Annual Report 2008-2009 Summary - City of Greater Geelong
Annual Report 2008-2009 Summary - City of Greater Geelong
Annual Report 2008-2009 Summary - City of Greater Geelong
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Construction <strong>of</strong> the new Leisurelink Gym and Aquatic<br />
Centre is over the halfway mark with the centre on target<br />
to open during the first half <strong>of</strong> 2010.<br />
<strong>Summary</strong> <strong>of</strong> Financial Results for <strong>2008</strong>-<strong>2009</strong> and Five Year Trends<br />
Loans<br />
$Million<br />
Loans<br />
30<br />
26.2<br />
25<br />
20<br />
15<br />
16.6<br />
15.9<br />
14.7<br />
12.5<br />
10<br />
Debt Commitment<br />
Cash Cash and Investments<br />
%<br />
6<br />
5<br />
5.08<br />
4.76<br />
4.83<br />
4.40<br />
4<br />
3<br />
2<br />
60<br />
53.1<br />
48<br />
36<br />
31.9<br />
30.3<br />
24<br />
25.8<br />
12 13.1<br />
1.73<br />
0<br />
1<br />
0<br />
2004-05 2005-06 2006-07 2007-08 <strong>2008</strong>-09<br />
2004-05 2005-06 2006-07 2007-08 <strong>2008</strong>-09<br />
2004-05 2005-06 2006-07 2007-08 <strong>2008</strong>-09<br />
$Million<br />
Council took out a loan <strong>of</strong> $12.7 million in<br />
$12.5M 2004-05<br />
June $15.9M <strong>2009</strong>2005-06<br />
to fund capital works (specifically<br />
$16.6M 2006-07<br />
the new $14.7M Leisurelink 2007-08 Gym and Aquatic Centre<br />
$26.2M <strong>2008</strong>-09<br />
and the Bellarine Aquatic and Sports Centre).<br />
This loan was approved by the Australian Loan<br />
Council and was included in the <strong>2008</strong>-<strong>2009</strong><br />
Budget assumptions. An additional loan <strong>of</strong><br />
$6.0 million for Leisurelink was deferred.<br />
The Debt Commitment ratio shows the<br />
$12.5M 2004-05<br />
4.76% 2004-05<br />
percentage $15.9M 2005-06 <strong>of</strong> rates required 4.40% to 2005-06 pay back<br />
$16.6M 2006-07<br />
4.83% 2006-07<br />
principal $14.7M and 2007-08interest on 5.08% Council 2007-08 loans.<br />
$26.2M <strong>2008</strong>-09<br />
1.73% <strong>2008</strong>-09<br />
Council’s ratio shows that a low percentage <strong>of</strong><br />
rates are used in loan servicing and after taking<br />
out the new loan, Council continues to have<br />
the capacity to meet its debt repayments. The<br />
reduction in the ratio is due to the repayment <strong>of</strong><br />
an $18 million loan in June <strong>2008</strong>.<br />
The closing<br />
$13.1M 2004-05<br />
cash balance at the end <strong>of</strong> <strong>2008</strong>-<br />
$25.8M 2005-06<br />
<strong>2009</strong><br />
$31.9M<br />
has increased<br />
2006-07<br />
to $53.1 million as a result<br />
$30.0M 2007-08<br />
<strong>of</strong> drawing<br />
$53.1M<br />
down<br />
<strong>2008</strong>-09the loan <strong>of</strong> $12.7 million,<br />
receipt <strong>of</strong> the first installment <strong>of</strong> <strong>2009</strong>-2010<br />
Grants Commission allocation and the lower than<br />
expected capital expenditure. The cash balance<br />
covers Council’s long service leave obligation <strong>of</strong><br />
$11.6 million and provides funds to complete the<br />
carry over capital works in the future.<br />
Back to<br />
table <strong>of</strong><br />
contents<br />
42 <strong>Annual</strong> <strong>Report</strong> <strong>2008</strong>-<strong>2009</strong> | <strong>City</strong> <strong>of</strong> <strong>Greater</strong> <strong>Geelong</strong>
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