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 36 Financial Instruments (a) Accounting Policy, terms and conditions CITY OF GREATER GEELONG ANNUAL REPORT 2007-2008 Recognised financial instruments Note Accounting Policy Terms and Conditions Financial Assets Cash and cash equivalents 16 Cash on hand is valued at face value. Cash on Hand is managed according to normal expenditure approval procedures. Interest is recognised as it accrues. Funds returned fixed interest rate of between 6.19% and 7.38% (5.70% to 6.15% in 2006-2007) Bank Bills Bills are redeemed for purchase price plus interest at maturity. Bills are held for periods between 30 to 60 days. Interest ranged between 6.40% to 8.04%. Term Deposits Term deposits return fixed interest rates of between 6.83% and 8.14%. Term Deposits are held for periods of 30, 60 or 90 days. Other Financial Assets 18 Units in Trust Withdrawals are at call 24 to 48 hours notice. These investments attract floating interest rates of between 1.95% and 8.11% net of fees payable. Trade and other receivables 17 Receivables are carried at nominal amounts due less any General and deferred debtors are unsecured and interest free. Credit terms are provision for doubtful debts. A provision for doubtful debts usually 30 days. is recognised when collection in full is no longer probable. Collectability of overdue accounts is assessed on an ongoing basis. Financial Liabilities Bank overdraft 25 The Council's bank account is closely monitored to ensure that Council has a $5M overdraft facility. It is secured by a mortgage over Council's cash invested is maximised. The overdraft reflects unpresented general rates and is repayable on demand, interest rate, when the overdraft is cheques at balance day. used, is < 11%pa. Trade and other payables 22 Liabilities are recognised for expenses incurred to balance date Creditors are unsecured, not subject to interest charges and are normally settled and payable in the next financial year, whether invoices have within 30 days of invoice receipt. been received or not. Interest-bearing loans and borrowings Secured loans are carried at the principle amount outstanding. Loans are secured over the general rates of the Council. The interest rate for each - Secured Loans 25 Loans are subject to borrowing limits imposed by the State loan is fixed for the period of the loan. Council took out a loan of $7M in May Government under the Loan Council approval arrangements. 2006, repayable over 10 years at 6.4%. Council took out a loan of $5M in June Interest is charged as an expense as it accrues. 2007, repayable over 10 years at 6.97%. Council took out a loan of $3.125 M in June 2008, repayable over 10 years at 8.573%. - Unsecured Loans 25 Unsecured loans are carried at the principle amount Unsecured loans comprise of two interest free loans from the Department of outstanding. Planning and Development to fund the purchase of the former Geelong Post Office and former Geelong Gaol. 175
CITY OF GREATER GEELONG NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008 36 Financial Instruments (cont’d) (b) Interest Rate Risk The exposure to interest rate risk and the effective interest rates of financial assets and financial liabilities, both recognised and unrecognised, at balance date are as follows: Fixed interest maturing in: Floating Over 1 to 5 More than Non-interest Interest rate 1 year or less years 5 years bearing Total $000 $000 $000 $000 $000 $000 2008 Financial assets Cash and cash equivalents (470) 117 - - 52 (301) Other financial assets 31,412 - - - - 31,412 Trade and other receivables - - - - 11,683 11,683 Total financial assets 30,942 117 - - 11,735 42,794 Weighted average interest rate 6.88% 7.11% Financial liabilities Bank overdraft 845 - - - - 845 Trade and other payables - - - - 15,063 15,063 Secured loans - 1,181 5,626 6,893 - 13,700 Unsecured loans - - - - 1,030 1,030 Total financial liabilities 845 1,181 5,626 6,893 16,093 30,638 Weighted average interest rate 10.40% 6.96% 6.98% 7.19% Net financial assets (liabilities) 30,097 (1,064) (5,626) (6,893) (4,358) 12,156 2007 Financial assets Cash and cash equivalents 1,712 109 - - 36 1,857 Other financial assets 30,864 - - - - 30,864 Trade and other receivables - - - - 7,748 7,748 Total financial assets 32,576 109 - - 7,784 40,469 Weighted average interest rate 6.40% 6.16% Financial liabilities Bank overdraft 791 - - - - 791 Trade and other payables - - - - 15,123 15,123 Secured loans - 4,967 4,306 6,269 - 15,542 Unsecured loans - - - - 1,030 1,030 Total financial liabilities 791 4,967 4,306 6,269 16,153 32,486 Weighted average interest rate 9.75% 6.32% 6.62% 6.66% Net financial assets (liabilities) 31,785 (4,858) (4,306) (6,269) (8,369) 7,983 176
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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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PILLARS - Key Strategic Activity Ta
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CITY OF GREATER GEELONG COUNCIL APP
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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
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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
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Page 199 and 200: CONTACT COUNCIL Many of the City’
Page 201 and 202: This Annual Report is printed on Mo
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ANNUAL REPORT 2007-2008 CITY OF GREATER GEELONG

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