2011-2012 Annual Report - Full Version - PDF - Palmerston North ...

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Financial StatementsPalmerston North City Council Annual Report 2011/12
Independent Auditor’s ReportTo the readers of Palmerston North City Counciland group’s annual reportfor the year ended 30 June 2012The Auditor-General is the auditor of PalmerstonNorth City Council (the City Council) and group. TheAuditor-General has appointed me, Bede Kearney,using the staff and resources of Audit New Zealand,to carry out the audit of the financial statements,non-financial performance information and otherinformation required by schedule 10 of the LocalGovernment Act 2002 (other information) of theCity Council and group on her behalf.We have audited:• the financial statements of the City Council andgroup on pages 27 to 195, that comprise thestatement of financial position as at 30 June2012, the statement of comprehensive income,statement of changes in equity and statementof cash flows for the year ended on that dateand the notes to the financial statementsthat include accounting policies, explanatoryinformation and other information required byschedule 10 of the Local Government Act 2002;and• the non-financial performance informationof the City Council and group on pages 27to 130 and 189 to 195 that includes otherinformation required by schedule 10 of theLocal Government Act 2002.Opinion on the financial statements,non-financial performance informationand other informationIn our opinion:• The financial statements of the City Counciland group on pages 27 to 195:• comply with generally accepted accountingpractice in New Zealand; and• fairly reflect:• the City Council and group’s financialposition as at 30 June 2012; and• the results of its operations and cashflows for the year ended on that date.• The non-financial performance information ofthe City Council and group on pages 27 to 130and 189 to 195:• complies with generally acceptedaccounting practice in New Zealand; and• fairly reflects the City Council and group’slevels of service for the year ended 30 June2012, including:• the levels of service as measuredagainst the intended levels of serviceadopted in the long-term councilcommunity plan; and• the reasons for any significant variancesbetween the actual service and theexpected service.• The other information of the City Council andgroup contained in the financial statements andthe non-financial performance information,complies with the requirements of Schedule 10of the Local Government Act 2002 applicableto the annual report and fairly reflects therequired information.Our audit was completed on 26 September 2012.This is the date at which our opinion is expressed.The basis of our opinion is explained below. Inaddition, we outline the responsibilities of theCouncil and our responsibilities, and explain ourindependence.Basis of opinionWe carried out our audit in accordance with theAuditor-General’s Auditing Standards, whichincorporate the International Standards onAuditing (New Zealand). Those standards requirethat we comply with ethical requirements andplan and carry out our audit to obtain reasonableassurance about whether the financial statements,non-financial performance information and otherinformation are free from material misstatement.Material misstatements are differences oromissions of amounts and disclosures that wouldaffect a reader’s overall understanding of thefinancial statements, non-financial performanceinformation and other information. If we had foundmaterial misstatements that were not corrected,we would have referred to them in our opinion.An audit involves carrying out procedures toobtain audit evidence about the amounts anddisclosures in the financial statements, nonfinancialperformance information and otherinformation. The procedures selected depend onPalmerston North City Council Annual Report 2011/12Financial Statements Auditor's Report131
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Palmerston North City CouncilAnnual
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Contents1. OVERVIEWCouncil’s Visi
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OverviewPalmerston North City Counc
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Year in ReviewAgainst the backdrop
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Overview Year in ReviewLocal Govern
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The following table details how we
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Funding Source Proportions for Oper
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Asset Base1,3601,3401,3201,300$ Mil
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Borrowing Ratios20%Policy Maximum16
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Overview What's Happening in the Ci
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Overview What's Happening in the Ci
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Overview How Do We Operate?Election
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Role of Management and EmployeesOve
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ActualAmount Paid2011/12$Annual Pla
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Overview Funding Support to Externa
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What the Council DoesPalmerston Nor
