensland Government Agencies.



Message from the former Chief Executive Officer

This is the Final Report of the Urban Land Development Authority (ULDA), encompassing operations for the last 19 months as a statutory authority.

During this period, the ULDA oversaw the successful implementation of initiatives to provide innovative, affordable and sustainable housing solutions in communities across Queensland, the continued delivery of quality urban and residential developments and the completion of a range of planning documents to facilitate these developments.

Initiatives implemented by the ULDA included the My Place program which assisted key workers in competitive housing markets to buy their own home, the development of innovative housing products such as the zero net emission home at Fitzgibbon Chase and the design and introduction of small lot affordable housing.

This period also saw the completion of significant planning work including the finalisation of development schemes for the four greenfield Urban Development Areas (UDA) in Yarrabilba, Greater Flagstone, Ripley Valley and Caloundra South. These areas are some of the major growth centres in South East Queensland which will ultimately provide housing for up to 340,000 people over the next 30 - 40 years.

A suite of guidelines and practice notes were completed, outlining the standards for development in UDAs and covering a range of design areas including park planning and design, engineering standards, environmental sustainability and non-resident worker accommodation. These documents have been created to assist development within UDAs, with the aim to ultimately provide guidance to local government and the broader development industry.

Development continues across 14 UDAs with high rise developments completed in Bowen Hills and Northshore Hamilton, over 350 homes built in Fitzgibbon Chase, Gladstone and Mackay, and the construction of the first homes in the major greenfield UDAs, including Caloundra South and Greater Flagstone.

Development in residential projects in the resource communities of Blackwater and Moranbah is well advanced following the accelerated release of land into these constrained markets to improve land availability and housing affordability. Development in Roma is also progressing well with the first residents already moved into their new homes.

As part of the government’s commitment to re-empower local government, in 2012 the ULDA worked with Brisbane City Council to successfully delegate development assessment functions to council in the four Brisbane-based UDAs at Bowen Hills, Northshore Hamilton, Fitzgibbon and Woolloongabba.

The last six months of the ULDA was a period of change for the authority as it prepared to transition into the Department of State Development, Infrastructure and Planning.

During this time the ULDA continued to support the government’s objectives for the community including growing a four pillar economy by undertaking and facilitating development in declared UDAs, lowering the cost of living through the delivery of sustainable and affordable housing, and delivering better infrastructure and using better planning through the preparation of development schemes for declared UDAs.

I would like to thank all involved with the ULDA over the five years of its existence. The achievements of the ULDA in that time are a tribute to the board and employees. In particular Paul Eagles, the Chief Executive Officer until December 2012, deserves special mention for guiding, directing and inspiring the team.

Chris MillsFormer Chief Executive Officer

4

About the ULDA

The ULDA was established under the Urban Land Development Authority Act 2007 as a statutory authority responsible for the facilitation of:

• the availability of land for urban purposes

• the provision of a range of housing options to address diverse community needs

• the provision of infrastructure for urban purposes

• planning principles that give effect to ecological sustainability and best practice urban design

• the provision of an ongoing availability of affordable housing options for low to moderate income households.

The ULDA was the plan maker, development assessment authority, and in some cases development manager for 17 declared Urban Development Areas (UDAs) across Queensland.

During the five years the ULDA was in operation the scope and focus of the organisation expanded from the initial Brisbane based UDAs that were declared in Bowen Hills, Northshore Hamilton and Fitzgibbon in 2008 and later Woolloongabba, to include UDAs in:

• regional centres; Gladstone (Clinton, Tannum Sands and Toolooa), Townsville (Oonoonba), Rockhampton and Mackay (Andergrove)

• resource communities; Moranbah, Blackwater and Roma

• strategic greenfield areas; Ripley Valley, Greater Flagstone, Yarrabilba and Caloundra South.

As plan maker the ULDA prepared development schemes for each of the declared areas which consisted of a land use plan, infrastructure plan and infrastructure strategy. To provide further direction to stakeholders in relation to how development might be undertaken in these declared areas, a series of guidelines and practice notes were prepared over time by the ULDA which cover a range of planning, engineering and environmental matters.

Of the 17 UDAs declared, the ULDA worked in partnership with builders and developers to deliver residential projects in eight communities in Fitzgibbon, Clinton, Tannum Sands, Oonoonba, Andergrove, Moranbah, Blackwater and Roma.

Through these developments the ULDA has:

• assisted in getting housing on the ground in resource areas where pressure has been felt due to the growth in the mining sector, especially for key workers

• demonstrated innovative housing to improve housing choice and affordability • implemented best practice ecological sustainability policies.

The ULDA also worked with industry to co-ordinate and provide infrastructure to facilitate the development of a key inner-Brisbane riverside precinct at Northshore Hamilton.

Vision Mission Values

Vibrant inclusive communities

Ensure private and government land holdings can be brought to the market quickly to improve land supply, housing diversity and employment.

Creating outstanding new communities all Queenslanders will be proud of by utilising best practice design principles to deliver a range of affordable housing options maximising sustainable outcomes.

Bold leadershipCollaboration and partnershipCreativity and innovationSustainabilityIntegrity



Planning

During 2011 – 2012 six development schemes and one amended development scheme were finalised and approved by government before taking effect. This included schemes for four greenfield areas which represent some of the most significant growth opportunities in South East Queensland, as well as schemes for two major resource communities in Central Queensland.

Approved development schemes were finalised for the following UDAs:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

• Blackwater

• Moranbah

• Caloundra South

• Greater Flagstone

• Ripley Valley

• Yarrabilba

The amended scheme for the Fitzgibbon UDA, which included more detailed planning of the Carseldine Urban Village, was also approved.

Other planning milestones included:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

• revision, updating and addition to the ULDA guidelines and practice notes which cover a range of design elements with 19 guidelines and 12 practice notes now publicly available

• finalisation of public engagement for the Tannum Sands UDA Development Scheme and the review of the public submissions

• finalisation of public engagement for the proposed development schemes for the Central Queensland University Rockhampton and Toolooa UDAs

• receiving national awards for planning excellence for the ULDA’s Self Certification Manual and for public engagement associated with the preparation of the Moranbah and Blackwater UDA Development Schemes.

July 2012 to January 2013 was a period of change for the planning team as the Economic Development Bill 2012 progressed through Parliament and the transition of the ULDA started.

During this period the planning team:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

• finalised the Tannum Sands UDA Development Scheme which was approved on 19 October 2012 by the State Government

• prepared for the transition of the proposed development schemes for Rockhampton and Toolooa which would be approved under the new Economic Development Act 2012

• advised on drafting issues in relation to planning elements of the new Act

• assisted with the preparation of the Regional and Resource Towns Action Plan focusing on housing and land supply issues in regional Queensland

• prepared for the declaration of new Priority Development Areas, including the Commonwealth Games Village site at Parklands, under the Economic Development Act 2012

• supported the delegation of development assessment responsibilities for the four Brisbane UDAs to Brisbane City Council.

6

Development assessment

From 1 July 2011 until 31 January 2013 the development assessment team:

• received 269 properly made applications across 14 UDAs

• approved 213 applications across 14 UDAs of which nine were changes to existing approvals.

In total the approvals allow for the development of over 4,300 residential lots and approximately 153,000m2 of commercial and retail space.

Major approvals during this period include:----------------------------------------------------------------------------------------------------------------------------------------------------------------------

• whole of site material change of use (MCU) and reconfiguration of a lot (one into 1001 lots) at the northern end of the Greater Flagstone UDA

• separate greenfield reconfigurations within the Ripley Valley UDA by major developers AMEX, Stockland and Sekisui House delivering 730 lots

• whole of site applications at Caloundra South and Yarrabilba by Stockland and Lend Lease respectively establishing master planning frameworks for future development within these two greenfield sites

• compliance assessment approval of the ‘The Green’, representing the first Lend Lease residential development within the RNA precinct delivering 340 units

• three commercial developments located at Hudd St, Abottsford Road and the Mongolian restaurant site in Bowen Hills delivering over 100,000m2 of commercial space

• MCU for two residential towers in Bowen Hills totalling 300 units

• two residential towers within the Brookfield ‘Portside Wharf’ development delivering 285 units in Northshore Hamilton

• eight buildings as part of the mixed use development by Shayher Developments in Northshore Hamilton delivering 277 units

• MCU for business and industry in Northshore Hamilton for the Harvest Property Group totalling 12,500m2 in commercial and retail space.

Community engagement

Community engagement played a significant role in the planning work that the ULDA undertook in declared UDAs. While the legislative engagement requirements in the Urban Land Development Authority Act 2007 specified a 30 business day public notification period for proposed development schemes, the ULDA always sought to undertake more detailed engagement.

From 1 July 2011 until 31 January 2013 comprehensive community engagement activities were undertaken for the preparation of development schemes for three UDAs.

Development scheme prepared Submission period for proposed scheme

Tannum Sands UDA Development Scheme 4 November – 19 December 2011

CQU Rockhampton UDA Development Scheme 29 June – 13 August 2012

Toolooa UDA Development Scheme 29 June – 13 August 2012



Residential development

The residential development team was responsible for developments being undertaken by the ULDA within a number of UDAs throughout Queensland.

Brisbane

• Fitzgibbon Chase

Regional centres

• Hillclose, Clinton (Gladstone)

• Tannum Blue, Tannum Sands (Gladstone)

• Woodlands, Andergrove (Mackay)

• The Village, Oonoonba (Townsville)

Resource communities

• Blue Ridge, Blackwater

• Bushlark Grove, Moranbah

• Clearview Rise, Roma

Fitzgibbon Chase, Brisbane

• The delivery of over 370 homes in the three and a half years since development started in May 2009.

• Of those homes delivered, 83 per cent met the ULDA’s affordability target, which is well above the 66 per cent required under the Fitzgibbon UDA Development Scheme.

• Development of a further 127 lots, ready for homes to be built.

• New affordable, small lot freehold product developed with the ULDA’s builder partners, including urban homes on lots of 54m2 and terrace product under 173m2 and delivered to the market starting at less than $197,000.

• Innovation in housing with the design of the Small Office, Home Office (SOHO) product providing flexible floor space opportunities for work from home.

• Completion of zero net energy homes.

• Completion of Lavender Place road extension, providing important vehicle and pedestrian access between the new development and surrounding suburbs to the Carseldine Railway Station and proposed busway station.

• Continued rollout of two innovative sustainable water projects FiSH and Potaroo which will see the harvesting of roof water and stormwater from within the UDA for re-use.

• Completion of the $3.4 million Fitzgibbon Chase Community Centre jointly funded by the ULDA and the Federal Government.

• Completion and opening to the public of the 2.7km bushland trail network.

8

Regional centres

Gladstone

• Completion and nearly full sell-out of the first four stages within the HillClose development and the rollout of Stage 6a.

• Opening of the HillClose display village.

• The construction of 76 homes with another 46 under construction.

• 66 per cent of house and land packages sold were below Gladstone’s median house price of $457,000 (Dec 2012) exceeding the target of 60 per cent.

• The identification and approval of an additional development site at Tannum Sands and commencement of construction.

• The Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to the Tannum Sands project, Tannum Blue.

Mackay

• The completion and nearly full sell-out of two released stages within the Woodlands development and rollout of the further stages 2, 4 and 5.

• The opening of the display village at Woodlands.

• The construction of 42 homes with another 16 under construction, 70 per cent of which are affordable in the Mackay market.

Townsville

• In collaboration with Townsville City Council, the revision of the draft Ross River Flood Study reducing the potentially significant impacts on the development of The Village as well as the surrounding suburbs.

• The completion of the first stage of The Village and rollout of the further stages of development in stages 2 and 3.

• The project achieved 48 settlements since development started, with 57 per cent of house and land packages affordable in the Townsville market, exceeding the target of 50 per cent.

• The construction of 35 homes with another 10 under construction.

