ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG
ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG
ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG
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<strong>CITY</strong> <strong>OF</strong> <strong>GREATER</strong> <strong>GEELONG</strong> STANDARD STATEMENTS<br />
NOTES TO STANDARD BALANCE SHEET<br />
The Balance Sheet highlights that Council has a very<br />
strong asset position with over $1.3 billion worth of<br />
assets which are used to provide services to the<br />
community.<br />
Variances to Budget<br />
The major variance to budget is the increase in noncurrent<br />
assets of $22.7M. The main factors were:<br />
> Difference in Budgeted Property Plant and Equipment<br />
at 1-07-<strong>2007</strong> compared to Actual Property Plant and<br />
Equipment at 1-07-<strong>2007</strong> (ie. difference is the<br />
underspend in capital in the 2006-<strong>2007</strong> year).<br />
> The effect of the revaluation of Council Owned Land<br />
and Buildings $50.0M.<br />
Current assets were $18.1M favourable to budget with<br />
an increase in cash due to lower than budgeted capital<br />
expenditure and a higher than budgeted 1 July <strong>2007</strong><br />
cash position. Receivables were also higher due to<br />
invoices being raised for grants in relation to the two<br />
aquatic centres.<br />
Non-current liabilities were $4.9M under budget mainly<br />
due to the deferral of loan amounts associated with the<br />
Leisurelink Replacement facility.<br />
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