Long Term Community Plan 2012-2022 - Hurunui District Council

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www.hurunui.govt.nz The Council recognises a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation. Long service leave and retiring gratuity The retiring gratuity and long service leave liability is assessed on an actuarial basis using current rates of pay taking into account years of service, years to entitlement and the likelihood staff will reach the point of entitlement. Provisions Provisions are recognised when the Group has a present obligation as a result of a past event (either legal or constructive), and it is probable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate of the expenditure required to settle the obligation at balance date, and are discounted to present value where the effect is material. Provisions are not recognised for future operating losses. As operator of the Waikari Landfill, the Council has a legal obligation under the resource consent to provide ongoing maintenance and monitoring services at the landfill site after closure. A provision for post-closure costs is recognised as a liability when the obligation for post-closure costs arises. The provision is measured based on the present value of future cash flows expected to be incurred, taking into account future events including new legal requirements, and known improvements in technology, where there is sufficient evidence that these events will occur. The provision includes all other costs associated with landfill post-closure. Amounts provided for landfill post-closure are capitalised to the landfill asset where they give rise to future economic benefits to be obtained. Components of the capitalised landfill asset are depreciated over their useful lives. The discount rate used is a rate that reflects current market assessments of the time value of money and the risks specific to the liability. Goods and Services Tax These financial statements have been prepared exclusive of GST, except for receivables and payables, which are GST inclusive. Where GST is not recoverable as an input tax, it is recognised as part of the related asset or expense Budget Figures budget figures have been prepared in accordance NZ GAAP and are consistent with the accounting policies adopted by the Council for the preparation of the financial statements. Cost Allocation HDC has derived the net cost of service for each significant activity of the Council using a system of cost allocation. Direct Costs are charged directly to significant activities. Indirect costs are charged to significant activities based on cost drivers and related activity/usage information. ‘Direct’ costs are those costs directly attributable to a significant activity. ‘Indirect costs’ are those costs, which cannot be identified in an economically feasible manner with a specific significant activity. The costs of internal services not directly charged to activities are allocated as overheads using appropriate cost drivers such as actual usage, staff numbers and the like. Critical Accounting Estimates and Assumptions The preparation of prospective financial statements in conformity with NZ IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Management has exercised the following critical judgments in applying the accounting policies to the preparation of the 2012- 2022 Long Term Plan. Judgments have been made over useful lives of property, plant and equipment and intangible assets, landfill aftercare provision, probability of reaching vesting date for long service liability, sick leave provisions, valuations of infrastructural assets and the long term effects on HDC’s assets as a result of the Canterbury earthquakes. Therefore, actual results may differ from these estimates. The judgments and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or the period of the revision and future periods if the revision affects both current and future periods. The budget figures are those approved by the Council at the beginning of the year after a period of consultation with the public as part of the Long Term Plan or Annual Plan process. The 160