During this period the ULDA also delivered training and industry development initiatives for trainees and school children in each of these UDAs.

Resource communities

Blackwater

• The completion of 12 townhouses in Blackwater with six transferred to Central Highlands Regional Council to provide affordable housing for key workers.

• Acceleration of release to market within the ULDA’s 126 lot Blue Ridge development and the start of construction of homes.

• The Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to Blue Ridge.

Moranbah

• The commencement of the first two stages of the ULDA’s 151 lot Bushlark Grove residential development.

• The accelerated release to market of lots within Bushlark Grove and the start of construction of homes.

• The Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to Bushlark Grove.



Roma

• The completion of the first stage of the ULDA residential development Clearview Rise, with 14 settlements; 70 per cent of which are below the median house price in Roma.

• The completion of 12 homes funded by the ULDA and the Sustainable Resources Council (SRC) and the rollout of Stage 4 of the development.

• The Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to Clearview Rise.

Reinvestment into ULDA projects

The ULDA has reinvested millions of dollars in its residential development projects to provide affordable housing in resource communities and develop innovative and sustainable housing solutions. These projects include:

• $1.06 million for zero net energy homes at Fitzgibbon Chase

• $1 million for construction of four homes in Roma for gifting to Maranoa Regional Council for affordable housing

• $1 million for the completion of three further houses to be gifted to Maranoa Regional Council for affordable housing

• $270,000 for the transfer of lot 11 at Woodlands to Mackay Regional Housing Company to construct a four-unit development

• $1.8 million for the construction of demonstration/innovative housing including SOHO, nano and urban product at Fitzgibbon Chase

• $850,000 for the construction of four demonstration dwellings at Woodlands including nano product on 54m2 blocks

• $2 million to supply land to Isaac Regional Council to develop and manage affordable housing for the region

• $2 million to Central Highlands Regional Council to purchase six units in the Aurora Close development, managed by Central Highlands Housing Company Limited.

Successful launch and rollout of the My Place program

My Place was an initiative instigated by the ULDA and designed for key workers to get their foot in the door of the highly competitive housing market. Under My Place, key workers were given an opportunity to purchase a home ahead of higher income earners or investors.

Eligible people with household incomes of between $60,000 and $105,000 were given the chance to enter into a ballot to buy house and land packages ranging from $250,000 to $360,000 across Queensland. The rollout of My Place continues under EDQ.

Project Price Range No Sold Lot Size

Fitzgibbon $237,000 - $289,500 2 62m2 - 198m2

HillClose $220,000 - $380,000 21 115m2 - 280m2

Woodlands $239,000 - $356,000 4 Townhouse and 111m2 - 257m2

Moranbah $189,000 - $203,200 4 375m2 - 421m2

10

Urban development

The urban development team was responsible for the development of land in medium to higher density UDAs. The development role sometimes extended to the delivery of roads, infrastructure and public realm required to support the sale of prepared lots to third party developers.

Where the ULDA was not a land owner in these UDAs, the team played a facilitation role for other State Government agencies that were the land owners.

The urban development team was created in 2010 as part of the restructure of the ULDA in recognition of the growth in the Authority’s development involvement in urban sites. This included facilitation of development within the Carseldine Urban Village as well as development of ULDA owned land at Northshore Hamilton.

A major focus of the urban development team was the Northshore Hamilton UDA, where the ULDA owned approximately 60 hectares of land.

The highlights include:

Northshore Hamilton

• The completion of a new $5 million CityCat Terminal from which a regular express service to the CBD is now operational.

• The completion of $1.5 million of road works and approximately $1.5 million of riverwalk works around the Australand development.

• The completion of $10 million of trunk sewer works from Macarthur Ave to Violet St north of Kingsford Smith Drive.

• Design for the completion of parks, public realm, roads and infrastructure at the western end of Northshore Hamilton which is expected to cost approximately $60 million to deliver.

• The sale of just over 1 hectare of land on Remora Road for $12 million to The Shayher Group which has started construction on a mixed-use development comprising 273 units and 5,000m2 of commercial and retail space.

• A development agreement with BTP Development Services (and joint venture between Graystone, Harvest and Alceon) for up to 5 hectares of land to deliver a 50,000m2 Northshore Business and Innovation Precinct over the next five years which is expected to realise a return of more than $25 million to the State Government.

• The construction of over 1,000 dwellings to date with approvals in place or construction underway on another 500 dwellings.

In late 2012, the urban development team was tasked with facilitating the delivery of the 2018 Gold Coast Commonwealth GamesTM Village which included the handover of the Commonwealth Games Village business plan from the Department of Tourism, Major Events, Small Business and the Commonwealth Games and preparation for selection of a development partner and consultants for early site works. The delivery of the village is being continued by EDQ.



ULDA Board

The constitution of the board was specified in section 105 of the Urban Land Development Authority Act 2007. The board comprised nine members including the Chair and the chief executives or delegates of the departments in which the State Development and Public Works Organisation Act 1971 and the Financial Administration Act 2009 are administered.

Board members

Appointed

Julie Boyd – Chair – resigned 16 August 2012

Michael Back – resigned 16 August 2012

Michael Kerry – term completed 14 November 2011

John Corbett – resigned 16 August 2012

Renaye Peters – resigned 16 August 2012

Jim Reeves – resigned 26 August 2011

Margaret Strelow – resigned 16 August 2012

Matthew Miller – appointed 9 December 2011 - resigned 16 August 2012

Ex-officio

Jack Noye – until April 2012

Alison Quinn – April 2012 until August 2012

Drew Ellem – until August 2012

Board meetings

Board meetings (12 held and 1 flying minute)

Board workshops (1 held)

Audit and Risk Committee (4 held)

Julie Boyd 12 1 4

Michael Back 9 3

Michael Kerry 3

John Corbett 12 1

Drew Ellem 12 1 3

Jack Noye* 4 1

Renaye Peters 11 1 4

Jim Reeves 2

Margaret Strelow 8 1

Matthew Miller 7 1

Alison Quinn 4

Graham Carpenter (ARC Chair) 4

*Kathy Schaefer represented Jack Noye at 15 September 2011 meeting

*Adrian Jeffreys represented Jack Noye at 20 October 2011 and 15 December 2011 meetings

*Alison Quinn represented Jack Noye at 15 March 2012 meeting.

12

Board functions

The ULDA Board undertook a range of administrative and decision making functions as detailed in the Urban Land Development Authority Act 2007. The board was responsible for the overall corporate governance of the ULDA and was the internal approval body for development schemes and development applications.

As part of the transition of the ULDA into the Department of State Development, Infrastructure and Planning, the board resigned as of 16 August 2012. The Deputy Premier and Minister for State Development, Infrastructure and Planning assumed many of the responsibilities of the ULDA Board until the abolition of the ULDA on 31 January 2013.

Audit and Risk Management Committee

The Audit and Risk Management Committee oversaw the ULDA’s risk profile and key strategic and operational risks. The committee members resigned in August 2012 as part of the transition into the Department of State Development, Infrastructure and Planning. The department assumed many of the responsibilities of the committee until the ULDA was abolished on 31 January 2013.

The committee met on four occasions during 2011 - 2012, providing advice and support to the CEO and the ULDA Board in the discharge of their responsibilities under the Financial Administration Act 2009, in particular advising on financial and governance matters of the ULDA. The committee observed the terms of its charter with due regard to Queensland Treasury’s Audit Committee Guidelines.

An internal audit function was in place as part of the corporate governance framework by which the Authority maintained effective systems of accountability and control. The internal audit function reported to the audit and risk committee, providing independent and objective advice and assurance. The role of internal audit included appraisal of the ULDA’s financial administration and effectiveness, as well as the provision of value added audit services and advice.



Executive Management Team

The Executive Management Team (EMT) within the ULDA consisted of the Chief Executive Officer, Chief Operating Officer and Directors of the various areas within the organisation. The EMT members met fortnightly to review operations and performance of key strategies. Members also attended the board meetings.

Paul Eagles: Chief Executive Officer (until 3 December 2012)---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Paul has 30 years experience in the development industry with a focus on the planning and delivery of residential communities providing a diverse mix of housing. He oversaw the successful planning of 17 Urban Development Areas. These included areas in Brisbane, regional and resource centres, and four new communities in South East Queensland which will become home to more than 300,000 people.

Paul has held senior positions with national development companies working on large master planned communities in South East Queensland. Paul also spent 15 years in local government, including positions with Cairns City Council, Logan City Council and Albert Shire Council.

Chris Mills: Acting Chief Executive Officer (3 December 2012 - 31 January 2013) ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Chris joined the ULDA in June 2009 as the Chief Financial Officer, until being appointed Chief Operating Officer with the organisation in November 2011 and finally the Acting Chief Executive Officer in December 2012.

In his previous role as corporate services manager at Southbank Corporation he managed a range of development, financial, retail and other operating responsibilities.

Additionally, Chris has extensive tourism and leisure experience gained through senior management roles in Macquarie Leisure Trust and assets, Dreamworld and d’Albora Marinas, and is a board member of Currumbin Wildlife Sanctuary.

Steve Conner: Director - Planning---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Steve joined the ULDA in May 2008 bringing more than 20 years experience in strategic and statutory planning, urban design, transit orientated development and development assessment to the Authority.

Steve led the ULDA planning team’s work on 17 UDAs declared over the past five years. He was also instrumental in the development of different planning guidelines including the Residential 30: Guideline to deliver diversity in new neighbourhood development.

Previously, Steve led Queensland Transport’s planning team, responsible for development assessment and facilitating transit orientated development projects.

Matt Leyshon: Director - Urban Development ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Matt joined the ULDA in October 2009 as Director of Development and led the expansion of the ULDA’s project portfolio from approximately 1,000 lots at Fitzgibbon Chase to over 3,000 lots across Queensland. With the transfer of approximately 60 hectares of land at Northshore Hamilton from the Port of Brisbane to the ULDA in 2010, a dedicated urban development team was formed which he led.

Previously, Matt was the Chief Operating Officer with Indigo Group and was also directly responsible for the development management of Indigo’s multi-residential projects.

Matt has more than 20 years experience in the property and construction industries in Australia, Hong Kong and London. He holds an MBA from the Australian Business School and a Bachelor of Architecture from University of Queensland.

Peter Smith: Director - Residential Development---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Peter joined the ULDA in November 2009 bringing more than 15 year’s experience in preparing feasibilities, design and delivery of large and medium scale complexes, master-planned residential developments across communities, commercial and residential building, civil engineering, subdivisional and infrastructure master planning, construction and contract administration.

Previously at Brookfield Multiplex Developments, Peter was Senior Development Manager Communities with responsibility for the proposed development of residential and non-residential land for Echelon Development at Keperra Quarry.

After joining the ULDA he was instrumental in the planning and delivery of all of the ULDA’s residential developments.

14

ULDA staffing

Workforce planning, attraction and retention

During the 2011 – 2012 financial year and until 31 January 2013 staffing levels for the ULDA decreased from 89.5 to 78.9 full time equivalent employees. All ULDA staff were based in the Brisbane office, except for two staff members and two trainees who were located on-site at the Fitzgibbon Chase residential land development project.

During the 2011 – 2012 financial year and until 31 January 2013 the ULDA recorded a permanent staff retention rate of 89 per cent and a permanent separation rate of 11 per cent.

Workgroup FTE

Office of the Chief Executive Officer 6.80

Office of the Chief Operating Officer 3.00

Business Services 12.50

Planning 10.80

Planning – Development Assessment 10.00

Development – Residential 19.96

Development – Sales and Marketing 7.00

Development – Urban 8.80

Grand Total 78.86

Voluntary Early Retirement (VER) and retrenchments

There were no VERs at the ULDA during this period.

There were six redundancies at the ULDA during this period. The ULDA conducted a review of the activities of the Sustainability and Innovation Unit in May 2012 which highlighted the need for the Authority to focus its resources and energy in its core business. The review determined to close the Sustainability and Innovation Unit, resulting in four redundancies.

