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
18 OPERATING LEASE COMMITMENTS
At the reporting date, the Town of Vincent had the following obligations under non-cancelable operating leases (these obligations are
not recognised as liabilities):
2003/04 2004/05
$ $
26,282 Not longer than one year 30,638
27,771 Longer than one year and not longer than two years 19,872
10,885 Longer than two years and not longer than five years 13,687
- Longer than five years -
$64,938 $64,197
At the reporting date the Town of Vincent has no obligations for other finance lease commitments.
19 TRUST FUNDS
Funds over which the Town has no control and which are not included in the Financial Statements are as follows:
2003/04 2004/05
$ $
20,695 Opening Balance 23,435
Receipts
- Unclaimed Monies -
- Total Receipts -
Payments
2,740 Unclaimed Monies 3,170
2,740 Total Payments 3,170
$23,435 Closing Balance $26,605
As the Town performs only a custodial role in respect of these monies and because the monies cannot be used for Council purposes,
they are excluded from the Financial Statements.
20 INTEREST IN REGIONAL COUNCIL
The Mindarie Regional Council was formally constituted in December 1987. The Town of Vincent, along with the Cities of Perth,
Wanneroo, Joondalup, Stirling and Towns of Victoria Park and Cambridge, is a member of the Mindarie Regional Council. The primary
function of the Regional Council under the constitution agreement is for the orderly and efficient treatment and/or disposal of waste.
The Town of Vincent has a one twelfth (1/12) equity in the land and assets of the refuse disposal facility as per the constitution
amendment (dated 25 November 1996) that recognises the Town as a member of the Mindarie Regional Council. The net assets of
Mindarie Regional Council as at 30 June 2005 unaudited accounts were $5,053,706.
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TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005