Complete annual report 2010-11 - Land - NSW Government

State Property Authority
2010-2011 Annual Report
State Property Authority
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2011
14. EXPENDITURE COMMITMENTS 2011 2010
$'000 $'000
(a) Capital Expenditure Commitments
Capital expenditure contracted at balance date but not
provided for:
Payable within one year 6,410 3,638
Payable later than one year but not later than five years - -
Payable later than five years - -
Total Expenditure Commitments (Incl GST) 6,410 3,638
Total capital expenditure commitments relate to contracted refurbishment works on various owned buildings. Capital
expenditure commitments at 30 June 2011 include GST recoverable input tax credits of $0.583 million ($0.331m at
30 June 2010) that are expected to be recoverable from the Australian Taxation Office.
(b) Future Minimum Lease Payments under 2011 2010
Non-Cancellable Operating Leases as Lessee $'000 $'000
Head lease future minimum lease payments contracted
at balance date but not provided for:
Payable within one year 267,229 173,088
Payable later than one year but not later than five years 423,162 331,019
Payable later than five years 56,526 34,359
Total Expenditure Commitments (Incl GST) 746,917 538,466
The majority of future minimum lease payments will be recouped by the Authority under sub-leases. Future minimum
lease payments and receipts as at 30 June 2011 include GST recoverable input tax credits of $67.901 million ($48.951m
at 30 June 2010) and GST payable of $67.901 million ($48.951m at 30 June 2010).
(c) Other Operating Expenditure Commitments 2011 2010
$'000 $'000
Operating expenditure contracted at balance date but
not provided for:
Payable within one year 6,912 5,262
Payable later than one year but not later than five years 7,288 13,512
Payable later than five years - -
Total Expenditure Commitments (Incl GST) 14,200 18,774
Total operating expenditure commitments at 30 June 2011 relate to outsourced property service provider costs to 31
December 2014 as per contracts and motor vehicle costs until 18 January 2013 as per lease agreements. Operating
expenditure commitments at 30 June 2011 include GST recoverable input tax credits of $1.291 million ($1.707m at 30
June 2010) that are expected to be recoverable from the Australian Taxation Office.
(d) Finance Lease Liabilities 2011 2010
$'000 $'000
Current
Minimum Lease Payments 6,003 6,003
Less Finance Costs (3,504) (3,687)
Total Current Liability at 30 June 2,499 2,316
Non-Current
Minimum Lease Payments 70,190 76,194
Less Finance Costs (24,576) (28,080)
Total Non-Current Liability at 30 June 45,614 48,114
Total Finance Lease Liability at 30 June 48,113 50,430
2010-2011 Annual Report 53