ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008 STANDARD STATEMENTS AND ANNUAL FINANCIAL REPORT 125 Waterfront Geelong
UNDERSTANDING THE FINANCIAL REPORT AND FINANCIAL STATEMENTS Council’s Financial Report, Standard Statements and Performance Statement are prepared in accordance with the Australian Accounting Standards, the Local Government Act 1989 and the Auditor General’s model accounts. The Financial Report, Standard Statements and Performance Statement are audited by the Auditor General Victoria’s agent and are approved in principle by both the Council’s Audit Advisory Committee and by Council. The reports are then forwarded to the Auditor General’s Office for finalisation and provision of independent opinions for the Financial Report and Standard Statements combined and also for the Performance Statement. Standard Statements The Standard Statements compare the actual result for the financial year to the Annual Budget as originally adopted and provide explanations for any major variances. There are four Standard Statements which are prepared using the same accounting basis as the Financial Statements. > Standard Income Statement This statement highlights the recurrent surplus which excludes distortions of capital income and asset recognition and provides a result that reflects how Council uses rates and regular income to meet recurrent expenditure. > Standard Balance Sheet This statement also mirrors the statement made according to Accounting Standards in the Annual Financial Report. > Standard Cash Flow Statement This statement mirrors the statement made according to Accounting Standards in the Annual Financial Report. > Standard Statement of Capital Works This statement provides detail of capital expenditure by asset type and distinguishes renewal, upgrade and new capital expenditure. Financial Statements The financial statements consist of four financial reports, explanatory notes supporting the reports and endorsement from the Council and the Victorian Auditor General. The four financial reports are: > Income Statement > Balance Sheet > Statement of Changes in Equity > Cash Flow Statement The explanatory notes detail Council’s accounting policies and the make up of the values contained in the statements. Income Statement The Income Statement measures Council’s performance over the year. It lists the sources of the Council’s revenue under various income headings and the expenses incurred in running the Council during the year. The expenses relate only to the ‘Operations’ and do not include the cost associated with the purchase or the building of assets. Expenses do include an item for depreciation which is the value of the assets used up during the year. Balance Sheet The Balance Sheet shows the assets Council owns and what it owes (liabilities) as at 30 June 2008. The bottom line of the Balance Sheet is Net Assets which is the net worth of the Council which has been built up over many years. The assets and liabilities are separated into Current and Non-Current. Current refers to assets or liabilities that will fall due within the next 12 months (except Long Service Leave refer note 1(j) within the Notes to the accounts). Statement of Changes in Equity The Statement of Changes in Equity summarises the change in value of Total Ratepayers Equity. The value of equity can only change as a result of: > The profit or loss from operations described as surplus or deficit in the income statement. > The use of monies from Council’s Reserves. > A change in the value of non-current assets resulting from a revaluation of these assets. 126
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ANNUAL REPORT 2007-2008 CITY OF GRE
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THE YEAR’S HIGHLIGHTS Satyam Tech
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OVERVIEW Welcome to the City of Gre
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OUR HISTORY - FROM JILLONG TO GEELO
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THEN NOW Eastern Beach 6
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approaches to address key issues an
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Emily Benstead South Geelong Primar
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MESSAGE FROM THE CHIEF EXECUTIVE OF
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Port Phillip Bay Victoria Corio Bay
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Port Phillip Bay Port Phillip Bay P
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Port Phillip Bay Port Phillip Bay C
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PLANNING AND REPORTING FRAMEWORK Ho
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THE YEAR IN REVIEW At Council we pr
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The City of Greater Geelong commits
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CUSTOMER SERVICE COMMITMENTS AND AC
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Requests for Service In addition to
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COUNCIL FUNDING PRIORITIES Council
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SUMMARY OF FINANCIAL RESULTS FOR 20
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Loans Council took out a loan of $3
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Victorian Local Government Indicato
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BEST VALUE Council’s Best Value P
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COMMUNITY ENGAGEMENT The main purpo
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Consultation events 2007-2008 Depar
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Department Project Project Objectiv
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OUR PEOPLE The knowledge, skills, i
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VALUES AND BEHAVIOURS The City of G
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DIVISIONAL OPERATIONAL PERFORMANCE
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Development Sustainability Kate Sul
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Community Services Irene McGinnigle
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HUMAN RESOURCE MANAGEMENT Staff are
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STAFF PROFILE As at June 30, 2008 t
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EMPLOYEE EXCELLENCE AWARDS This pro
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OUR VOLUNTEERS Volunteering is inte
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CORPORATE GOVERNANCE To enhance com
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INTERNAL AUDIT The internal audit f
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Minutes of meetings of special comm
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COUNCIL APPOINTMENTS TO COMMITTEES
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THE PILLARS: HIGHLIGHTS AND ACHIEVE
Page 77 and 78: HEALTH AND WELLBEING Objective To h
Page 79 and 80: Health and Wellbeing - Outcomes Out
Page 81 and 82: Tamie Baljak Bell Park North Primar
Page 83 and 84: Jayco Bay Cycling Classic, Eastern
Page 85 and 86: Delivering on our Commitments: 2007
Page 87 and 88: Implementing the Local Action Plan
Page 91 and 92: Challenges Drought conditions in th
Page 93 and 94: TRANSPORTATION Objective To enhance
Page 95 and 96: Transportation - Outcomes Outcome M
Page 97 and 98: Bellarine Rail Trail 94
Page 99 and 100: Future Directions Main construction
Page 103 and 104: EDUCATION AND RESEARCH Objective To
Page 105 and 106: Education and Research - Outcomes O
Page 107 and 108: ARTS CULTURE AND HERITAGE Objective
Page 109 and 110: Arts, Culture and Heritage - Outcom
Page 111 and 112: TELECOMMUNICATIONS Objective To pro
Page 113 and 114: THEME 1: DEMOCRACY Objective To pro
Page 117 and 118: Challenges The objective to provide
Page 119 and 120: Best Value - Outcomes (Cont’d) Ou
Page 121 and 122: PILLARS - Key Strategic Activity Ta
Page 123 and 124: CITY OF GREATER GEELONG COUNCIL APP
Page 125 and 126: Kazuki Izumitani Ocean Grove Primar
Page 127: CITY OF GREATER GEELONG VICTORIAN L
Page 131 and 132: Standard Statements Basis of prepar
Page 133 and 134: CITY OF GREATER GEELONG STANDARD ST
Page 141 and 142: ANNUAL FINANCIAL REPORT CONTENTS FI
Page 143 and 144: CITY OF GREATER GEELONG BALANCE SHE
Page 145 and 146: CITY OF GREATER GEELONG CASH FLOW S
Page 147 and 148: CITY OF GREATER GEELONG NOTES TO TH
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CITY OF GREATER GEELONG NOTES TO TH
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CITY OF GREATER GEELONG COUNCIL APP
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Tiarnee Cornwill South Geelong Prim
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7 Cat Empire in Concert, The Geelon
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I Internal Audit 66 L Learning and
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CONTACT COUNCIL Many of the City’
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This Annual Report is printed on Mo
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ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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