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 36 Financial Instruments (cont’d) (e) Risks and Mitigation (cont’d) Liquidity Risk Liquidity risk includes the risk that, as a result of our operational liquidity requirements: > we will not have sufficient funds to settle a transaction on the date: > we will be forced to sell financial assets at a value which is less than what they are worth; or > we may be unable to settle or recover financial assets at all. To help reduce these risks we: > have a liquidity policy which targets a minimum and average level of cash and cash equivalents to be maintained; > have readily accessible standby facilities and other funding arrangements in place; > have a liquidity portfolio structure that requires surplus funds to be invested within the various bands of liquid instruments; > monitor budget to actual performance on a regular basis; and > set limits on borrowings relating to the percentage of loans to rate revenue and percentage of loan principal repayments to rate revenue. The Council's exposure to liquidity risk is deemed insignificant based on prior periods' data and current assessment of risk. (f) Sensitivity disclosure analysis Taking into account past performance, future expectations, economic forecasts, and management's knowledge and experience of the financial markets, the Council believes the following movements are 'reasonably possible' over the next 12 months (Base rates are sourced from the Federal Bank of Australia): > A parallel shift of +1% and -1% in market interest rates (AUD) from year-end rates of 9%. The table below discloses the impact on net operating result and equity for each category of financial instruments held by the Council at year-end, if the above movements were to occur. 30 June 2008 Interest Rate Risk -1% +1% Carrying Amount Result Equity Result Equity $000 $000 $000 $000 $000 Financial assets Cash and Cash Equivalents (301) 3 3 (3) (3) Other Financial Assets 31,412 (314) (314) 314 314 Trade and Other Receivables 14,490 (145) (145) 145 145 179 Financial Liabilities Interest Bearing Loans and Liabilities 14,730 (147) (147) 147 147 Payables 13,711 (137) (137) 137 137
CITY OF GREATER GEELONG NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2008 37 Events Occurring after Balance Date No matter or circumstances has arisen since the end of the financial period to 30 June 2008 that has significantly affected or may significantly affect the operations of the Council. 38 Related party transactions (i) Responsible Persons Names of persons holding the position of a Responsible Person at the Council at any time during 2007-2008 are: Councillors Elected 17 March 2001: Elected 22 February 2002: Elected 25 November 2003: Elected 3 May 2008 Cr Barbara Abley Cr Bruce Harwood (Mayor) Cr Peter McMullin Cr Andrew Katos Cr Tony Ansett Cr Lou Brazier Cr Shane Dowling Cr Jan Farrell (resigned 29th January 2008) Cr Rod Macdonald Cr Srechko Kontelj Cr John Mitchell Cr David Saunderson Cr Tom O'Connor Chief Executive Officer Kay Rundle (ii) Remuneration of Responsible Persons The number of Responsible Officers, whose total remuneration from Council and any related entities fall within the following bands: 2008 2007 No. No. $1 - $10,000 2 - $10,001 - $20,000 5 7 $20,001 - $30,000 5 3 $30,001 - $40,000 - 1 $40,001 - $50,000 - 1 $50,001 - $60,000 1 - $270,001 - $280,000 - 1 $330,001 - $340,000 1 - 14 13 $000 $000 Total Remuneration for the reporting year for Responsible Persons included above amounted to: 617 548 180
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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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CITY OF GREATER GEELONG VICTORIAN L
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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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