Annual Report 2004-2005 - City of Vincent

NOTES TO AND FORMING PARTS OF THE FINANCIAL STATEMENTS
Notes to and forming parts of the Financial Statements
for the year ended 30 June 2005
13 SUPERANNUATION
The Town of Vincent complies with the minimum obligations under federal law and contributes in respect of its employees to one of
the following superannuation plans:
WA LOCAL GOVERNMENT SUPERANNUATION PLAN
The Council contributes in respect of certain of its employees to an accumulated benefit superannuation fund established in respect
of all Councils in the State. In accordance with statutory requirements, the Council contributes to the WA Local Government
Superannuation Plan (“the plan”) amounts nominated by the Council. As such, assets are accumulated in the plan to meet members’
benefits as they accrue. The audited financial report of the plan as at 30 June 2004, which was not subject to audit qualification,
indicates that the assets of the plan are sufficient to meet accrued benefits. No liability of the Council has been recognised as at the
reporting date in respect of superannuation benefits for its employees.
CITY OF PERTH SUPERANNUATION FUND
The Council contributes in respect of certain former City of Perth employees to a defined benefit superannuation plan. In accordance
with statutory requirements, the Council contributes to the City of Perth Superannuation Fund (“the plan”) amounts determined by the
plan actuary in respect of contributory members. In respect of non-contributory members, the Council contributes at the minimum
Award/SGC contribution rate. As such, assets are accumulated in the plan to meet members’ benefits as they accrue. The latest
available audited financial report of the plan as at 30 June 2004, which was not subject to audit qualification, indicated that the
assets of the plan are sufficient to meet accrued benefits. The last full actuarial assessment of the plan was undertaken as at
30 June 2002 by Mercer Human Resource Consulting Pty Ltd.
The employer contribution rate for contributory members is 14% of salary.
The amount of statutory superannuation contributions paid by the Council during the reporting period was $747,102. During the
2003/04 year the contributions were $688,951.
14 EMPLOYEES’ REMUNERATION
Number of employees of the Council, in bands of $10,000, entitled to an annual salary of $100,000 or more:
Salary Range 2004 2005
$ $ $
15 EMPLOYEE NUMBERS
100,000-109,999 - 3
110,000-119,999 - -
120,000-129,999 - -
130,000-139,999 1 -
140,000-149,999 - 1
150,000-159,999 - -
2004 2005
$ $
The number of full-time equivalent
Employees at balance date 188 192
16 CONTINGENT LIABILITIES
At the reporting date the Town of Vincent had no contingent liabilities.
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TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005