There were two further redundancies in January 2013, relating to the transition of the ULDA into Economic Development Queensland.

Chief Executive Officer

PlanningOffice of the CEO DevelopmentOffice of

the COOBusiness Services



Governance

Service standards

The ULDA’s performance measures focused on the efficiency and effectiveness of the core work undertaken by the Authority.

In regard to efficiency, this performance measure applied to the decision making period undertaken by the ULDA to assess a development application upon receipt of all information required to make a determination. Under the Urban Land Development Authority Act 2007, the ULDA was required to decide applications within 40 business days from receipt of all necessary information.

The ULDA set a target of under 40 business days to measure its efficiency. This timeframe did not include time taken by an applicant to respond to information requests from the ULDA as this is outside the control of the ULDA. It also did not include the public notification period of an application as this is a set statutory period.

In regard to effectiveness, this is a measure of how effectively the ULDA delivered on its purpose to facilitate the provision of affordable housing for low to moderate income households. The definition of low to moderate household incomes, affordable housing and the prices at which homes are considered affordable to rent or purchase are outlined in the ULDA’s Housing Strategy.

Urban Land Development Authority 2012-13 Target/Est. 2012-13 Est./Actual

Service standards

Average number of days to process a development application

31 37

Percentage of completed dwellings that are affordable for households on low to moderate incomes

15 per cent 29 per cent

Public Sector Ethics Act 1994

ULDA’s administrative procedures and management practices had proper regard for the organisation’s Code of Conduct and the Public Sector Ethics Act 1994. Staff were made aware and trained in the Code of Conduct and the requirements for ethical behaviour. The Code of Conduct was on the ULDA’s intranet and in the ULDA’s register of documents which relate to the final report.

Ministerial direction

The Urban Land Development Authority Act 2007 (the Act) provided for a wide range of powers to enable the Authority to carry out its responsibilities. Under section 130 of the Act the responsible Minister was able to give the ULDA a written direction about the performance of its functions (a Ministerial direction).

No Ministerial direction was given from 1 July 2011 – 31 January 2013.

Website information

As per the Queensland Government’s requirements, information regarding Right to Information, information privacy, complaints management, Native Title, overseas travel, Carers (Recognition) Act 2008, shared service agency, information systems and record keeping, and consultancies has not been included in this document and is instead available on the Department of State Development, Infrastructure and Planning website at www.dsdip.qld.gov.au

16

Summary of Financial PerformanceFor the period 1 July 2011 to 31 January 2013




Introduction

On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012. A new entity called Minister for Economic Development Queensland (MEDQ) was established to replace the former Urban Land Development Authority (ULDA) and Property Services Group (PSG). The Urban Land Development Authority Act was repealed and the Urban Land Development Authority abolished effective 31 January 2013.

As a consequence of these changes the services, assets and liabilities of the ULDA were transferred to MEDQ on 1 February 2013.

This is therefore the final financial report of the ULDA.

The summary of the financial performance of the ULDA for the period 1 July 2011 to 31 January 2013 highlights the key financial results together with associated commentary. Tables and graphs have been used to illustrate comparisons between financial years. Direct comparisons with 2013 must be made with the knowledge this relates to a 19 month period.

18

Financial Summary

The Authority recorded an operating surplus before revaluations and transferred assets of $2.6 million for the 19 month period to 31 January 2013. The Authority recorded an operating loss for the period of $101.6 million after accounting for $67.4 million downwards valuation in assets and $36.8 million in assets already transferred or provided for future transfer.

Key financial results for the past 3 years have been summarised in the table below.

2009-10 2010-11 2011-1319 months $m $m $m

Land sales 9.7 40.2 74.2

Land costs 8.4 29.9 53.8

Development profit 1.3 10.3 20.4

Grants 8.4 7.5 5.9

User charges - 2.8 20.6

Other revenue 2.0 1.1 1.1

Cost of development management agreements - - 11.8

Other expenses 9.7 18.1 33.6

Operating surplus (deficit) before revaluations and donated assets

2.0 3.6 2.6

Downwards revaluation of assets - - 67.4

Assets transferred - - 36.8

Operating result (before tax equivalents) 2.0 3.6 (101.6)

Tax equivalents 0 (0.1) 21.0

Operating surplus (deficit) 2.0 3.5 (80.6)

Total revenue for the 19 months to 31 January 2013 was $101.8 million which included $74.2 million in land sales, $20.6 million in development application and development management sale fees, property rental income and other user fees. Grants and contributions amounted to $5.9 million and other income $1.1 million.

Total expenses for the 19 months to 31 January 2013 were $203.4 million which included a $67.4 million revaluation decrement for land and buildings, $53.8 million cost of land sold, $36.8 million in assets already transferred or provided for future transfer, $14.5 million employee costs, $11.8 million in costs on development management agreements and $19.1 million in other costs.

ULDA financial overview

10.0

20.0

30.0

50.0

60.0

0

40.0$ M

illio

ns

70.0

80.0

90.0

2007-08

Total Revenue

Total Expenses

100.0

2008-09 2009-10 2010-11 2011-13(19 months)

The sources of revenue for the ULDA over the past 5 years are shown in the graph above.

$ M

illio

ns

10.0

20.0

30.0

50.0

60.0

0

40.0

70.0

80.0

90.0

2007-08

100.0

2008-09 2009-10 2010-11 2011-13(19 months)

Revenue

Other revenue

User charges

Grants

Land sales

Total revenues and total expenses exclude non cash revaluations and transferred assets for the past 5 years and are shown in the graph above.



Significant transactions

Assets transferred or earmarked for future transfer

Assets transferred and earmarked for transfer to external authorities over the 19 months amounted to $36.8 million. During the 19 months to 31 January 2013 the following assets have either been transferred or provided for future transfer. Under Australian Accounting Standards these amounts have to be recognised as an expense.

Development Area Assets transferred or earmarked for future transfer

To Amount

$m

Northshore Hamilton Brisbane

Café and parks Brisbane City Council $4.6

Northshore Hamilton Brisbane

Roads Department of Environment and Resource Management

$16.9

Other development areas Various Various local authorities $15.3

Total $36.8

Revaluation of investment property

The ULDA’s investment properties were independently valued by the State Valuation Services using fair value principles. The values assigned to the land and buildings at Northshore Hamilton were adjusted to reflect their listed Brisbane City Council zoning (primarily port or industrial use) and do not reflect the potential higher use under the existing development scheme for this precinct. The revaluation decrement of $67.4 million has been recorded as an expense in the ULDA’s accounts as required by Australian Accounting Standards.

Assets and liabilities

50.0

100.0

150.0

250.0

300.0

0

200.0

$ M

illio

ns

350.0

400.0

Total assets

Total libilities

June 2008

January2013

Assets and liabilities

The total value of the ULDA’s assets at 31 January 2013 was $328.9 million. Total liabilities were $166.0 million. The net equity for the ULDA of $162.9 million at 31 January 2013 has been transferred to the newly created Economic Development Queensland which commenced operations 1 February 2013.

Total assets and liabilities for the ULDA over the past 5 years are shown in the graph, right.

June 2009

June 2010

June 2011

20

Urban Land Development AuthorityFinancial Statements

For the financial period ended 31 January 2013

Contents

Statement of Comprehensive Income ...................................................................................................................................... 22

Statement of Financial Position ............................................................................................................................................... 23

Statement of Changes In Equity .............................................................................................................................................. 24

Statement of Cash Flows ......................................................................................................................................................... 25

Notes to and forming part of the Financial Statements .......................................................................................................... 27

Management Certificate of the Urban Land Development Authority ....................................................................................... 59

Independent Audit Report ....................................................................................................................................................... 60

General Information

The Authority is a Queensland Government Statutory Authority established under the Urban Land Development Authority Act 2007 (ULDA Act).

The Authority is controlled by the State of Queensland which is the ultimate parent.

The head office and principal place of business of the Authority is Level 4, 229 Elizabeth Street Brisbane QLD 4000.

A description of the nature of the Authority’s operations and its principal activities is included in the notes to and forming part of the financial statements.

On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012. A new entity called Minister for Economic Development Queensland (MEDQ), a corporation sole, was established to replace the former Urban Land Development Authority (ULDA) and Property Services Group (PSG). The ULDA Act was repealed and the ULDA abolished effective 31 January 2013.

For information in relation to the Authority’s financial statements please call 13 QGOV, email [email protected] or visit www.dsdip.qldgov.au.



STATEMENT OF COMPREHENSIVE INCOMEfor the period commenced 1 July 2011 and ended 31 January 2013

Restated*

2013 2011

Notes $000 $000

Income from continuing operations

Sale of land 3 74,226 40,279

User charges 4 20,579 2,848

Grants and other contributions 5 5,898 7,555

Other income 6 1,134 1,065

Total income from continuing operations 101,837 51,747

Expenses from continuing operations

Cost of land sold 3 53,829 29,971

Cost of development on development management agreements 11,769 -

Selling and marketing expenses 7 8,957 1,966

Employee expenses 8 14,482 6,416

Supplies and services 9 7,009 7,919

Depreciation 10 960 796

Revaluation decrement – Investment property 18,19 74,145 -

Revaluation increment – Property, plant and equipment 18,19 (6,795) -

Other expenses 11 39,068 1,051

Total expenses from continuing operations 203,424 48,119

Operating result from continuing operations beforeincome tax equivalent (101,587) 3,628

Current income tax equivalent expense/(revenue) 12 3,164 (101)

Deferred income tax equivalent expense/(revenue) 12 (24,152) 244

Operating result from continuing operations afterincome tax equivalent (80,599) 3,485

Other comprehensive income - -

Total comprehensive income (80,599) 3,485

The accompanying notes form part of these statements.

* See note 2 for details regarding the restatement as a result of errors in the prior periods.

22

STATEMENT OF FINANCIAL POSITIONas at 31 January 2013

Restated Restated*

2013 2011* 1 July 2010

Notes $000 $000 $000

Current assets

Cash and cash equivalent 13 - 21,879 10,283

Other financial assets 14 - 6,163 -

Trade and other receivables 15 - 589 203

Inventories 16 - 75,665 97,310

Other current assets 17 - 267 146

Total current assets - 104,563 107,942

Non current assets

Inventories 16 - 59,000 -

Property, plant and equipment 18 - 31,834 24,556

Investment property 19 - 186,536 194,466

Deferred tax asset 12 - 6,258 6,958

Total non current assets - 283,628 225,980

Total assets - 388,191 333,922

Current liabilities

Trade and other payables 20 - 37,964 17,058

Other financial liabilities 21 - 33,624 17,284

Accrued employee benefits 22 - 716 389

Provisions 23 - 5,861 4,623

Total current liabilities - 78,165 39,354

Non current liabilities

Other financial liabilities 21 - 30,494 28,201

Trade and other payables 20 - 11,543 5,929

Deferred tax 12 - 51,971 52,528

Total non current liabilities - 94,008 86,658

Total liabilities - 172,173 126,012

Net assets - 216,018 207,910

Equity

Contributed equity - 301,256 296,633

Retained surplus - (85,238) (88,723)

Total equity - 216,018 207,910





STATEMENT OF CHANGES IN EQUITYfor the period commenced 1 July 2011 and ended 31 January 2013

AccumulatedSurplus

ContributedEquity

TOTAL

2013 2013 2013

Notes $000 $000 $000

Balance as at 1 July 2011 (85,238) 301,256 216,018

Profit for the year after income tax (80,599) - (80,599)

Other comprehensive incomeTransactions with owners in their capacity as owners

- - -

Equity contributions from Queensland Treasury - 15,000 15,000

Other equity adjustments 23 - 12,474 12,474

Transfer to Economic Development Queensland 32 165,837 (328,730) (162,893)

