Portland District Health Annual Report 2008 - South West Alliance of ...

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Notes To and Forming Part of the Financial Statements for the Year Ended 30 June 2008 Entity as lessee Finance leases are recognised as assets and liabilities at amounts equal to the fair value of the lease property or, if lower, the present value of the minimum lease payment, each determined at the inception of the lease. The lease asset is depreciated over the shorter of the estimated useful life of the asset or the term of the lease. Minimum lease payments are allocated between the principal component of the lease liability, and the interest expense calculated using the interest rate implicit in the lease, and charged directly to the operating statement. Contingent rentals associated with finance leases are recognised as an expense in the period in which they are incurred. Operating lease payments, including any contingent rentals, are recognised as an expense in the operating statement on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern of the benefits derived from the use of the leased assets. (z) Income Recognition Income is recognised in accordance with AASB 118 Revenue and is recognised as to the extent it is earned. Unearned income at reporting date is reported as income received in advance. Amounts disclosed as revenue are, where applicable, net of returns, allowances and duties and taxes. Government Grants Grants are recognised as income when the Health Service gains control of the underlying assets in accordance with AASB 1004 Contributions. For reciprocal grants the Health Service is deemed to have assumed control when the performance has occurred under the grant. For non-reciprocal grants the Health Service is deemed to have assumed control when the grant is received or receivable. Conditional grants may be reciprocal or non-reciprocal depending on the terms of the grant. Indirect Contributions – Insurance is recognised as revenue following advice from the Department of Human Services. – Long Service Leave (LSL) – Revenue is recognised upon finalisation of movements in LSL liability in line with the arrangements set out in the Acute Health Division Hospital Circular 13/2008. Patient Fees Patient fees are recognised as revenue at the time the invoices are raised. Private Practice Fees Private Practice fees are recognised as revenue at the time the invoices are raised. Donations and Other Bequests Donations and bequests are recognised as revenue when received. If donations are for a special purpose, they may be appropriated to a reserve, such as specific restricted purpose reserve. Dividend Revenue Dividend revenue is recognised on a receivable basis Interest Revenue Interest revenue is recognised on a time proportionate basis that takes into account the effective yield of the financial asset. 14
Notes To and Forming Part of the Financial Statements for the Year Ended 30 June 2008 (aa) Fund Accounting The Health Service operates on a fund accounting basis and maintains three funds: Operating, Specific Purpose and Capital Funds. The Health Service's Capital and Specific Purpose Funds include unspent capital donations and receipts from fund-raising activities conducted solely in respect of these funds. (ab) Services Supported By Health Services Agreement and Services Supported By Hospital and Community Initiatives Activities classified as Services Supported by Health Services Agreement (HSA) are substantially funded by the Department of Human Services and includes Residential Aged Care Services (RACS) and are also funded from other sources such as the Commonwealth, patients and residents while Services Supported by Hospital and Community Initiatives (Non HSA) are funded by the Health Service's own activities or local initiatives and/or the Commonwealth. (ac) Comparative Information Where necessary the previous year’s figures have been reclassified to facilitate comparisons. Operating Statement – Share of net Result of Associates & Joint Ventures Accounted for using the Equity Model Expense 2006/2007 ($82,000) is now recognised below net result before capital and specific items as a Share of net result of Associates & Joint Ventures Accounted for using the Equity Model in the Operating Statement for 2007/2008 comparatives. Note 2 & 2a – 2006/2007 comparatives changes in accordance with 2007-2008 Annual Reporting Guidelines. Note 3 & 3a – 2006/2007 comparatives changes in accordance with 2007-2008 Annual Reporting Guidelines. (ad) Asset Revaluation Reserve The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets. (ae) Specific Restricted Purpose Reserve A specific restricted purpose reserve is established where the Health Service has possession or title to the funds but has no discretion to amend or vary the restriction and/or condition underlying the funds received. (af) Contributed Capital Consistent with UIG Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities and FRD 2 Contributed Capital, appropriations for additions to the net asset base have been designated as contributed capital. Other transfers that are in the nature of contributions or distributions that have been designated as contributed capital are also treated as contributed capital. 15
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2007/08 PROVIDING SAFE AND COST EFF
Page 3 and 4:
president’s report Greg Andrews I
Page 5 and 6:
chief executive’s report IT IS PL
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An important outcome arising from t
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A JUGGLING ACT Juggling appointment
Page 11 and 12: VICTORIAN PUBLIC HEALTHCARE AWARDS
Page 13 and 14: Vin Gannon BOARD MEMBER Vin served
Page 15 and 16: financial performance THE 2007/08 Y
Page 17 and 18: financial performance OPERATING STA
Page 19 and 20: John O’Neill, Greg Andrews and Mi
Page 21 and 22: Sub-Acute nurses Julienne Stone and
Page 23 and 24: Hotel services staff members Jacqui
Page 25 and 26: Divison 2 Nurse Lorrene Bartle, Div
Page 27 and 28: Harbourside Lodge is a state-of-the
Page 29 and 30: Beth Alexander and Noelene Flower,
Page 31 and 32: A step that’s paid off Donna Shep
Page 33 and 34: services provided by Portland Distr
Page 35 and 36: quality activities Senior dietitian
Page 37 and 38: employee recognition Portland Distr
Page 39 and 40: volunteer recognition There were 87
Page 41 and 42: medical officers PDH Specialist Cen
Page 43 and 44: governance Portland District Health
Page 45 and 46: BUILDING ACT 1993 The Minister for
Page 47 and 48: PROVIDING SAFE & COST EFFECTIVE PRI
Page 49 and 50: FINANCIAL STATEMENTS for the year e
Page 51 and 52: Balance Sheet As at 30 June 2008 No
Page 53 and 54: Cash Flow Statement For the Year En
Page 55 and 56: Notes To and Forming Part of the Fi
Page 61: Notes To and Forming Part of the Fi
Page 88 and 89: Note 18: Financial Instruments (Con
Page 90: Carrying Interest Rate Risk Other P
Page 95: Notes To and Forming Part of the Fi
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