ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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CITY OF GREATER GEELONG NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008 1 Significant Accounting Policies (cont’d) (p) Impairment of assets CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008 At each reporting date, the Council reviews the carrying value of its assets to determine whether there is any indication that these assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the income statement. (q) Rounding Unless otherwise stated, amounts in the financial report have been rounded to the nearest thousand dollars. (r) Non-current assets held for sale A non-current asset held for sale is measured at the lower of its carrying amount and fair value less costs to sell. (s) Financial Guarantees Financial guarantee contracts are recognised as a liability at the time the guarantee is issued. The liability is initially measured at fair value, and if there is a material increase in the likelihood that the guarantee may have to be exercised, at the higher of the amount determined in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets and the amount initially recognised less cumulative amortisation, where appropriate. In the determination of fair value, consideration is given to factors including the probability of default by the guaranteed party and the likely loss to Council in the event of default. 147
CITY OF GREATER GEELONG NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008 2 Rates and Charges Council uses Capital Improved Values as the basis of valuation of all properties within the municipal district. The Capital Improved Value of a property is the total market value of the land plus buildings and other improvements. 2008 2007 $000 $000 The valuation base used to calculate general rates for 2007-2008 was $29.977 million (2006-2007 $29.188 million). Residential 62,482 58,407 Commercial 11,131 10,530 Industrial 5,848 5,587 Petroleum Production Land 2,653 2,521 Aluminium Production Land 917 872 Automobile Manufacture Land 518 493 Vacant Land 4,179 4,060 Farm/Rural 3,103 1,338 Cultural and Recreation 142 153 Mixed Use 267 238 Late Licence Premises 591 563 Garbage Charge 16,283 15,362 Municipal Charge 7,268 6,750 115,382 106,874 The date of the last general revaluation of land for rating purposes within the municipal district was 1 January 2006, and the valuation first applied to the rating period commencing 1 July 2006. A new general revaluation has been conducted as at 1 January 2008, and the valuation will be first applied in the rating year commencing 1 July 2008. 148
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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
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Jayco Bay Cycling Classic, Eastern
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Delivering on our Commitments: 2007
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Implementing the Local Action Plan
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Delivering on our Commitments: 2007
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Challenges Drought conditions in th
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TRANSPORTATION Objective To enhance
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Transportation - Outcomes Outcome M
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Bellarine Rail Trail 94
Page 99 and 100: Future Directions Main construction
Page 101 and 102: Delivering on our Commitments: 2007
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 115 and 116: Delivering on our Commitments: 2007
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
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Page 129 and 130: UNDERSTANDING THE FINANCIAL REPORT
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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Page 193 and 194: Tiarnee Cornwill South Geelong Prim
Page 195 and 196: 7 Cat Empire in Concert, The Geelon
Page 197 and 198: I Internal Audit 66 L Learning and
Page 199 and 200: 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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