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 CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008 29 Reconciliation of Cash Flows from Operating Activities to Surplus (Deficit) 2008 2007 $000 $000 Surplus for the Year 27,399 40,485 Depreciation and Infrastructure write-off 38,954 38,209 (Profit)Loss on disposal of property, infrastructure, plant and equipment 349 (537) Capital Income (9,875) (7,363) Equity Share in Geelong Library Surplus (1,205) (454) Assets received in Kind (12,151) (14,079) Assets previously Unrecognised (857) (8,534) Gain on Revaluation - (7,807) Capitalised Salaries Expensed 64 - Finance Costs 905 840 Change in assets and liabilities: (Increase)/Decrease in Trade and Other Receivables (5,526) 155 (Increase)/Decrease in Prepayments (10) - (Increase)/Decrease in Inventories (184) (48) Increase/(Decrease) in Trade and Other Payables 178 1,186 Increase/(Decrease) in Refundable Deposits (109) 279 (Decrease)/Increase in Employee Benefits 1,559 1,040 Increase/(Decrease) in Landfill Provisions 940 219 (Decrease)/Increase in Work in Progress 986 806 Net cash provided by/(used in) operating activities 41,417 44,397 30 Reconciliation of Cash and Cash Equivalents Cash and cash equivalents (note 16) (301) 1,857 Cash and Investments (note 18) 31,412 30,864 Less bank overdraft (note 25) (845) (791) 30,266 31,930 31 Financing Arrangements Bank overdraft 5,000 5,000 Used Facilities - Overdraft (845) (791) Loans 14,730 16,572 Used facilities - Loans (14,730) (16,572) Unused facilities 4,155 4,209 169
CITY OF GREATER GEELONG NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008 32 Superannuation Post-employment Benefit Council makes employer superannuation contributions in respect of its employees to the Local Authorities Superannuation Fund (the Fund). Obligations for making contributions are recognised as an expense in profit or loss when they are due. The Fund has two categories of membership, each of which is funded differently. The Fund's accumulation category, Vision Super Saver, receives both employer and employee contributions on a progressive basis. Employer contributions are normally based on a fixed percentage of employee earnings (9% required under Superannuation Guarantee Legislation). No further liability accrues to the employer as the superannuation benefits accruing to employees are represented by their share of the net assets of the Fund. From 1 July 2008 employers are required to pay superannuation guarantee contributions based on Ordinary Time Earnings (OTE) which may put upward pressure on contribution levels. The Fund's Defined Benefit Plan is a multi-employer sponsored plan. As the Fund's assets and liabilities are pooled and are not allocated by employer, the Actuary is unable to allocate benefit liabilities, assets and costs between employers. As provided under Paragraph 32 (b) of AASB 119, Council does not use defined benefit accounting for these contributions. Council makes employer contributions to the defined benefit category of the Fund at rates determined by the Trustee on the advice of the Fund's Actuary. On the basis of the results of the most recent full actuarial investigation conducted by the Fund's actuary as at 31 December 2005, the Trustee has determined that the current funding arrangements are adequate for the expected Defined Benefit Plan liabilities. Council makes the following contributions:- > 9.25% of members' salaries (same as previous year); > the difference between resignation and retrenchment benefits paid to any retrenched employees (same as previous year); The Fund's liability for accrued benefits was determined in the 30 June 2007 actuarial investigation pursuant to the requirements of Australian Accounting Standard AAS25 as follows: 30-06-2007 $000 Net Market Value of Assets 4,102,154 Accrued Benefits (per accounting standards) 3,923,436 Difference between Assets and Accrued Benefits 178,718 Vested Benefits 3,572,589 170
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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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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
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Future Directions Main construction
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EDUCATION AND RESEARCH Objective To
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Education and Research - Outcomes O
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ARTS CULTURE AND HERITAGE Objective
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Arts, Culture and Heritage - Outcom
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TELECOMMUNICATIONS Objective To pro
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THEME 1: DEMOCRACY Objective To pro
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Challenges The objective to provide
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Best Value - Outcomes (Cont’d) Ou
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Page 129 and 130: UNDERSTANDING THE FINANCIAL REPORT
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Page 141 and 142: ANNUAL FINANCIAL REPORT CONTENTS FI
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Page 199 and 200: CONTACT COUNCIL Many of the City’
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ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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