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
23 STATEMENT OF RATING INFORMATION
Actual Rateable Rate in Budget Actual
2003/04 Value Dollar 2004/05 2004/05
$ $ Cents $ $
RATE REVENUE
Gross Rental Values
General Rate
12,022,156 12,405 Assessments 152,464,381 8.24 12,563,065 12,614,213
Minimum Rate
681,461 1552 Assessments @ $464 7,312,742 @464 720,128 720,592
172,138 Interim Rates 8.24 165,000 27,585
23,322 Back Rates Various 30,000 (22,764)
12,899,077 Total General Rates Levied 159,777,123 13,478,193 13,339,626
Ex Gratia Rates
51,778 59 Assessments 643,992 8.24 52,000 53,942
12,950,855 160,421,115 13,530,193 13,393,568
(23,557) Less Rates Written-Off (20,000) (25,265)
12,927,298 Total Amount Made Up From Rates 13,510,193 13,368,303
Plus Non-Payment Penalties
46,938 Instalment Interest @ 5.5% 47,000 50,268
70,877 Penalty Interest @ 11% 60,000 60,898
40,140 Administration Charge – $4 per instalment 40,000 43,308
20,335 Legal Costs Recovered 5,000 27,682
13,105,588 $13,662,193 $13,550,459
Council issued rates on 3 August 2004, with payment to be made either in full by 7 September 2004 (35 Days from date of issue of
notices) or by four instalments as provided for in the Local Government Act 1995.
The due dates for each instalment were:
• First Installment 15 September 2003
• Second Installment 17 November 2003
• Third Installment 16 January 2004
• Fourth Installment 13 March 2004
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TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005