Balance as at 31 January 2013 - - -

AccumulatedSurplus

ContributedEquity

TOTAL

2011 2011 2011

$000 $000

Balance as at 1 July 2010 (88,227) 296,633 208,406

Adjustment on correction of errors (net of tax) 2 (496) - (496)

Restated total equity at the beginning of the financial year (88,723) 296,633 207,910

Profit for the year after income tax as reported in the 2011 financial statementsAdjustment on correction of errors (net of tax)

2 3,619 - 3,619

(134) - (134)

Restated profit for the yearTransactions with owners in their capacity as owners

3,485 - 3,485

Equity contributions 23 - 4,623 4,623

Balance as at 30 June 2011 (85,238) 301,256 216,018


24

STATEMENT OF CHANGES IN CASH FLOWSfor the period commenced 1 July 2011 and ended 31 January 2013

Restated*

2013 2011

Notes $000 $000

Cash flows from operating activities

Inflows:

Sale of land 66,872 38,434

User charges 8,763 5,715

Grants and other contributions 5,898 7,555

GST collected from customers 10,071 2,909

GST input tax credits from ATO 11,828 6,087

Interest receipts 1,199 1,011

Outflows:

Payments to suppliers and employees (126,677) (48,788)

GST paid to suppliers (13,277) (6,420)

GST remitted to ATO (7,568) (2,968)

Net cash provided by/(used in) operating activities 25 (42,891) 3,535

Cash flows from investing activities

Inflows:

Infrastructure contributions received 7,938 8,957

Payment received for capital project - 11,000

Outflows:

Infrastructure contributions paid (10,582) -

Payments for / proceeds from term deposits 6,163 (6,163)

Payments for property, plant and equipment (8,556) (10,983)

Payments for infrastructure - (2,793)

Net cash provided by/(used in) investing activities (5,037) 18

Cash flows from financing activities

Inflows:

Proceeds from borrowing 98,118 39,429

Contributed equity 15,000 -

Outflows:

Borrowing redemptions (77,253) (31,386)

Return of advance for construction of busway (8,090)

Net cash provided by/(used in) financing activities 27,775 8,043

Net increase in cash and cash equivalents held (20,153) 11,596

Cash and cash equivalents at beginning of financial year 21,879 10,283

Transfer of cash to Economic Development Queensland (1,726) -

Cash and cash equivalents at end of financial year 13 - 21,879





Note Note title

Objectives and principal activities of the AuthorityNote 1: Summary of significant accounting policiesNote 2: Prior period adjustmentsNote 3: Land salesNote 4: User chargesNote 5: Grants and other contributionsNote 6: Other revenueNote 7: Selling and marketing expensesNote 8: Employee expensesNote 9: Supplies and servicesNote 10: DepreciationNote 11: Other expensesNote 12: Income tax equivalentNote 13: Cash and cash equivalentsNote 14: Other financial assetsNote 15: ReceivablesNote 16: InventoriesNote 17: Other current assetsNote 18: Property, plant and equipmentNote 19: Investment propertyNote 20: PayablesNote 21: Other financial liabilitiesNote 22: Accrued employee benefitsNote 23: ProvisionsNote 24: Key executive management personnel and remunerationNote 25: Reconciliation of operating surplus/(deficit) to net cash from operating activitiesNote 26: Non-cash financing and investing activitiesNote 27: Commitments for expenditureNote 28: Joint ventureNote 29: Events occurring after balance dateNote 30: ContingenciesNote 31: Financial instrumentsNote 32: Transfer of net assets to Economic Development Queensland

Urban Land Development Authority NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 2011 - 2013

26

Abolishment of the Urban Land Development Authority

The Urban Land Development Authority which was established under the Urban Land Development Authority Act 2007 as a not for profit entity, worked with local and State Government, community, local landholders and the development industry to help deliver commercially viable developments that included diverse, affordable, sustainable housing using best practice urban design.

On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012. A new entity called Minister for Economic Development Queensland (MEDQ), a corporation sole, was established to replace the former Urban Land Development Authority (ULDA) and Property Services Group (PSG). The Urban Land Development Authority Act was repealed and the ULDA abolished effective 31 January 2013.

MEDQ through Economic Development Queensland (EDQ) will facilitate economic development and development for community purposes in the State. EDQ will continue the current planning and development activities of the former ULDA and PSG and identify new residential, urban and industrial projects.

As a consequence of these changes the services, assets and liabilities of the ULDA were transferred to MEDQ on 31 January 2013, through equity withdrawal.

This is therefore the final financial statements of the ULDA.

Basis of preparationAs a consequence of the above, the financial statements have been prepared on a liquidation basis.

References to 2013 throughout the financial statements and notes relate to the 19 month period from 1 July 2011 to 31 January 2013. Therefore amounts disclosed are not entirely comparable.

1. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Statement of compliance The Authority has prepared these financial statements in compliance with section 43 of the Financial and

Performance Management Standard 2009.

These financial statements are general purpose financial statements and have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board. In addition, the financial statements comply with Queensland Treasury’s Minimum Reporting Requirements, to the extent relevant, for the period ended 31 January 2013 and other authoritative pronouncements.

With respect to compliance with Australian Accounting Standards and Interpretations, the Authority has applied those minimum requirements applicable to not-for-profit entities. Except where stated, the historical cost convention is used.

(b) The reporting entity The financial statements include the value of all revenues, expenses, assets, liabilities and equity of the

Authority. The Authority does not have any controlled entities.

(c) Income recognition Income is measured at the fair value of the consideration or contribution received or receivable. Amounts

disclosed are net of returns, allowances, rebates and amounts collected on behalf of third parties.




1. Summary of significant accounting policies (continued) (c) Income recognition (continued) (i) Revenue from the sale of land is recognised at the time of settlement when the risks and rewards of

ownership have passed to the buyer and the Authority retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the units sold.

(ii) Interest is recognised as interest accrues using the effective interest method. (iii) Government grants, that are non-reciprocal in nature, are recognised as revenue in the year in which

the Authority obtains control over it. Where grants are received that are reciprocal in nature, revenue is recognised as the obligations under the funding arrangements are satisfied.

(iv) Rental income is recognised evenly over the term of the lease. (v) Development application fees are recognised as they are received.

(d) Cash and cash equivalent For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include

all cash and cheques receipted but not banked at the end of the period as well as deposits at call with financial institutions.

(e) Trade and other receivables Trade debtors are recognised initially at fair value and subsequently measured at amortised cost using the

effective interest method, less provision for impairment at the amounts due at the time of sale or service delivery. Settlement of these amounts is required within 30 days from invoice date. They are presented as current assets unless collection is not expected for more than 12 months after reporting date.

The collectability of receivables is assessed periodically with provision being made for impairment where required. The impairment loss is recognised in the Statement of Comprehensive Income.

(f) Inventories Inventories, being land held for sale, are valued at the lower of cost and net realisable value. The Authority

charges all direct expenditure on development work to the relevant project. Costs include acquisition, development and capitalised overheads and borrowing costs during development. When development is completed borrowing costs and other holding charges are expensed as incurred.

Borrowing costs included in the cost of land held for resale are those costs that would have been avoided

if the expenditure on acquisition and development of the land has not been made. Borrowing costs incurred while active development is interrupted for extended periods are recognised as expenses.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion, marketing and selling costs.

(g) Acquisitions of assets Actual cost is used for the initial recording of all non-current physical asset acquisitions. Cost is determined as

the value given as consideration plus costs incidental to the acquisition, including all other costs incurred in getting the assets ready for use, including architect’s fees and engineering design fees. However, any training costs are expensed as incurred.

Where assets are received free of charge from a Queensland Government entity (whether as a result of a machinery-of-government or other involuntary transfer), the acquisition cost is recognised as the gross carrying amount in the books of the transferor immediately prior to the transfer together with any accumulated depreciation.

Assets acquired at no cost or for nominal consideration, other than from an involuntary transfer from another Queensland Government entity, are recognised at their fair value at date of acquisition in accordance with AASB116 Property, Plant and Equipment.


28

1. Summary of significant accounting policies (continued)

(h) Property, plant and equipment Items of property, plant and equipment with a cost or other value equal to or in excess of the following

thresholds are recognised for financial reporting purposes in the year of acquisition.

Land $1 Plant and equipment $5,000 Buildings $10,000 Infrastructure $10,000

Items with a lesser value are expensed in the year of acquisition.

Capital works in progress are measured at cost.

(i) Measurement of non-current physical assets Land, buildings and infrastructure are measured at fair value in accordance with AASB 116 Property, Plant and

Equipment, and Queensland Treasury’s Non-Current Asset Policies for the Queensland Public Sector. In respect of these asset classes, the cost of items acquired during the financial year has been judged by management of the Authority to materially represent their fair value at the end of the reporting period.

On revaluation, accumulated depreciation is restated proportionately with the change in the carrying amount of the asset and any change in the estimate of remaining useful life.

Non-current physical assets measured at fair value are comprehensively revalued at least once every five years with interim valuations, using appropriate indices, being otherwise performed on an annual basis where there has been a material variation in the index.

Any revaluation increment arising on the revaluation of an asset is recognised, net of tax, in other comprehensive income and to the asset revaluation surplus of the appropriate class in equity. To the extent it reverses a revaluation decrement for the class recognised in profit or loss. A decrease in the carrying amount on previously recognised in profit or loss, the increase is first valuation charged as an expense, to the extent it exceeds the balance, if any, in the revaluation surplus relating to that class.

Plant and equipment is measured at historical cost less depreciation in accordance with Treasury’s Non-Current Asset Policies. Historical cost includes expenditure that is directly attributable to the acquisition of these items.

Separately identified components of assets are measured on the same basis as the assets to which they relate.

(j) Depreciation of property, plant and equipment Land is not depreciated as it has an unlimited useful life.

Plant and equipment is depreciated on a straight-line basis so as to allocate the net cost or revalued amount of each asset, less its estimated residual value, progressively over its estimated residual life to the Authority.

Assets under construction (work-in-progress) are not depreciated until they reach practical completion.

Any expenditure that increases the originally assessed capacity or service potential of an asset is capitalised and the new depreciable amount is depreciated over the remaining useful life of the asset. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred.




1. Summary of significant accounting policies (continued) (j) Depreciation of property, plant and equipment (continued) For each class of depreciable asset the following depreciation and amortisation rates are used:

Class Rate % Plant and equipment: Office equipment 10 - 20 Leasehold improvements 20 - 40 Buildings 2.5-20 Infrastructure 2.5

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

(k) Impairment of non-current assets All non-current physical assets are assessed for indicators of impairment on an annual basis. If an indicator of

possible impairment exists, the Authority determines the asset’s recoverable amount. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

The asset’s recoverable amount is determined as the higher of the asset’s fair value less costs to sell and depreciated replacement cost.

An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation surplus of the relevant class to the extent available.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

(l) Investment property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recognised at cost including transaction costs. Where investment property is acquired at no or nominal cost it is recognised at fair value and is subsequently carried at fair value, being revalued as at each reporting date. Fair value is based on selling prices in an active property market adjusted, if necessary, to reflect the nature, location or condition of the specific investment property.

Gains or losses arising from changes in the fair value of investment property are included in the Statement of Comprehensive Income for the period in which they arise as part of other income. Investment property is not depreciated. Rental revenue from investment property is recognised as income on a periodic straight line basis

over the lease term.

(m) Unincorporated joint venture operations The Authority’s interest in unincorporated joint ventures (classified as jointly controlled operations) is brought

to account by recognising in its financial statements the assets it controls, the liabilities that it incurs, the expenses it incurs and its share of income that it earns from the sale of land by the joint venture.


30


(n) Trade and other payables Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the nominal

amount i.e. agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing are generally unsecured and are generally settled on 30 day terms. Amounts payable for the acquisition of land are recognised at the time of settlement, and are payable in accordance with contract terms. They are presented as current liabilities unless payment is not due within 12 months from the reporting date.

