Annual Report 2004-2005 - City of Vincent

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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. 98 TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005
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 17 INTEREST BEARING LIABILITIES The following new loans were taken up during the year Perth Oval Stadium 1 W.A. Treasury Corp 4/7/05 4 31/8/07 4,322,369 5.54% 30,833 12 4,322,369 236,093 133,906 236,093 369,999 4,188,463 Office Building 2 W.A. Treasury Corp 1/12/03 15 1/12/19 6,509,470 6.48% 32,833 12 3,620,750 210,648 - 379,648 379,648 6,509,470 Perth Oval Stadium 3 Commonwealth Bank 1/12/03 1 1/9/04 1,579,000 5.82% - 1 - - 1,579,000 2,655 1,581,655 - Note: The bank loans are secured by mortgages over the property and the revenue of the Council. 12,410,839 Loan Liability 1,712,906 618,396 2,331,302 10,697,933 Accrued Interest Loan no 2 - 33,514 - 33,514 1,712,906 651,910 2,331,302 10,731,447 Current Liability 196,862 Non Current Liability 10,534,585 Total Loan Liability 10,731,447 Loan Purpose Loan No Lender Date Advanced or Renegotiated Duration ( Years) Maturity Date Principal Interest Rate% Instalments $ Frequency (Periods/Year) Balance as at 1 July 2004 Budget Loan Repayment Principal Repayment During Year Ending 30 June 2005 Interest Repayment During Year Ending 30 June 2005 Total Repayment During Year Ending 30 June 2005 Balance as at 30 June 2005 TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005 99
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Annual Report 2004-2005 Enhancing a
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C ONTENTS Contents Mayor’s Report
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M AYOR’ S R EPORT Beatty Park Lei
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C OUNCIL I NFORMATION Council Infor
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C OUNCIL I NFORMATION Audit Committ
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C HIEF E XECUTIVE O FFICER’ S R E
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C HIEF E XECUTIVE O FFICER’ S D I
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S ENIOR O FFICERS Senior Officers T
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C ORPORATE S ERVICES Concert at Ban
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C ORPORATE S ERVICES Arts The Wetla
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C ORPORATE S ERVICES Outcome 5: Opp
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C ORPORATE S ERVICES Compliance wit
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C ORPORATE S ERVICES Health and Fit
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E NVIRONMENTAL AND D EVELOPMENT S E
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T ECHNICAL S ERVICES Technical Serv
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T ECHNICAL S ERVICES Worm Farms and
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T ECHNICAL S ERVICES • Robertson
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T ECHNICAL S ERVICES The redevelopm
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P RINCIPAL A CTIVITIES P LAN Princi
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P RINCIPAL A CTIVITIES P LAN PRINCI
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P RINCIPAL A CTIVITIES P LAN PRINCI
Page 49 and 50: P RINCIPAL A CTIVITIES P LAN PRINCI
Page 53 and 54: P RINCIPAL A CTIVITIES P LAN PARKIN
Page 55 and 56: P RINCIPAL A CTIVITIES P LAN STATIS
Page 61 and 62: P RINCIPAL A CTIVITIES P LAN Effici
Page 63 and 64: P RINCIPAL A CTIVITIES P LAN KEY PE
Page 67 and 68: P RINCIPAL A CTIVITIES P LAN State
Page 69 and 70: C OMPETITION P RINCIPLES A GREEMENT
Page 71 and 72: T OWN P ROFILE The Viking by Vaness
Page 73 and 74: T OWN M AP Area of Parks and Garden
Page 75 and 76: F INANCIAL R EPORT FOR THE YEAR END
Page 77 and 78: S TATEMENT BY C HIEF E XECUTIVE O F
Page 79 and 80: S TATEMENT OF F INANCIAL P OSITION
Page 81 and 82: S TATEMENT OF C ASH F LOWS Statemen
Page 83 and 84: NOTES TO AND FORMING PARTS OF THE F
Page 99: NOTES TO AND FORMING PARTS OF THE F
Page 111 and 112: T OWN OF V INCENT L OGO In late 199
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Annual Report 2004-2005 - City of Vincent

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