Portland District Health Annual Report 2007 - South West Alliance of ...

Portland District Health
Notes to and forming part of the Financial Statements
for the year ended 30 June 2007
NOTE 11: PAYABLES
2007 2006
$’000 $’000
Trade Creditors 928 707
Accrued Expenses 1,723 415
GST Payable 313 241
Total Payables 2,964 1,363
NOTE 12: INTEREST BEARING LIABILITIES
2007 2006
Current $’000 $’000
Australian Dollar Borrowings:
- Loan - Treasury Corporation Victoria 171 171
Total Australian Dollar Borrowings 171 171
Non-Current
Australian Dollar Borrowings:
- Loan - Treasury Corporation Victoria 1,436 1,619
Total Australian Dollar Borrowings 1,436 1,619
Total Interest Bearing Liabilities 1,607 1,790
Current
- Secured Long term fixed interest loan with Treasury Corporation Victoria 171 171
Non-Current
- Secured Long term fixed interest loan with Treasury Corporation Victoria 1,436 1,619
The approved Bank Overdraft Limit is $800,000
Finance Costs of the Health Service incurred during the year are accounted for as follows:
Amount of finance costs recognised as expense 127 110
NOTE 13: EMPLOYEE BENEFITS 2007 2006
$’000 $’000
Current
Long Service Leave
- short-term benefits at nominal value 254 258
- long-term benefits at present value 84 83
Annual Leave
- short-term benefits at nominal value 1,232 1,156
- long-term benefits at present value 335 326
Accrued Wages and Salaries 678 467
Accrued Days Off 45 50
Total Current Employee Benefits 2,628 2,340
Non-Current
Long Service Leave 1,917 1,928
Total Non-Current Employee Benefits 1,917 1,928
Movement in Long Service Leave
Balance 1 July 2,269 2,167
Provision made during the year 213 230
Settlement made during the year (227) (128)
Balance 30 June 2,255 2,269
The following assumptions were adopted in measuring present value:
2007 2006
Weighted Average Increase in employee costs 2.8% 2.7%
Weighted average Discount Rates 2.4% 2.3%
Weighted Average Settlement period 12.9 12.8
PORTLAND DISTRICT HEALTH • ANNUAL REPORT 06/07 63