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
28 Reserves (cont’d)
(b) Other Reserves
Statutory Reserves
Council maintains three Statutory reserves to record funds collected from developers under the Planning and Environment Act, Subdivisions Act and
Local Government Act. Council identifies, as part of the budget process, capital works relevant to these reserves and records the capital expenditure
as settlement of the obligations created in collecting the levies. The outstanding balance at year end is listed below. The movement to and from reserves
are shown in the Statement of Changes in Equity.
Car Parking Reserve 42 337
Public Open Space Reserve 834 1,191
Main Drainage Reserve 136 841
Total Statutory Reserves 1,012 2,369
Discretionary Reserves
Council maintains a Deferred Works Reserve to record the estimated amount of Capital Expenditure that is expected to
complete the capital projects that were approved in the previous year's budget, but had not been completed at year end.
Council maintains an Asset Development Reserve to record funds provided to Council for development of coastal infrastructure.
Council has an Asset Redevelopment Reserve to record funds provided to Council to reinstate decking around the Carousel as required.
The outstanding balances of the reserves are listed below. The movements to and from reserves are shown in the Statement of Changes in Equity.
Deferred Works Reserve 30,000 22,115
Asset Development Reserve 332 332
Asset Redevelopment Reserve 1,191 1,200
Total Discretionary Reserves 31,523 23,647
168