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><br />
NOTES TO THE FINANCIAL <strong>REPORT</strong> FOR THE YEAR ENDED 30 JUNE <strong>2008</strong><br />
34 Operating Leases<br />
(a) Operating Lease Commitments<br />
At the reporting date, the Council had the following obligations under non-cancellable operating leases for the lease of equipment and land and<br />
buildings for use within Council's activities (these obligations are not recognised as liabilities):<br />
<strong>2008</strong> <strong>2007</strong><br />
$000 $000<br />
<strong>CITY</strong> <strong>OF</strong> <strong>GREATER</strong> <strong>GEELONG</strong> <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2007</strong>-<strong>2008</strong><br />
Not later than one year 1,413 1,084<br />
Later than one year and not later than five years 2,257 1,992<br />
Later than five years 1 32<br />
3,671 3,108<br />
(b) Operating Lease Receivables<br />
The Council has entered into commercial property leases on its property, consisting of surplus freehold complexes.<br />
These properties held under operating leases have remaining non-cancellable leases terms of between 1 and 40 years.<br />
Future Minimum rentals received under non-cancellable operating leases are as follows:<br />
Not later than one year 3,319 2,399<br />
Later than one year and not later than five years 8,229 6,150<br />
Later than five years 4,773 5,565<br />
16,321 14,114<br />
173
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