ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

CITY OF GREATER GEELONG
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008
2008 2007
$000 $000
24 Employee Benefits (cont’d)
CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008
(i) Current
Annual leave 5,991 5,667
Long service leave 8,315 7,470
Other 1,143 840
15,449 13,977
Current Long Service Leave has been determined as the amount employees are entitled to at balance date. Based on past history,
it is estimated that approximately $1M will be paid out in Long Service Leave in 2008-2009.
(ii) Non-current
Long service leave 2,896 2,808
2,896 2,808
Aggregate carrying amount of employee benefits:
Current 15,449 13,977
Non-current 2,896 2,808
18,345 16,785
The following assumptions were adopted in measuring the present value of long service leave and retiring gratuity:
Weighted average increase in employee costs 4.50% 4.50%
Weighted average discount rates 6.45% 6.36%
Weighted average settlement period 10 10
(i) Current
All annual leave and the long service leave entitlements representing 10 or more years of continuous service
Short-term employee benefits that fall due within 12 months after the end of the period measured at nominal value 8,133 7,507
Other long-term employee benefits that do not fall due within 12 months after the end of the period measured at present value 7,316 6,470
15,449 13,977
(ii) Non-current
Long service leave representing less than 10 years of continuous service measured at present value 2,896 2,808
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