(o) Financial instruments Recognition Financial assets and liabilities are classified depending on the purpose for which they were acquired at initial

recognition and the designation re-evaluated at the end of each reporting date. Financial assets acquired principally for the purpose of selling in the short term are classified as financial assets at fair value through the profit or loss.

Financial assets and liabilities are recognised in the Statement of Financial Position on trade date, the date the Authority becomes party to the contractual provisions of the financial instrument.

Classification Financial instruments are classified and measured as follows: • Cash and cash equivalents - held at fair value through profit or loss • Receivables - held at amortised cost • Payables - held at amortised cost • Borrowings - held at amortised cost

Measurement Borrowings are initially recognised at fair value, plus any transaction costs directly attributable to borrowings,

then subsequently held at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of a financial instrument (or, where appropriate, a shorter period) to the net carrying amount of that instrument.

Any borrowing costs are added to the carrying amount of the borrowing to the extent they are not settled in the period in which they arise. Borrowings are classified as non-current liabilities to the extent that the Authority has an unconditional right to defer settlement until at least 12 months after the reporting date.

The Authority does not enter into transactions for speculative or hedging purposes. Apart from cash and cash equivalent, the Authority holds no financial assets classified at fair value through profit or loss.

All disclosures relating to the measurement basis and financial risk management of other financial instruments held by the Authority are included in the notes.

Impairment The Authority assesses at the end of each reporting period whether there is objective evidence that a financial

asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.





(p) Employee benefits Employer superannuation contributions, annual leave and long service leave levies are regarded as employee

benefits.

Payroll tax and workers’ compensation insurance are a consequence of employing employees, but are not counted in an employee’s total remuneration package. They are not employee benefits and are recognised separately as employee related expenses.

Short-term obligations Wages and salaries due but unpaid at reporting date are recognised in the Statement of Financial Position at

the current salary rates.

For unpaid entitlements expected to be paid within 12 months, the liabilities are recognised at their undiscounted values. Entitlements not expected to be paid within 12 months are classified as non-current liabilities and recognised at their present value, calculated using yields on fixed rate Commonwealth Government bonds of similar maturity, after projecting the remuneration rates expected to apply at the time of likely settlement.

The Authority is excluded from the Queensland Government’s Annual Leave Central Scheme (ALCS), so recreation leave is shown on the Statement of Financial Position. The liability for employee benefits is recognised in accrued employee expenses (note 22).

Prior history indicates that on average, sick leave taken in each reporting period is less than the entitlement accrued. This is expected to recur in future periods. Accordingly, it is unlikely that existing accumulated entitlements will be used by employees and no liability for unused sick leave entitlements is recognised.

As sick leave is non-vesting, an expense is recognised for this leave as it is taken.

Long-term employee benefit obligations Under the Queensland Government’s long service leave scheme, a levy is made on the Authority to cover the

cost of employees’ long service leave.

The levies are expensed in the period in which they are payable. Amounts paid to employees for long service leave are claimed from the scheme quarterly in arrears.

No provision for long service leave is recognised in the financial statements, the liability being held on a whole-of-government basis and reported in the financial report prepared pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting.

Retirement benefit obligations Employer superannuation contributions are paid to QSuper, the superannuation plan for Queensland

Government employees, at rates determined by the Treasurer on the advice of the State Actuary. Contributions are expensed in the period in which they are paid or payable. The Authority’s obligation is limited to its contribution to QSuper.

Therefore, no liability is recognised for accruing superannuation benefits in these financial statements, the liability being held on a whole-of-government basis and reported in the financial report prepared pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting.

Executive remuneration Key executive management personnel and remuneration disclosures are made in accordance with Financial

Reporting Requirements for Queensland Government Agencies issued by Queensland Treasury.


32


(q) Provisions Provisions are recorded when the Authority has a present obligation, either legal or constructive, as a result

of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably measured. They are recognised at the amount expected at reporting date at which the obligation will be settled in a future period.

As the Authority is a government body, it is exempt from certain fees and taxes (rates, stamp duty, land tax) that would otherwise be payable in the private sector in relation to development projects. To ensure that the Authority does not have a competitive advantage over private sector competitors, provision is made for the equivalent costs of all exempt fees and taxes. These funds are required by the Queensland government to be directed to the delivery of affordable housing outcomes.

(r) Infrastructure contributions liability The Authority charges and collects infrastructure contributions from developers. These contributions are:

1. applied to the construction of infrastructure, which is subsequently transferred to the relevant authority; or 2. transferred to the relevant authority; or 3. transferred to the relevant authority to fund the provision of infrastructure.

As such the contributions received are disclosed in the statement of cash flows but are not revenue. The liability for amounts received but not yet utilised is recognised in trade and other payables (note 20).

(s) Finance/borrowing costs Finance costs are recognised as an expense in the period in which they are incurred, other than finance costs

associated with land development which are capitalised to land inventories.

Finance costs include: • Interest on bank overdrafts and short-term and long-term borrowings; and • Ancillary administration charges.

(t) Insurance The Authority’s non-current physical assets and other risks are insured through the Queensland Government

Insurance Fund, with premiums being paid on a risk assessment basis. In addition, the Authority pays premiums to Workcover Queensland in respect of its obligations for employee compensation and has a contractual obligation to pay for environmental insurance over specified land at Northshore Hamilton.

(u) Contributed equity Non-reciprocal transfers of assets and liabilities between wholly-owned Queensland State Public Sector entities

as a result of machinery-of-government changes or other involuntary transfers are adjusted to Contributed Equity in accordance with Interpretation 1038 Contributions to Owners Made to Wholly Owned Public Sector Entities. Equity contributions are similarly adjusted against equity.

(v) Taxation The Authority is exempt from commonwealth taxation with the exception of Fringe Benefits Tax (FBT) and

Goods and Services Tax (GST). As such, FBT and GST receivable from and payable to the Australian Taxation Office are recognised. Revenue, expenses and assets are recognised net of associated GST, unless GST incurred is not recoverable. In this case it is recognised as part of the asset cost or as an expense.

The Authority is subject to the provisions of the National Tax Equivalent Regime (NTER), an administrative arrangement where commonwealth taxation laws are notionally applied to the Authority. In accordance with the requirements of the NTER, the Authority would pay an income tax equivalent to Queensland Treasury. Currently





(v) Taxation (continued) an arrangement exists between the Authority and Queensland Treasury whereby the tax equivalent expense can

be retained by the Authority and directed to the delivery of affordable housing. This is via an equity injection on 1 July each year.

The charge for current income tax equivalent expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated on the basis of tax laws enacted or substantively enacted at 31 January 2013.

Deferred tax equivalents are accounted for using the liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax equivalent will be recognised from the initial recognition of an asset or liability in a transaction, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax equivalents are calculated at the tax rates and laws that have been enacted or substantively enacted at 31 January 2013 and are expected to apply to the period when the asset is realised or liability is settled. Deferred tax equivalents are credited in the Statement of Comprehensive Income except where it relates to items that may be credited directly to equity, in which case the deferred tax equivalent is adjusted directly against equity.

Deferred income tax equivalent assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future tax profits will be available to utilise those temporary differences and losses.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income tax legislation and the anticipation that the Authority will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

(w) Issuance of financial statements The financial statements are authorised for issue by the former Chief Executive Officer of the Authority at the

date of signing the Management Certificate.

(x) Judgements and assumptions The preparation of financial statements necessarily requires the determination and use of certain critical

accounting estimates, assumptions, and management judgements that have the potential to cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Such estimates, judgements and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods as relevant.

Estimates and assumptions that have a potential significant effect are outlined in the following financial statement notes:

Valuation of Property, Plant and Equipment – Note 18 Provisions – Note 23 Contingencies – Note 30 Impairment of non-current assets – Note 1(k) Recovery of deferred tax assets – Note 1(v)

(y) Rounding and comparatives Amounts included in the financial statements have been rounded to the nearest $1,000 or, where that amount

is $500 or less, to zero, unless disclosure of the full amount is specifically required. Sub-totals and totals may not add due to rounding, but the overall discrepancy is no greater than two.


34

2. Prior period adjustments During the 2011-13 financial period the following errors were discovered relating to the prior financial periods.

(a) Selling and marketing costs Selling and marketing costs have been incorrectly capitalised as project costs and included in inventory and

the cost of land sold for each of the development areas. These costs should have been excluded from the cost of inventory and expensed as incurred in the relevant financial period.

This prior period adjustment has the following impacts on the financial statements: • Increases in expenses of $708,000 for 2009-10 and $1.966 million for 2010-11; • Decrease in cost of land sold of $420,000 for 2010-11; • Decreases in inventories of $708,000 for 2009-10 and $2.254 million for 2010-11; • Increases in deferred tax asset of $212,000 for 2009-10 and $676,000 in 2010-11; • Decreases in the closing balance of retained surplus of $496,000 for 2009-10 and $1.578 million for 2010-11; • Decreases in deferred tax expense of $212,000 in 2009-10 and $464,000 in 2010-11.

(b) Deferred land payments The liability in relation to land purchased under deferred payment contractual arrangements has not been

discounted to reflect the time value of money. The liability should have been initially recorded at the discounted value with the notional interest being recognised over the period of the repayment.

This prior period adjustment has the following impacts on the financial statements: • Decreases in payables of $1.245 million for 2009-10 and $3.002 million for 2010-11; • Decreases in inventories of $1.245 million for 2009-10 and $3.002 million for 2010-11. (c) Infrastructure contributions provision The liability in relation to infrastructure contributions has been incorrectly classified as a provision in the

Statement of Financial Position. The balance should have been disclosed as a liability as the amount to be repaid is known and does not meet the definition of a provision.

This prior period adjustment has the following impacts on the financial statements: • Decreases in provisions of $2.751 million for 2009-10 and $10.867 million for 2010-11; • Increases in payables of $2.751 million for 2009-10 and $10.867 million for 2010-11. (d) Project management cost recovery Project management fees have been incorrectly classified as user charges revenue in the Statement of

Comprehensive Income. These fees are an internal recovery of wages and should be disclosed as part of employee benefit expenses.

This prior period adjustment has the following impacts on the financial statements: • Decreases in user charges revenue of $1.375 million for 2009-10 and $3.046 million for 2010-11; • Decreases in employee benefit expenses of $1.375 million for 2009-10 and $3.046 million for 2010-11.

(e) Employee entitlements Accrued employee benefits have been incorrectly split between current and non-current portions. These

benefits relate to annual leave and should be classified in full as a current liability as this leave could be taken at any point within the next financial year.

This prior period adjustment has the following impacts on the financial statements: • Decrease in accrued employee benefits (non-current) of $53,000 for 2009-10 and $129,000 for 2010-11; • Increase in accrued employee benefits (current) of $53,000 for 2009-10 and $129,000 for 2010-11.




(f) Other financial assets Term deposits with a term in excess of three months have previously been included in cash and cash

equivalents. These should be classified as short term financial assets on initial recognition.

This prior period adjustment has the following impacts on the financial statements: • Decrease in cash and cash equivalents of $6,163,000 for 2010-11; • Increase in other financial assets of $6,163,000 for 2010-11.