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Tying these pillars together at the
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What the Council DoesLeadershipLead
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Activity - Councillor Leadership an
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Financial ResultsActivity Operation
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The District PlanThe Council has co
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What the Council DoesCommunitySuppo
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Activity - CemeteriesWhat the Counc
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How did we performLevels of Service
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Activity - Community DevelopmentWha
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The Youth Library, located within t
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The Papaioea Place project will pro
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EconomicDevelopmentEconomic Develop
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Activity - Economic DevelopmentWhat
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How did we performPerformance Measu
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LeisureGroup DescriptionThe Leisure
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Activity - Arts and CultureWhat the
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Activity - City LibraryWhat the Cou
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Significant Activity Capital Projec
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What happened in the yearSportsfiel
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How did we performLevels of Service
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Levels of ServicePerformance Measur
Page 87 and 88: Financial ResultsActivity Operation
Page 89 and 90: j. Programme not completed due to s
Page 91 and 92: Environmental Sustainability and He
Page 93 and 94: Activity - RegulatoryWhat the Counc
Page 95 and 96: District Licensing Agency staff hav
Page 97 and 98: Levels of ServicePerformance Measur
Page 99 and 100: Activity - Roading and ParkingWhat
Page 101 and 102: Major issues relating to Roading an
Page 103 and 104: Levels of ServicePerformance Measur
Page 105 and 106: Significant Activity Capital Projec
Page 107 and 108: Activity - Rubbish and RecyclingWha
Page 109 and 110: How did we performPerformance Measu
Page 113 and 114: How did we performLevels of Service
Page 115 and 116: Activity - WastewaterWhat the Counc
Page 117 and 118: How did we performPerformance Measu
Page 121 and 122: Several projects were put on hold t
Page 125 and 126: Support ServicesGroup DescriptionTh
Page 127 and 128: Activity - Commercial or Strategic
Page 131 and 132: Activity - Corporate SupportWhat th
Page 135 and 136: How did we performLevels of Service
Page 137: Financial StatementsFinancial State
Page 141 and 142: Statement of Compliance and Respons
Page 143 and 144: Statement of Financial PositionAS A
Page 145 and 146: Statement of Cash Flowsfor the year
Page 147 and 148: PNCC measures the cost of a busines
Page 149 and 150: PNCC’s investments in its subsidi
Page 151 and 152: Carpark leasesAcquired carpark leas
Page 153 and 154: Critical accounting estimates and a
Page 155 and 156: Comprehensive detail of both financ
Page 157 and 158: Note 3Rates RevenueCouncilActual Ac
Page 159 and 160: Note 6Other gains/(losses)CouncilGr
Page 161 and 162: Note 10Cash and cash equivalentsCou
Page 163 and 164: ◊As of 30 June 2012 and 2011, all
Page 165 and 166: Accounting policies require that lo
Page 167 and 168: Current Reversal of Current year Cu
Page 169 and 170: Current Reversal of Current year Cu
Page 171 and 172: ◊reality is that infrastructure l
Page 173 and 174: Note 17Forestry assets Council Grou
Page 175 and 176: Note 21Provisions Council GroupActu
Page 177 and 178: Note 23BorrowingsCouncilGroupActual
Page 179 and 180: Note 24Equity Council GroupActual A
Page 181 and 182: Note 26Capital commitments and oper
Page 183 and 184: Carbon Credits◊◊PNCC has an agr
Page 185 and 186: Transactions with Councillors and K
Page 187 and 188: SalaryWith the enactment of the Loc
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Note 33Fair value hierarchy disclos
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PNCC’s maximum credit exposure fo
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The table below analyses PNCC’s f
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2012 2011$000 $000 $000 $000 $000 $
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Council Controlled OrganisationsCou
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Council Controlled OrganisationsThe
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Globe Theatre Trust BoardObjectives
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Te Manawa Museums Trust BoardObject
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Palmerston North Airport LtdObjecti
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AppendicesAppendicesPalmerston Nort
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How to Find usPostal AddressPrivate
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www.pncc.govt.nz
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