2007 Annual report (PDF 8.1 Mb) - University of Melbourne

FINANCIAL
STATEMENTS
CONSOLIDATED
UNIVERSITY
2007 2006 2007 2006
$’000 $’000 $’000 $’000
NOTE 29: PROVISIONS
Current:
Current provisions expected to be settled within 12 months
Employee Benefits -
Annual Leave 38,380 34,842 35,318 31,044
Long Service Leave 11,569 10,151 9,761 9,143
Deferred Government Benefits for Superannuation 8,130 7,855 8,130 6,922
WorkCover Claims 1,266 1,273 1,266 1,273
Taxation 36 30 - -
Other 1,224 1,041 65 68
60,605 55,192 54,540 48,450
Current provision expected to be settled after more than 12 months
Employee Benefits -
Annual Leave 13,722 12,513 13,701 12,513
Long Service Leave 46,543 43,882 46,543 42,692
60,265 56,395 60,244 55,205
Total Current Provisions 120,870 111,587 114,784 103,655
Non-Current:
Employee Benefits -
Long Service Leave 22,225 21,330 21,473 19,832
Deferred Government Benefits for Superannuation 88,981 97,601 88,981 83,801
WorkCover Claims 4,386 3,789 4,386 3,789
Total Non-Current Provisions 115,592 122,720 114,840 107,422
Total Provisions 236,462 234,307 229,624 211,077
Employee Benefits
Provision for Employee Benefits - Current 118,344 109,243 113,453 102,314
Provision for Employee Benefits - Non-Current 111,206 118,931 110,454 103,633
Aggregate Employee Benefits 229,550 228,174 223,907 205,947
Employee Numbers
Full-time Equivalent Academic and Non-Academic Staff 6,797 6,528 6,297 5,822
State Superannuation Fund
AASB 119 Employee Benefits requires that the estimated present value of superannuation obligations recognised in the financial
statements be determined as at balance date. These financial statements recognise estimated superannuation obligations in respect of
the State Superannuation Fund using an actuarial estimate as at 30 June 2007. As there is no net impact on the Balance Sheet or Income
Statement from these superannuation obligations (due to recognition of a corresponding receivable), the costs of providing an actuarial
assessment at balance date (31 December 2007) outweigh the benefits. The University has therefore elected not to obtain an estimate of
its superannuation obligations as at balance date. Consequently superannuation obligations (and the corresponding receivable) are stated in
the financial statements based on estimates prepared six months in arrears.
The University of Melbourne Annual Report 2007 123