The errors have been corrected by restating each of the affected financial statement line items for the prior periods as follows:

30 June 2011

Increase/ (Decrease)

30 June 2011

(Restated)

30 June 2010

Increase/ (Decrease)

30 June 2010

(Restated)

$000 $000 $000 $000 $000 $000

Statement of Financial Position

Cash and cash equivalents 28,042 (6,163) 21,879 10,823 10,283

Inventories 138,471 (5,256) 133,215 99,263 (1,953) 97,310

Deferred tax asset 5,582 676 6,258 6,746 212 6,958

Other financial assets - 6,163 6,163 - - -

Trade and other payables (27,097) (10,867) (37,964) (14,307) (2,751) (17,058)

Current accrued employee benefits

(587) (129) (716) (336) (53) (389)

Provisions (16,728) 10,867 (5,861) (7,374) 2,751 (4,623)

Non current accrued employee benefits

(129) 129 - (53) 53 -

Non current trade and other payables

(14,545) 3,002 (11,543) (7,174) 1,245 (5,929)

Deferred tax liability (52,919) 948 (51,971) (52,528) _ (52,528)

Net assets 216,648 (630) 216,018 208,406 (496) 207,910

Retained surplus (84,608) (630) 85,238 (88,227) (496) 88,723

Total equity (216,648) (630) 216,018 208,406 (496) 207,910

2011 Profit Increase/

(Decrease)

2011 (Restated)

$000 $000 $000

Statement of Comprehensive Income

User charges income 5,894 (3,046) 2,848

Cost of land sold (30,391) 420 (29,971)

Selling and marketing costs - (1,966) (1,966)

Employee expenses (9,462) 3,046 (6,416)

Operating result from continuing operations before income tax equivelants

5,174 (1,546) 3,628

Current income tax equivelant (expense)/revenue 101 _ 101

Deferred income tax equivelant (expense)/revenue (1,656) 1,412 (244)

Operating result from continuing operations after income tax equivelants

3,619 (134) 3,485


36

Restated*

2013 2011

$000 $000

3. Land sales

Sale of land 74,226 40,279

Cost of land sold (53,829) (29,971)

Development profit 20,397 10,308

4. User charges

Development application fees 5,631 1,676

Development management sales 12,466 -

Development management cost of goods sold (11,769) -

Investment property rent 2,228 1,025

Other user charges 254 147

Total 20,579 2,848

5. Grants and other contributions

Grants - State Government recurrent 221 5,290

Grants - Commonwealth Government 4,677 2,265

Capital contribution 1,000 -

Total 5,898 7,555

6. Other revenue

Interest 1,134 1,065

Total 1,134 1,065

7. Selling and marketing expenses

Selling expenses 1,959 531

Marketing expenses 6,998 1,435

Total 8,957 1,966

8. Employee expenses

Employee benefits

Wages and salaries 14,668 6,577

Employer superannuation contributions 1,734 792

Annual leave expenses 1,356 745

Long service leave levy 320 150

Employee related expenses

Payroll tax and fringe benefits 1,105 508

Other employee expenses 1,091 690

Less: Project management and DA fees revenue (5,792) (3,046)

Total 14,482 6,416

Number of employees 79 89





Remuneration of board members and board sub-committee members was as follows:

Board remuneration 1 Jul 2011 – 31 Jan2013

2011

$000 $000

8. Employee expenses (continued)

# Boyd J (Chair) (resigned 16 August 2012) 24 14

# Back M (resigned 16 August 2012) 4 4

Keniger M (term expired 14 Nov 2010) - 2

Kerry M (term completed 14 Nov 2011 ) 2 3

Gleeson B (resigned 14 November 2010) - 2

# Peters R (resigned 16 August 2012) 6 5

Strelow M (resigned 16 August 2012) 4 5

Reeves J (resigned 26 August 2011) 2 3

Corbett J (resigned 16 August 2012) 5 3

Miller M (resigned 16 August 2012) 2 -

** Carpenter G (resigned 16 August 2012) 2 2

Total remuneration paid to all members : 51 43

Each board member resigned their positions during the financial period as a consequence of the abolishment of the ULDA as referred to in note 1.

# Members of the board's Audit and Risk Committee.

** Mr G Carpenter is not a board member, but is Chair of the Audit and Risk Committee.

A sitting fee is paid to members of the Urban Land Development Authority Board and to the members of the Audit and Risk Committee. These have been included as board remuneration for the purposes of this note.

Restated*

2013 2011

$000 $000

9. Supplies and services

Consultants and contractors 4,559 5,209

Corporate services charges 38 111

Legal fees 775 249

Travel 234 415

Other 1,403 1,935

Total 7,009 7,919



38

Restated*

2013 2011

$000 $000

10. Depreciation and amortisation

Depreciation was incurred in respect of:

Plant and equipment depreciation 120 88

Buildings depreciation 187 168

Leasehold improvements 446 100

Infrastructure 207 440

Total 960 796

11. Other expenses

Assets donated 23,512 -

Impairment of assets to be donated 13,312 -

Property lease and rental 2,099 870

Special payments – Compensation claims - 10

Special payments – Ex-gratia payments - 48

Internal audit fees 45 34

External audit fees 100 89

Total 39,068 1,051

Total external audit fees relating to the 2011-13 financial period are estimated to be $155,188.

12. Income tax equivalent

Income tax equivalent expense

Operating result before income tax equivalent (101,587) 3,628

Prima facie tax at 30 per cent (30,476) 1,088

Add tax effect of permanent differences:

Non-deductible entertainment 6 3

Exempt tax loss on disposal 9,482 -

Adjustment to deferred tax equivalent liability - (948)

Income tax equivalent expense/(revenue) (20,988) 143

Income tax equivalent expense/(revenue) comprises

Current 3,164 (101)

Deferred (24,152) 244

(20,988) 143





Restated*

2013 2011

$000 $000

12. Income tax equivalent (continued)

Deferred tax equivalent liabilityBalance at the beginning of the year 51,971 52,528

Current year's income tax equivalent expense/(revenue) on profit from ordinary activities

(21,903) (557)

Transfer to Economic Development Queensland (30,068) -

Balance at the end of the year - 51,971

Deferred tax equivalent asset

Balance at the beginning of the year 6,258 6,958

Current year's income tax equivalent (expense)/revenue on profit from ordinary activities

2,250 (700)

Transferred to Economic Development Queensland 8,508 -

Balance at the end of the year - 6,258

Deferred tax assets comprise temporary differences attributable to:

Annual leave 185 182

Leave loading 5 16

Accrued expenses 65 3

Accrued audit fees 16 12

Long service leave payable 5 14

Property plant and equipment 5,031 5,254

Deferred fee income 3,201 777

Transferred to Economic Development Queensland (8,508) -

Balance at 30 June - 6,258

Deferred tax liabilities comprise temporary differences attributable to:

Accrued income 5 25

Inventories 8,868 9,211

Investment, property plant and equipment 21,195 42,065

Infrastructure - 670

Transferred to Economic Development Queensland (30,068) -

Balance at 30 June - 51,971



40

Restated*

2013 2011

$000 $000

13. Cash and cash equivalents

Cash at bank and on hand - 21,879

Total - 21,879

Interest earned on cash held with the Commonwealth Bank of Australia earned between 3.4 per cent and 5.50 per cent in 2013. (2011: 4.35 per cent to 5.5 per cent).

14. Other financial assets

Deposits - 6,163

Total - 6,163

15. Receivables

Current

Trade debtors - 335

GST receivable - 660

Less: GST payable - (499)

- 496

Interest receivable - 82

Long service leave reimbursements - 3

Interest in land - 1,450

Other - 8

Total - 589

16. Inventories

Land held for sale:

Cost of acquisition - 71,742

Transfers - 7,930

Development costs - 51,543

Other capitalised costs - 3,450

Total - 134,665

Current - 75,665

Non Current - 59,000

Total - 134,665

17. Other current assets

Pre payments - 267

Total - 267





Restated*

2013 2011

$000 $000

18. Property, plant and equipment

Plant and equipment:

At cost - 1,589

Less: Accumulated depreciation - (415)

- 1,174

Work in progress:

At cost - 7,730

Buildings:

At fair value - 2,908

Less: accumulated depreciation buildings - (331)

- 2,577

Infrastructure:


Less: accumulated depreciation buildings - (440)

- 17,161

Land:


Total - 31,834

Land and buildings were independently valued as at 30 June 2012 by the State Valuation Service using fair value principles. The revaluation increment of $6.795 million has been taken to the Statement of Comprehensive Income.

State Valuation Service has recently provided a one page summary dated 31 January 2013 detailing no movement to the value since 30 June 2012.



42

18.

Prop

erty

, pl

ant an

d eq

uipm

ent (c

ontin

ued)

Reco

ncili

atio

n

Reco

ncili

atio

ns o

f th

e ca

rryi

ng a

mou

nts

of e

ach

clas

s of

pro

perty, p

lant

and

equ

ipm

ent at

the

beg

inni

ng a

nd e

nd o

f th

e cu

rren

t re

portin

g

period

are

pro

vide

d be

low.

Plan

t &

equ

ipm

ent

Wor

k in

pro

gres

sBui

ldin

gsIn

fras

truc

ture

Land

Tota

l

2013

2011

2013

2011

2013

2011

2013

2011

2013

2011

2013

2011

$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

Carr

ying

am

ount

at 1

July

1,

174

564

7,73

045

42,

577

2,74

5

17,1

6117

,601

3,19

23,

192

31,8

3424

,556

Recl

assi

ficat

ion

of W

IP

to inv

ento

ry-

--

--

--

--

--

-

Acqu

isitio

ns10

798

21,1

537,

276

--

--

--

21,1

638,

074

Tran

sfer

s/Dis

posa

ls(1

13)

-(9

,695

)-

--

--

--

(9,8

08)

-

Ass

ets

impa

irm

ent

--

(13,

312)

--

--

--

-(1

3,31

2)-

Ass

ets

tran

sfer

red

(93)

--

-(2

,180

)-

(21,

554)

-(2

,594

)-

(26,

421)

-

Reva

luat

ion

incr

emen

t/

(dec

rem

ent)

--

--

(46)

--

-6,

841

-6,

795

-

Tran

sfer

s from

WIP

to

PPE

--

(4,8

52)

--

-4,

600

-25

2-

--

Dep

reci

atio

n fo

r pe

riod

(566

)(1

88)

--

(187

)(1

68)

(207

)(4

40)

--

(960

)(7

96)

Tran

sfer

to

Econ

omic

Dev

elop

men

t Que

ensl

and

(412

)-

(1,0

24)

-(1

64)

- -

- (7

,691

)-

(9,2

91)

-

Carryi

ng a

mou

nt a

t 30

June

-

1,17

4-

7,73

0-

2,57

7-

17,1

61-

3,19

2--

31,8

34-

The

Auth

ority

has

no p

lant

and

equ

ipm

ent w

ith

a w

ritten

dow

n va

lue

of z

ero

still

bei

ng u

sed

in the

pro

visi

on o

f se

rvic

es.

Urb

an L

and

Dev

elop

men

t Au

thor

ity

NOTE

S TO

AND F

ORM

ING P

ART

OF

THE

FINAN

CIAL

STA

TEM

ENTS

201

1 -

2013



Restated*

2013 2011

$000 $000

19. Investment property

Land and buildings - 186,536

Total - 186,536

The investment properties were independently valued as at 30 June 2012 by State Valuation Services using fair value principles. The values assigned to the land and buildings at Northshore Hamilton were based on their listed Brisbane City Council zoning (primarily port or industrial use) and does not reflect the potential higher use under the existing development scheme for this precinct. The revaluation decrement of $74.21 million has been taken to the Statement of Comprehensive Income. State Valuation Service has recently provided an update to that period dated 31 January 2013 indicating no movement to the value.

No contingent rentals were recognised during the current or prior reporting periods.

The future minimum lease payments receivable under non-cancellable operating leases classified as investment property are:

Not later than one year 927 781

Later than one year and not later than five years 691 403

Total 1,618 1,184

Investment property reconciliation

Land Buildings

2013 2011 2013 2011

$000 $000 $000 $000

Carrying amount at 1 July 182,450 190,380 4,086 4,086

Transfer to inventory - (7,930) - -

Revaluation increment/(decrement) (74,210) - 65 -

Transfer to Economic Development Queensland (108,240) - (4,151) -

Carrying amount at 31 January 2013 - 182,450 - 4,086

Rental income recognised in the operating surplus from investment property is $2,228,209 (2011: $1,025,133).

Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income for the period were $918,774 (2011:$203,137). Direct operating expenses primarily for repairs and maintenance on property that did generate rental income for the period were $121,705 (2011: $402).

