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
d) Rate Coverage Ratio
net rate revenue
operating revenue
Purpose: To assess the dependence on rate income.
52.30% 45.85% 48.90%
e) Debt Service Ratio
debt service cost
available operating revenue
N/A 1.60% 8.71%
Purpose: To assess the capacity of the Town to meet total debt commitments from rate income.
28 BUDGET COMPARISONS
a) Non-Operating Income and Expenditure
2005 2005
Budget Actual
$ $
The following non-operating income and expenditure and movements to
and from reserve accounts are not included in the operating statement.
Non Operating Income
Proceeds on sale of assets 1,545,770 206,920
Transfers from Reserves 2,629,742 994,889
Non Operating Expenditure
Transfer to Reserves 2,311,000 1,881,328
Capital Acquisitions
Land and Buildings 72,000 3,572,012
Plant and Equipment 784,310 613,259
Furniture and Equipment 120,260 119,145
Infrastructure Assets 3,627,700 2,778,450
Work in Progress 0 609,583
b) Net Current Asset Position
The net current asset position balance carried forward from the previous financial year after adjustment for Restricted Assets
for the purpose of the 2004/05 budget was $2,699,081.
The actual net current asset position balance shown in the audited financial report as at 30 June 2004 and after adjustment
for Restricted Assets was $1,956,529.
TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005
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