ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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CITY OF GREATER GEELONG STANDARD STATEMENTS STANDARD BALANCE SHEET AS AT 30 JUNE 2008 CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008 2007-2008 2007-2008 Actual Budget Variance $000 $000 $000 CURRENT ASSETS Cash and Investments 30,266 18,440 11,826 Receivables 13,714 7,923 5,791 Prepayments 74 71 3 Inventories 873 389 484 TOTAL CURRENT ASSETS 44,927 26,823 18,104 CURRENT LIABILITIES Payables 13,711 14,470 759 Loans 2,211 3,034 823 Refundable Deposits 1,352 1,182 (170) Employee Benefits 15,449 13,655 (1,794) TOTAL CURRENT LIABILITIES 32,723 32,341 (382) NET CURRENT ASSETS 12,204 (5,518) 17,722 NON-CURRENT ASSETS Property Plant and Equipment 1,314,305 1,292,257 22,048 Investments 6,765 4,958 1,807 Receivables 776 1,885 (1,109) TOTAL NON-CURRENT ASSETS 1,321,846 1,299,100 22,746 NON-CURRENT LIABILITIES Developer Contributions 129 - (129) Loans 12,519 18,036 5,517 Employee Benefits 2,896 3,053 157 Landfill Provision 6,220 5,569 (651) TOTAL NON-CURRENT LIABILITIES 21,764 26,658 4,894 NET ASSETS 1,312,286 1,266,924 45,362 REPRESENTED BY: RATEPAYER EQUITY Accumulated Surplus 825,063 854,250 (29,187) Asset Revaluation Reserve 454,688 405,107 49,581 Reserves 32,535 7,567 24,968 TOTAL RATEPAYER EQUITY 1,312,286 1,266,924 45,362 131
CITY OF GREATER GEELONG STANDARD STATEMENTS NOTES TO STANDARD BALANCE SHEET The Balance Sheet highlights that Council has a very strong asset position with over $1.3 billion worth of assets which are used to provide services to the community. Variances to Budget The major variance to budget is the increase in noncurrent assets of $22.7M. The main factors were: > Difference in Budgeted Property Plant and Equipment at 1-07-2007 compared to Actual Property Plant and Equipment at 1-07-2007 (ie. difference is the underspend in capital in the 2006-2007 year). > The effect of the revaluation of Council Owned Land and Buildings $50.0M. Current assets were $18.1M favourable to budget with an increase in cash due to lower than budgeted capital expenditure and a higher than budgeted 1 July 2007 cash position. Receivables were also higher due to invoices being raised for grants in relation to the two aquatic centres. Non-current liabilities were $4.9M under budget mainly due to the deferral of loan amounts associated with the Leisurelink Replacement facility. 132
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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
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HEALTH AND WELLBEING Objective To h
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Health and Wellbeing - Outcomes Out
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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 and 128: CITY OF GREATER GEELONG VICTORIAN L
Page 129 and 130: UNDERSTANDING THE FINANCIAL REPORT
Page 131 and 132: Standard Statements Basis of prepar
Page 133: CITY OF GREATER GEELONG STANDARD ST
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Page 139 and 140: 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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