There are no restrictions on the realisability of investment property or remittance of income and proceeds of disposal.

The Authority does not have any contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.



44

Restated*

2013 2011

$000 $000

20. Payables

Current

Trade creditors - 2,608

Accrued expenses - 7,806

Retentions - 138

Deferred land payment - 16,351

Infrastructure contributions - 10,867

GST Payable and other expenses - 194

Total - 37,964

Non Current

Deferred land payment - 11,543

Total - 11,543

The deferred land payments represent amounts owing for the purchase of land at Fitzgibbon, Brisbane and Oonoonba, Townsville. There is a first ranking mortgage over the Fitzgibbon land, in favour of State of Queensland (represented by Department of Communities). The Oonoonba land is secured by a first ranking registered mortgage, in favour of State of Queensland (represented by Department of State Development, Infrastructure and Planning).

The payments are due as follows: 2013

< 1 year 1 – 5 years

Oonoonba - -

- -

The payments are due as follows in relation to the prior period: 2011

< 1 year 1 – 5 years

Oonoonba 7,727 11,543

Andergrove 1,450 -

Fitzgibbon 7,174 -

16,351 11,543

21. Other financial liabilities

Current

Other advances - 8,090

QTC borrowings current - 25,534

- 33,624

Non-current

Other advances - -

QTC borrowings current - 30,494

- 30,494





21. Other financial liabilities (continued)

All borrowings are Australian denominated amounts and are carried at amortised cost with interest being capitalised as it accrues. Repayment dates vary based on the timing of receipts from land sales. There have been no defaults or breaches of the loan agreement during the period.

The outstanding loan value (book value) is split between current and non-current based on the portion of the loan that is expected to be settled in the next twelve months. QTC use client loan repayment schedules to calculate the portion of principle at reporting period for this information.

The total of approved facilities is $278.8 million (2011: $121.8 million). As at 31 January 2013, $204.4 million (2011: $65.8 million) remains undrawn.

Approved facility Approved amount

$000

Balance at 31 January 2013

$000

Undrawn amount

$000

Fitzgibbon 52,400 42,638 9,762

Oonoonba 24,600 17,282 7,318

Moranbah 9,000 3,383 5,617

Andergrove * 3,500 1,288 2,212

Clinton 2,500 - 2,500

Roma 2,400 - 2,400

Blackwater 4,000 2 3,998

Northshore 15,500 101 15,399

Tannum Sands 18,500 4,100 14,400

Working capital 30,000 5,500 24,500

Catalyst infrastructure 115,000 43 114,957

Total 278,800 74,337 204,463

* Andergrove loan figures represent 100 per cent of the current debt arrangements

Interest rates on borrowings range from 2.93 per cent to 6.40 per cent (2011: 5.21 per cent to 5.72 per cent).

There were no fair value adjustments made to the carrying amount of the borrowings. The Authority is currently reviewing its loan facilities to reduce the potential for fair value adjustments on early settlement of the loans.


46

Restated*

2013 2011

$000 $000

22. Accrued employee benefits

Current

Recreation leave - 660

Long service leave levy payable - 47

Wages outstanding - 9

Total - 716

23. Provisions

Competitive neutrality - 5,861

Total - 5,861

Movements in provisions

Competitive neutrality

Balance as at 1 July 5,861 4,457

Additional provision recognised 9,204 5,861

Transferred to contributed equity (11,690) (4,457)


Balance as at 30 June - 5,861

National Tax Equivalent Regime

Balance as at 1 July - 166

Additional provision recognised 3,164 -

Transferred to contributed equity (784) (166)


Balance as at 30 June - -

24. Key executive management personnel and remuneration

(a) Key executive management personnel

The following details for key executive management personnel include those positions that had authority and responsibility for planning, directing and controlling the activities of the Authority during 2011-13. Further information on these positions can be found in the body of the final report under the section relating to executive management.





24. Key executive management personnel and remuneration (continued)

(a) Key executive management personnel (continued)

Position Responsibilities Incumbents as at 31 January 2013

Contract classification and appointment authority

Date appointed to position (Date resigned from position)

Chief Executive Officer

The Chief Executive Officer was responsible for the efficient, effective and economic administration of the Authority.

s122 contract Public Service Act 2008; SES4

Appointed 3 December 2012*

Chief Financial Officer

The Chief Financial Officer is responsible for corporate services including the financial administration of the Authority.


Appointed 2 August 2012*

Director Urban Development

The Director Urban Development was responsible for overseeing the Authority’s development activities in UDAs including Northshore Hamilton.


Appointed 1 August 2010

Director Residential Development

The Director Residential Development was responsible for overseeing a development portfolio of substantial residential projects to deliver on the government’s and the Authority’s objectives to the benefit of Queensland communities.


Appointed 4 January 2011

Director Planning

The Director Planning was responsible for overseeing of the Authority’s planning functions including the preparation of development schemes and development assessment.


Appointed 19 April 2010

Chief Operating Officer

The Chief Operating Officer was responsible for the overseeing of the operations and functions of the Authority.


Ceased 2 December 2012

Director Sustainability and Innovation

The Director Sustainability and Innovation was responsible for strategies that support sustainable infrastructure, social planning, housing affordability and economic services.

s 112(1) appointment Public Service Act 2008; SES2

Accepted voluntary redundancy 27 July 2012

* Two different employees held this position during the financial period.


48

24. Key executive management personnel and remuneration (continued)

(b) Remuneration

Remuneration policy for the Authority’s key executive management personnel is set by the Queensland Public Service Commission as provided for under the Public Service Act 2008. The remuneration and other terms of employment for the key executive management personnel are specified in employment contracts. The contracts provide for the provision of benefits including motor vehicles.

On 1 July 2011 remuneration of key executive management personnel increased by 2.5 per cent in accordance with government policy.

Remuneration packages for key executive management personnel comprise the following components:

• Short term employee benefits which include: o Base – consisting of base salary, allowances and leave entitlements paid and provided for the entire

year or for that part of the year during which the employee occupied the specified position. Amounts disclosed equal the amount expensed in the Statement of Comprehensive Income.

o Non-monetary benefits – consisting of provision of vehicle together with fringe benefits tax applicable to the benefit.

• Long term employee benefits including long service leave accrued.

• Post employment benefits including superannuation contributions.

• Redundancy payments are not provided for within individual contracts of employment. Contracts of employment provide only for notice periods or payments in lieu of notice on termination, regardless of the reason for termination.

Total fixed remuneration is calculated on a ‘total cost’ basis and includes the base and non-monetary benefits, long term employee benefits and post employment benefits.




24.

Key

exe

cutiv

e m

anag

emen

t pe

rson

nel an

d re

mun

erat

ion

(con

tinue

d)

1 Ju

ly 2

011

– 31

Jan

uary

201

3

Posi

tion

Shor

t te

rm e

mpl

oyee

be

nefit

sLo

ng ter

m e

mpl

oyee

be

nefit

sPo

st e

mpl

oym

ent

bene

fits

Tota

l re

mun

erat

ion

Bas

e$’

000

Non

-mon

etar

y be

nefit

s$’

000

$’00

0$’

000

$’00

0

1/7

/11

to

30/6

/12

1/7/

12

to

31/1

/13

1/7

/11

to

30/6

/12

1/7/

12 to

31/1

/13

1/7

/11

to

30/6

/12

1/7/

12 to

31/1

/13

1/7

/11

to

30/6

/12

1/7/

12 to

31/1

/13

1/7

/11

to

30/6

/12

1/7/

12 to–

31

/1/1

3

Chie

f Ex

ecut

ive

Offi

cer

360

190

41

9(3

6)*

3117

404

172

Chie

f Ope

rating

Offi

cer

132

893

23

214

915

210

2

Chie

f Fi

nanc

ial Offi

cer

183

108

2-

4-

209

209

117

Dire

ctor

Urb

an D

evel

opm

ent

204

120

--

52

1810

227

132

Dire

ctor

Res

iden

tial

dev

elop

men

t19

512

0-

-6

223

1322

413

5

Dire

ctor

Pla

nnin

g 19

311

3-

-4

221

1221

812

7

Dire

ctor

Sus

tain

abili

ty

& Inn

ovat

ion

153

141

4-

4(3

2)*

163

177

112

Tota

l Re

mun

erat

ion

1,42

088

113

335

(60)

142

731,

610

897

* Due

to

the

rele

ase

of lon

g se

rvic

e le

ave

prov

isio

n

1 Ju

ly 2

010

– 30

Jun

e 20

11

Posi

tion

Shor

t te

rm e

mpl

oyee

be

nefit

sLo

ng ter

m e

mpl

oyee

be

nefit

sPo

st e

mpl

oym

ent

bene

fits

Tota

l re

mun

erat

ion

Bas

e$’

000

Non

-mon

etar

y be

nefit

s$’

000

$’00

0$’

000

$’00

0

Chie

f Ex

ecut

ive

Offi

cer

356

48

3039

9

Chie

f Fi

nanc

ial Offi

cer

209

46

2224

1

Dire

ctor

Urb

an D

evel

opm

ent

194

-5

2021

9

Dire

ctor

Res

iden

tial

dev

elop

men

t16

2-

416

182

Dire

ctor

Pla

nnin

g 19

3-

1018

221

Dire

ctor

Sus

tain

abili

ty

& Inn

ovat

ion

107

13

1012

1

Tota

l Re

mun

erat

ion

1,22

19

3611

61,

383

Urb

an L

and

Dev

elop

men

t Au

thor

ity

NOTE

S TO

AND F

ORM

ING P

ART

OF

THE

FINAN

CIAL

STA

TEM

ENTS

201

1 -

2013

50

Restated*

2013 2011

$000 $000

25. Reconciliation of operating result to net cash from operating activities

Operating result from continuing operations after income tax equivalent (80,599) 3,485

Depreciation expense 960 796

Transferred assets written off 23,512 -

Impairment of assets 13,312 -

Revaluation decrement 67,350 -

Changes in assets and liabilities:

(Increase)/decrease in net receivables (19,096) (1,948)

(Increase)/decrease in inventory (40,181) (39,209)

(Increase)/decrease in deferred tax asset (2,249) 1,164

(Increase)/decrease in prepayments 66 (127)

Increase/(decrease) in payables (9,286) 20,344

Increase in accrued employee benefits 152 328

Increase/(decrease) in provisions 12,368 18,311

Increase/(decrease) in deferred tax liability (21,904) 391

Increase/(decrease) in unearned revenue 12,704 -

Net cash provided by/(used in) operating activities (42,891) 3,535

26. Non-cash financing and investing activities

The following assets were transferred by the ULDA to local councils/authorities and have been recognised as expenses in the Statement of Comprehensive Income.

Northshore Hamilton, Brisbane – cafe and parks (transferred to Brisbane City Council)

4,613 -

Northshore Hamilton, Brisbane – roads (transferred to Department of Environment and Resource Management)

16,955 -

Andergrove, Mackay – housing product (transferred to Mackay Regional Council)

252 -

Blackwater – housing product (transferred to Central Highlands Regional Council)

1,692 -

Impairment of works in progress assets earmarked for future donation including PotaRoo, Roma CNF, community centre and artwork, SRC projects

13,312 -

Total 36,824 -

27. Commitments for expenditure

(a) Non-cancellable operating lease

Commitments under operating leases at reporting date are inclusive of anticipated GST and are payable as follows:

Not later than one yearLater than one year and not later than five years

- 1,068

- 1,979

Total - 3,047





Restated*

2013 2011

$000 $000

27. Commitments for expenditure (continued)

(a) Non-cancellable operating lease (continued)

Operating leases are entered into as a means of acquiring access to office accommodation, motor vehicle and car parking. Lease payments are generally fixed rental. The lease of 4/229 Elizabeth Street has an escalation clause of 5 per cent renewable in November of each year. No renewal or purchase options exist in relation to operating leases and no operating leases contain restrictions on financing or other leasing activities.

