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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Loans<br />
Council took out a loan of $3.1M in June <strong>2008</strong> to fund<br />
capital works (specifically the Bellarine Aquatic and<br />
Sports Centre). This loan was approved by the Australian<br />
Loan Council and was included in the <strong>2007</strong>-<strong>2008</strong><br />
Budget assumptions. An additional loan of $6.5M<br />
for the Leisurelink facility was deferred.<br />
Debt Commitment<br />
The Debt Commitment ratio shows the percentage<br />
of rates required to pay back principal and interest<br />
on Council loans. Council’s ratio shows that a low<br />
percentage of rates is used in loan servicing and after<br />
taking out the new loan, Council continues to have the<br />
capacity to meet its debt repayments.<br />
Cash and Investments<br />
The closing cash balance at the end of <strong>2007</strong>-<strong>2008</strong> has<br />
decreased to $30.3M as a result of deferring the loan<br />
of $6.5M, however this was offset by the lower than<br />
expected capital expenditure. The cash balance covers<br />
Council’s Long Service leave obligation of $10.7M and<br />
provides funds to complete the carry over capital works<br />
in the future.<br />
Working Capital Ratio<br />
The working capital ratio has improved in <strong>2007</strong>-<strong>2008</strong><br />
due to the increase in the closing debtor balances.<br />
Council continues to have a strong working capital<br />
ratio and capacity to borrow as required for future<br />
capital works.<br />
2004-2005<br />
2003-2004<br />
$12.5M<br />
$15.9M<br />
2005-2006<br />
2004-2005<br />
$12.5M<br />
$15.9M<br />
2006-<strong>2007</strong><br />
$16.6M<br />
2005-2006<br />
$15.9M<br />
2003-2004<br />
<strong>2007</strong>-<strong>2008</strong><br />
$14.7M$15.9M<br />
2006-<strong>2007</strong><br />
$16.6M<br />
2004-2005<br />
$12.5M<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006 $M<br />
2003-2004<br />
0<br />
5 10<br />
$14.7M<br />
15 $15.9M<br />
20 25<br />
30 35<br />
2006-<strong>2007</strong><br />
2004-2005 $M 0<br />
5 10 $12.5M 15 $16.6M 20 25<br />
30 35<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006<br />
$14.7M$15.9M<br />
2006-<strong>2007</strong><br />
$16.6M<br />
$M 0<br />
5 10<br />
15 20<br />
<strong>2007</strong>-<strong>2008</strong><br />
$14.7M<br />
25<br />
30 35<br />
$M 0<br />
5 10<br />
15 20 25<br />
30 35<br />
2003-2004<br />
6.02%<br />
2004-2005<br />
4.76%<br />
2003-2004<br />
6.02%<br />
2005-2006<br />
4.40%<br />
2004-2005<br />
4.76%<br />
2006-<strong>2007</strong><br />
4.83%<br />
2005-2006<br />
4.40%<br />
2003-2004<br />
<strong>2007</strong>-<strong>2008</strong><br />
5.08%<br />
6.02%<br />
2006-<strong>2007</strong><br />
4.83%<br />
2004-2005<br />
4.76%<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006 % 0<br />
1 2<br />
3 4<br />
2003-2004<br />
4.40%<br />
5 5.08% 6 7<br />
6.02%<br />
2006-<strong>2007</strong><br />
2004-2005 % 0<br />
1 2<br />
3 4 4.76% 4.83% 5<br />
6 7<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006<br />
4.40% 5.08%<br />
2006-<strong>2007</strong><br />
4.83%<br />
% 0<br />
1 2<br />
3 4 5<br />
6 7<br />
<strong>2007</strong>-<strong>2008</strong><br />
5.08%<br />
% 0<br />
1 2<br />
3 4 5<br />
6 7<br />
2003-2004<br />
$26.1M<br />
2004-2005<br />
2003-2004<br />
$13.1M<br />
$26.1M<br />
2005-2006<br />
2004-2005<br />
$13.1M<br />
$25.8M<br />
2006-<strong>2007</strong><br />
$31.9M<br />
2005-2006<br />
$25.8M<br />
2003-2004<br />
<strong>2007</strong>-<strong>2008</strong><br />
$26.1M $30.3M<br />
2006-<strong>2007</strong><br />
$31.9M<br />
2004-2005<br />
$13.1M<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006<br />
2003-2004<br />
$M 0<br />
5 10<br />
15 20 25 $25.8M $26.1M<br />
30<br />
$30.3M<br />
35<br />
2006-<strong>2007</strong><br />
2004-2005 $M 0<br />
5 10 $13.1M 15 20 25<br />
30 $31.9M 35<br />
<strong>2007</strong>-<strong>2008</strong><br />
2005-2006<br />
$25.8M $30.3M<br />
2006-<strong>2007</strong><br />
$31.9M<br />
$M 0<br />
<strong>2007</strong>-<strong>2008</strong><br />
5 10<br />
15 20 25<br />
30<br />
$30.3M<br />
35<br />
$M 0<br />
5 10<br />
15 20 25<br />
30 35<br />
2003-2004<br />
$1.16<br />
2004-2005<br />
2003-2004<br />
$0.68<br />
$1.16<br />
2005-2006<br />
2004-2005<br />
$0.68<br />
$1.04<br />
2006-<strong>2007</strong><br />
$1.13<br />
2005-2006<br />
$1.04<br />
2003-2004<br />
<strong>2007</strong>-<strong>2008</strong><br />
$1.16 $1.36<br />
2006-<strong>2007</strong><br />
$1.13<br />
2004-2005<br />
$0.68<br />
<strong>2007</strong>-<strong>2008</strong><br />
$1.36<br />
2005-2006<br />
2003-2004<br />
0 0.5 1 $1.04$1.16<br />
1.5 2<br />
2.5<br />
$ of current assets per $ of current liability<br />
2006-<strong>2007</strong><br />
2004-2005 0 0.5 $0.68 1 $1.13<br />
1.5 2<br />
2.5<br />
$ <strong>2007</strong>-<strong>2008</strong><br />
2005-2006 of current assets per $ of current liability<br />
$1.04 $1.36<br />
2006-<strong>2007</strong><br />
$1.13<br />
0 0.5 1<br />
1.5<br />
<strong>2007</strong>-<strong>2008</strong><br />
$1.36<br />
$ 2003-2004 of current assets per $ of current liability<br />
$35.5M<br />
2<br />
2.5<br />
2004-2005 0 0.5 1<br />
1.5 2<br />
$61.5M 2.5<br />
2003-2004<br />
$35.5M<br />
$ 2005-2006 of current assets per $ of current liability<br />
$38.9M<br />
2004-2005<br />
$61.5M<br />
2006-<strong>2007</strong><br />
$49.1M<br />
2005-2006<br />
$38.9M<br />
2003-2004<br />
<strong>2007</strong>-<strong>2008</strong><br />
$35.5M<br />
$52.4M<br />
34
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