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 20: LEASE LIABILITIES
Aggregate Lease Expenditure contracted for at Balance Date. 2007 2006
Operating Lease $’000 $’000
Not later than one year 63 55
Later than 1 but not later than five years 48 28
Total 111 83
NOTE 21: CONTINGENT LIABILITIES/ASSETS
As at balance date the Board of Management is unaware of the existence of any contingent liabilities/assets that may have a material effect
on the Operating Statement as a result of any future event which may or may not happen.
NOTE 22: SUPERANNUATION
Superannuation contributions for the reporting period are included as part of employee benefits and on costs in the Operating Statement of the Hospital.
The name and details of the major employee superannuation fund and contributions made by the Hospital are as follows:
Contribution for the year 2007 2006
$000 $000
Health Super Fund 1,522 1,497
Total 1,522 1,497
The bases for contributions are determined by the various schemes.
The unfunded superannuation liability in respect to members of State Superannuation Schemes and Health Super Scheme is not recognised in the Balance Sheet.
Portland District Health’s total unfunded superannuation liability in relation to these funds has been assumed by and is reflected in the financial statements of the Department
of Treasury and Finance.
The above amounts were measured as at 30 June of each year, or in the case of employer contributions they relate to the years ended 30 June. All employees of the agency
are entitled to benefits on retirement, disability or death from the Government Employees Super Fund. This fund provides defined lump sum benefits based on years of service
and annual average salary.
In accordance with the Directions of the Minister for Finance under the Financial Management Act 1994, contributed income sector bodies are required to make certain
disclosures regarding superannuation. Accordingly the following items are disclosed;
(i) Name of the Fund - Health Super Fund
(ii) Total contributions made by the Hospital to the schemes during 2006-07 were $1,522,155
(iii) As at balance date there were no outstanding contributions in respect of the 2006-07 financial year;
(iv) Contributions are paid in accordance with the Hospitals Superannuation Act 1988 and the State Superannuation Act 1988;
(v) There were no loans made from the Hospitals Superannuation Fund to the Hospital.
NOTE 23: REMUNERATION OF AUDITORS
Audit fees paid to the Victorian Auditor-General’s Office
for audit of the Hospitals financial report
Total
Total
2006-07 2005-06
$’000 $’000
Paid as at 30 June 2007 2 2
Payable as at 30 June 2007 9 9
PORTLAND DISTRICT HEALTH • ANNUAL REPORT 06/07 67