Hurunui Community Long Term Plan 2012 - 2022 Forecast Statement of Comprehensive Income Annual Plan Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) Revenue District Wide Rates 5,280 5,558 6,014 6,459 6,662 6,942 7,160 7,252 7,570 7,843 8,012 Targeted Rates for Water Supplies 446 444 471 500 527 556 586 618 652 688 726 Targeted Rates for Other Services 6,997 7,627 7,987 8,352 8,673 9,038 9,380 9,776 10,206 10,662 11,173 Development Contributions 697 390 405 419 422 423 438 454 464 485 445 Dividends Received 33 72 74 77 79 82 84 86 89 92 95 NZTA Subsidies and Other Grants 3,529 3,383 3,386 3,494 3,610 3,734 3,859 3,994 4,144 4,310 4,482 Hanmer Springs Thermal Pools and Spa 9,632 9,572 10,004 10,305 10,923 11,257 11,591 12,283 12,656 13,044 13,840 Other Income 2,408 2,529 2,781 2,879 4,362 3,334 2,769 3,033 3,004 3,035 3,134 Vested Asset Income 646 218 227 234 242 339 352 366 382 399 332 Gains/(Losses) on Forestry Revaluation 0 277 13 (63) (1,465) (500) 168 (85) (48) 30 11 29,668 30,072 31,363 32,655 34,034 35,205 36,388 37,778 39,118 40,589 42,251 Less Expenditure Employee Benefits 8,799 9,537 9,902 10,203 10,526 10,872 11,181 11,498 11,861 12,259 12,659 Direct Operating Expenses 13,362 13,989 14,473 15,062 15,293 15,891 16,403 16,750 17,240 17,864 18,368 External Interest Paid 831 969 1,203 1,297 1,359 1,391 1,375 1,281 1,156 1,000 828 Depreciation 5,662 5,805 6,221 6,315 6,437 6,767 6,785 6,965 7,388 7,441 7,706 28,654 30,299 31,799 32,877 33,616 34,920 35,744 36,495 37,646 38,564 39,560 Net Surplus/(Deficit) before tax 1,014 (227) (436) (222) 418 285 643 1,283 1,472 2,025 2,690 Tax expense 0 0 0 0 0 0 0 0 0 0 0 Net Surplus/(Deficit) after tax 1,014 (227) (436) (222) 418 285 643 1,283 1,472 2,025 2,690 Add Other Comprehensive Income Gains/(Losses) on Asset Revaluation 0 22,017 4,938 5,885 24,576 4,692 6,194 29,592 5,844 8,055 34,904 0 22,017 4,938 5,885 24,576 4,692 6,194 29,592 5,844 8,055 34,904 Total Comprehensive Income 1,014 21,789 4,501 5,663 24,994 4,976 6,838 30,876 7,316 10,080 37,595 Summary of Capital Expenditure Water Supplies 1,536 2,092 704 894 775 1,161 752 725 817 736 1,509 Sewerage 149 919 151 1,551 168 237 465 128 73 83 67 Stormwater and Drainage 0 294 62 0 0 153 0 0 0 0 85 Roads and Footpaths 4,204 3,643 3,781 3,901 4,035 4,242 4,416 4,588 4,778 4,996 5,166 Community Services and Facilities 255 441 436 452 2,442 1,482 373 263 746 261 280 Environment and Safety 133 234 197 113 133 190 197 0 97 102 0 District Promotion 0 0 0 0 0 0 0 0 0 0 0 Hanmer Springs Thermal Pools and Spa 200 2,650 1,455 644 944 115 119 124 130 136 142 Governance 0 0 36 0 0 40 0 0 45 0 0 Corporate Services 387 490 551 301 367 380 334 410 428 379 468 6,864 10,763 7,374 7,856 8,864 8,000 6,657 6,239 7,114 6,693 7,717 C:\Users\jab\Desktop\Fuck Up with Subsidised Roading\Hurunui District Council LTP Budgets 2012-2022 - Post Submissions - with Option 2 for Subsidised Roading.xls 27/06/2012 2:17 p.m. 161
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Hurunui Community Long Term Plan 20
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About the Plan Introduction The Loc
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How Your Rates are Spent The Counci
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Table 1: Hurunui Community Long Ter
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Amuri-Hurunui Ward Profile Backgrou
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Hanmer Springs Ward Profile Backgro
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Council Activities Introduction In
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Water Supply Overview Water Supply
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Activity 1: Water Supply Overview T
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Sewerage Overview Sewerage covers t
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Activity 1: Roads and Footpaths Ove
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Roading and Footpaths - Group Activ
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Activity 1: Stormwater and Drainage
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Stormwater and Drainage - Group Act
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External Liability Management Polic
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Investment Policy General Policy In
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Rates Remission for Biodiversity Po
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Reserves Funding Policy Introductio
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Significance Policy Introduction Th
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Representatives of our District Hur
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Independent Auditor’s Report Huru
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283 Hurunui Community Long Term Pla
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Phone: 03 314 8816 Fax: 03 314 9181
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Long Term Community Plan 2012-2022 - Hurunui District Council

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