(b) Capital expenditure commitments

Land acquisitions and improvements, and other capital commitments, inclusive of anticipated GST, contracted for at reporting date but not recognised in the accounts are payable as follows:

Not later than one year - 49,943

Later than one year and not later than five years - 6,543

Later than five years - -

Total - 56,486

28. Joint venture

The Authority holds a 50 per cent interest in a joint venture with the Mackay Regional Council (classified as a jointly controlled operation) to develop residential land within the Andergrove Urban Development Area. The Authority’s interests in assets in the joint venture are included in the balance sheet under the following classifications:

Cash - -

Receivables - -

Receivables (Interest in land) - -

Inventories - 2,870

Payables - (2,040)

QTC borrowings - (830)

Net assets - -

29. Events occurring after balance date

Refer to notes 1 and 32 regarding the abolishment of the ULDA at 31 January 2013. These will be the final financial statements of the ULDA. There were no other significant events occurring after balance date.

30. Contingencies

(a) Litigation in progress

As at 31 January 2013, no material legal action has been undertaken by, or brought against the Authority.

(b) Native title claims

As at 31 January 2013, native title claims have been made on land owned by the Authority, but as yet no claims have been determined by the National Native Title Tribunal.



52

Restated*

Notes 2013 2011

$000 $000

30. Contingencies (continued)

(c) Contract performance guarantees

Financial guarantees of $2,479,947 (2011: $968,558) were provided to Ergon Energy Corporation Ltd and Brisbane City Council to provide security for the performance of obligations under contracts for electrical works in Oonoonba,Townsville, Andergrove, Mackay and Clinton, Gladstone.

31. Financial instruments

(a) Categorisation of financial instruments

The Authority has the following categories of financial assets and financial liabilities:

Financial assets

Cash and cash equivalent 13 - 21,879

Other financial assets 14 - 6,163

Receivables 15 - 589

Total - 28,631

Financial liabilities

Payables 20 - 49,507

Other financial liabilities 21 - 64,118

Total - 113,625

(b) Financial risk management

The Authority’s activities expose it to a variety of financial risks - credit risk, liquidity risk and market risk. Financial risk management is implemented pursuant to government and board policy. These policies focus on the unpredictability of financial markets and seek to minimise potential adverse effects on the financial performance of the Authority.

All financial risk is managed by Executive Management under policies approved by the board. The board provides written principles for overall risk management, as well as policies covering specific areas.

Risk exposure Measurement method

Credit Risk Ageing analysis, earnings at risk

Liquidity Risk Sensitivity analysis

Market Risk Interest rate sensitivity analysis





Restated*

Notes 2013 2011

31. Financial instruments (continued)

(c) Credit risk exposure

The maximum exposure to credit risk at balance date in relation to each class of recognised financial assets is the gross carrying amount of those assets inclusive of any provisions for impairment.

The following table represents the Authority’s maximum exposure to credit risk based on contractual amounts net of any allowances:

Maximum exposure to credit risk

Cash & cash equivalents 13 - 21,879

Other financial assets 14 6,163

Receivables 15 - 589

Total - 28,631

No collateral is held as security and no credit enhancements relate to financial assets held by the Authority.

The Authority manages credit risk through the use of management reports. This strategy aims to reduce the exposure to credit default by ensuring that the Authority invests in secure assets and monitors all funds owed on a timely basis. Exposure to credit risk is monitored on an ongoing basis.

The method for calculating any provisional impairment for risk is based on past experience, current and expected changes in economic conditions and changes in client credit ratings. These economic changes form part of the Authority’s documented risk analysis assessment in conjunction with historic experience and associated industry data. Financial assets have not had their terms renegotiated so as to prevent them from being past due or impaired, and are stated at the carrying amounts as indicated. Ageing of past due but not impaired as well as impaired financial assets is disclosed in the following tables:



54


(c) Credit risk exposure (continued)

2013 Financial assets past due but not impaired

Contractual repricing/maturity date:

Overdue

Note Not overdue

Less than 30 days

30-60 days

61-90 days

More than 90 days

Total financial assets

$000 $000 $000 $000 $000 $000

Financial assets

Receivables 15 - - - - - -

Total - - - - - -

2011 Financial assets past due but not impaired

Contractual repricing/maturity date:

Overdue

Note Not over-due

Less than 30 days

30-60 days

61-90 days

More than 90 days

Total financial assets

$000 $000 $000 $000 $000 $000

Financial assets

Receivables 15 559 3 2 25 - 589

Total 559 3 2 25 - 589

(d) Liquidity risk

Liquidity risk refers to the situation where the Authority may encounter difficulty in meeting obligations associated with financial liabilities.

The Authority is exposed to liquidity risk in respect of its payables and borrowings from Queensland Treasury Corporation. The borrowings are based on the Queensland Government’s gazetted floating rate.

The Authority manages liquidity risk through the use of management reports. This strategy aims to reduce the exposure to liquidity risk by ensuring the Authority has sufficient funds available to meet employee and supplier obligations at all times. This is achieved by ensuring that minimum levels of cash are held within the various bank accounts so as to match the expected duration of the various employee and supplier liabilities. The following table sets out the liquidity risk of financial liabilities held by the Authority. It represents the contractual maturity of financial liabilities, calculated based on cash flows relating to the repayment of the principal amount outstanding at reporting date.





(d) Liquidity risk (continued)

2013 payable in

Note <1 year$000

1-5 years $000

>5 years$000

Total$000


Payables 20 - - - -

QTC borrowing 21 - - - -

- - - -

2011 payable in

Note <1 year$000

1-5 years $000

>5 years$000

Total$000


Payables 20 37,964 11,543 - 49,507

Other advances 8,090 - 8,090

QTC borrowing 20 25,534 30,494 - 56,028

Total 71,588 42,037 - 113,625

(e) Market risk

The Authority does not trade in foreign currency and is not materially exposed to commodity price changes. The Authority is exposed to interest rate risk through its cash deposits in interest bearing accounts and its borrowings from QTC. The Authority does not undertake any hedging in relation to interest rate risk.

Interest rate sensitivity analysisThe following interest rate sensitivity analysis is based on a report similar to that which would be provided to management, depicting the outcome to profit and loss if interest rates would change by +/- 1 per cent from the year-end rates applicable to the Authority’s financial assets and liabilities.

Financial instruments Carrying amount$’000

2013 Interest rate risk

-1% +1%

Profit Equity Profit Equity

Cash - - - - -

QTC borrowing - - - - -

Overall effect on profit and equity - - - -

Financial instruments Carrying amount$’000

2011 Interest rate risk

-1% +1%

Profit Equity Profit Equity

Cash 21,879 (280) (280) 280 280

QTC borrowing 56,028 560 560 (560) (560)

Overall effect on profit and equity 280 280 (280) (280)


56


(f) Fair value

The Authority does not designate any financial assets or financial liabilities as fair value through profit and loss. The fair value of trade receivables and payables is assumed to approximate the value of the original transaction, less any provision for impairment. The Authority has not offset any assets and liabilities. The fair value of borrowings is notified by Queensland Treasury Corporation. It is calculated using discounted cash flow analysis and the effective interest rate (refer note 21) and is disclosed below:

Maximum exposure to credit risk 2013 2011

Cash & cash equivalents Carrying amount $000

Fair value

$000

Carrying amount $000

Fair value

$000


Borrowings - - 56,028 56,784

Total - - 56,028 56,784

32. Transfer of net assets to Economic Development Queensland

As referred to in note 1 the Urban Land Development Authority was abolished on 31 January 2013. Net assets were transferred for nil consideration to the Minister for Economic Development Queensland. Prior to making any accounting adjustments relating to the transfer, the book values of the net assets transferred were recorded in the Urban Land Development Authority as follows:




Restated Restated*

2013 2011* 1 July 2010

$000 $000 $’000

32. Transfer of Net Assets to Economic Development Queensland (continued)

Current assets

Cash and cash equivalent 1,726 21,879 10,283

Other financial assets - 6,163 -

Trade and other receivables 20,601 589 203

Inventories 64,280 75,665 97,310

Other current assets 197 267 146

Total current assets 86,804 104,563 107,942

Non current assets

Inventories 111,906 59,000 -

Property, plant and equipment 9,291 31,834 24,556

Investment property 112,391 186,536 194,466

Deferred tax asset 8,508 6,258 6,958

Total non current assets 242,096 283,628 225,980

Total assets 328,900 388,191 333,922

Current liabilities

Trade and other payables 46,622 37,964 17,058

Other financial liabilities 9,520 33,624 17,284

Accrued employee benefits 882 716 389

Provisions 5,755 5,861 4,623

Total current liabilities 62,779 78,165 39,354

Non current liabilities

Other financial liabilities 67,375 30,494 28,201

Trade and other payables 5,785 11,543 5,929

Deferred tax 30,068 51,971 52,528

Total non current liabilities 103,228 94,008 86,658

Total liabilities 166,007 172,173 126,012

Net assets 162,893 216,018 207,910

Equity

Contributed equity 328,730 301,256 296,633

Retained surplus (165,837) (85,238) (88,723)

Total equity 162,893 16,018 207,910



58


60


Compliance Checklist

FAA Financial Accountability Act 2009FPMS Financial and Performance Management Standard 2009ARRs Annual report requirements for Queensland Government agencies

Summary of requirement Basis for requirement Final report reference

Accessibility ¡ Table of contents ARRs – section 8.1 1

¡ Public availability ARRs – section 8.2 Inside front cover

¡ Interpreter service statement Queensland GovernmentLanguage Services Policy

ARRs – section 8.3

Inside front cover

¡ Copyright notice Copyright Act 1968


Inside front cover

¡ Government Information Licensing Framework (GILF) Licence

Government InformationLicensing Framework (GILF)QGEA Policy


Inside front cover

Letter of compliance ¡ A letter of compliance from the accountable officer or statutory body to the relevant Minister(s)

ARRs – section 9 2

General Information ¡ Introductory Information

¡ Message from the Chief Executive Officer

¡ Agency role and main functions

¡ Operating environment

¡ External scrutiny

¡ Machinery of government changes

¡ Review of proposed forward operations








3

4

5

6-11

13

3,28,33N/A

Non-financialperformance

¡ Government objectives for the community

ARRs – section 11.1 4

¡ Agency objectives and performance indicators

ARRs – section 11.4 5,16

¡ Agency service areas, service standards and other measures


Financial performance ¡ Summary of financial performance ARRs – section 12.1 19-20

¡ Chief Finance Officer (CFO) statement ARRs – section 12.2 18

Governance –management and structure

¡ Organisational structure ARRs – section 13.1 15

¡ Executive management ARRs – section 13.2 14

¡ Boards and committees ARRs – section 13.5 12,13

¡ Public Sector Ethics Act 1994 Public Sector Ethics Act 1994 (section 23 and Schedule)


16

62

Summary of requirement Basis for requirement Final report reference

Governance – riskmanagement andaccountability

¡ Risk management ARRs – section 14.1 16

¡ Audit committee ARRs – section 14.2 13

¡ Internal audit ARRs – section 14.3 13

Governance – humanresources

¡ Workforce planning, attraction and retention


¡ Early retirement, redundancy and retrenchment

Directive No.17/09 EarlyRetirement, Redundancy and Retrenchment


15

¡ Voluntary Separation Program ARRs – section 15.3 15

Financial Statements ¡ Certification of financial statements FAA – section 62

FPMS – sections 42, 43 and 50


59

¡ Independent Auditors Report FAA – section 62

FPMS – section 50


60

¡ Remuneration disclosures Financial ReportingRequirements for Queensland Government Agencies


47-50

Disclosure of additional information

¡ Additional information to be reported online

ARRs – section 17 Available at dsdip.qld.gov.au



Page left intentionally blank

64



Annual Report2011-2012

66

urban land development authority - final report 1 … report 1 july 2011 – 31 january 2013 urban...

Documents