annual report 2011â12 - Parliament of New South Wales - NSW ...

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Department of Transport Notes to the financial statements for the year ended 30 June 2012 20 EMPLOYEE BENEFITS (cont'd) ! Funding arrangements for employer contributions (a) Deficit The following is a summary of the financial position of the Fund calculated in accordance with AASB 25. Year ended 30 June 2012 SASS SANCSS SSS Total $'000 $'000 $'000 $'000 Accrued benefits 2,135,184 257,202 847,217 3,239,603 Net market value of Fund assets (1,757,555) (194,169) (577,056) (2,528,780) Net deficit / (surplus) 377,629 63,033 270,161 710,823 Year ended 30 June 2011 SASS SANCSS SSS Total $'000 $'000 $'000 $'000 Accrued benefits 2,094,096 249,547 772,168 3,115,811 Net market value of Fund assets (1,859,529) (219,281) (575,093) (2,653,903) Net deficit 234,567 30,266 197,075 461,908 (b) Contributions recommendations Year ended 30 June 2012 SASS SANCSS SSS % p.a. % p.a. % p.a. Recommended contributions rates for the reporting entity were: 9 9 9 9 9 9 Year ended 30 June 2011 SASS SANCSS SSS % p.a. %p.a. %p.a. Recommended contributions rates for the reporting entity were: 9 9 9 9 9 9 (c) Funding method The method used to determine the employer contribution recommendations at the last actuarial review was the Aggregate Funding method, the employer contribution rate is determined so that sufficient assets will be available to meet benefit payments to existing members, taking into account the current value of assets and future contributions. (d) Economic assumptions 2012 2011 % p.a. % p.a. Weighted average assumptions adopted for the last actuarial review Expected rate of return on Fund assets backing current pension liabilities 8.3 8.3 Expected rate of return on Fund assets backing other liabilities 7.3 7.3 Expected salary increase rate 4.0 4.0 Expected rate of CPI increase 2.5 2.5 ! Nature of asset / liability If a surplus exists in the employer’s interest in the Fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary. Where a deficiency exists, the employer is responsible for any difference between the employer’s share of fund assets and the defined benefit obligations. 108 Transport for NSW Annual Report 2011–12
Department of Transport Notes to the financial statements for the year ended 30 June 2012 21 OTHER PROVISIONS Consolidated Parent 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Current Other provisions Airport Line asset replacement 1,340 719 - - Ballast disposal 5,684 14,562 - - Land and buildings remediation 11,967 15,131 - - Land tax and related charges - 511 - - Lease make good costs 5,356 3,522 - - Legal and related claims 10,544 12,660 - - Property reimbursement claims 30 600 - - Marine damage claims 2 23 - - Marine hull damage 46 214 - - Public liability claims 7,350 4,751 - - Quarry restoration 1,717 - - - Other 10,619 7,962 - - 54,655 60,655 - - Consolidated Parent 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Non-current other provisions Airport Line asset replacement 8,128 7,955 - - Ballast disposal 12,522 - - - Land and buildings remediation 53,433 49,207 - - Lease make good costs 13,815 12,646 - - Marine damage claims 2 23 - - Marine hull damage 12 54 - - Public liability claims 92 4,052 - - Other 3,763 4,234 - - 91,767 78,171 - - Movements in other provisions Financial statements Movements in each class of provision during the financial year, other than employee benefits are set out below: Consolidated Airport Line asset replacement Ballast disposal Land and buildings remediation Legal and related claims Lease make good Others Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 2012 Carrying amount at the beginning of year 8,674 14,562 64,338 12,660 16,915 21,677 138,826 Increase in provisions - 8,325 6,665 6,546 2,462 7,639 31,637 Amounts used (272) (3,194) (6,342) (6,709) - (5,917) (22,434) Unused amounts reversed - (748) - (1,952) - (789) (3,489) Interest expense (refer to note below) 1,067 (739) 739 - (206) 1,022 1,883 Carrying amount at end of financial year 9,469 18,206 65,400 10,545 19,171 23,632 146,423 The interest expense ($6.5m) in finance costs (Note 2(g)) comprises interest expense on the above provisions ($1.9m) and on workers' compensation provision ($4.6m). Financial statements 109
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ANNUAL REPORT 2011-12
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Contents Overview 2 Director Genera
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Overview We place the customer at t
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NSW 2021 NSW 2021 is the NSW Govern
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Interim Corporate Plan Overview Tra
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Corporate Framework The Results in
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Job Descriptions Director General
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How Transport has changed It has be
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Operational performance Operational
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The insights gained from researchin
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Poster image used to promote the ne
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Responding to customer feedback Tra
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Travel Waratah train fleet Sydney
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Central Sydney Traffic and Transpor
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Accessibility South West Rail Link
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Barangaroo Integrated Transport Pla
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Vehicle registration initiatives A
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Asset Asset enhancements TfNSW is w
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NSW speed zones reviewed A State-wi
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Figure 2 - Trends in Road Fatalitie
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National Rail Safety Regulator All
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Review of GIPA functions All NSW Go
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• TfNSW’s payroll system was es
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Financial performance summary Durin
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Department of Transport Financial s
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Financial statements Financial stat
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Page 67 and 68: Department of Transport Summary of
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Transport for NSW Notes to the fina
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A.C.N. 156 211 906 Pty Ltd Financia
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A.C.N. 156 211 906 Pty Ltd Statemen
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A.C.N. 156 211 906 Pty Ltd Statemen
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1. Corporate Information A.C.N. 156
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A.C.N. 156 211 906 Pty Ltd Notes to
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9. Business combination A.C.N. 156
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21. Financial Instruments (cont’d
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Sydney Metro Financial statements F
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Appendices Appendices Appendices 24
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Appendix 1: Acts administered by th
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Director General, Transport NSW v A
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Table B: Number of applications by
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Number of access applications recei
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Appendix 5: Management and structur
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• Instigated substantial progress
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Name: Anthony Braxton-Smith Positio
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Name: Arthur Diakos Position: Chief
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Name: John Karaboulis Position: Exe
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Name: Stephen Enticott Position: Ge
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Name: Anthony Wing Position: Genera
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Name: Bevan Brown Position: Technic
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Name: Anand Thomas Position: Projec
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Performance indicator 09/10 10/11 1
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Internal reviews During the year th
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Previous year’s Announced Announc
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Appendix 7: Response to matters rai
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Appendix 14: Internal audit and ris
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Appendix 15: Risk management and in
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Appendix 17: Human Resources In 201
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Movement in salaries, wages and all
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Appendix 19: Occupational Health an
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Outcome areas Targets Actual Perfor
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Transport Pathways to Good Dental H
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Appendix 24: Payment of accounts Pa
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Appendix 26: Grants to non-governme
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Community Transport Service Provide
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LGA State electorate Proponent Proj
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Appendix 29: Research and developme
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Appendix 31: Bus contract region ma
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Appendix 33: CountryLink network ma
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Index Index Index 319
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N S Summary review of operations 4
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Local and Community Transport Regio
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