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

Statement of Comprehensive Incomefor the year ended 30 June 2012Palmerston North City CouncilCouncilGroupActual Budget Actual Actual Actual2012 2012 2011 2012 2011Note $000 $000 $000 $000 $000REVENUERates revenue 3 68,874 68,366 65,690 68,544 65,447Finance income 4 534 1,448 2,612 376 2,553Other revenue 5 30,431 39,263 33,644 36,600 39,697Other gains/(losses) 6 (382) - (1,778) (385) (1,778)TOTAL REVENUE 99,457 109,077 100,168 105,135 105,919Financial Statements Statement of Comprehensive IncomeEXPENSESEmployee benefit expenses 7 34,185 34,755 34,740 37,400 37,952Depreciation and amortisation 15 & 16 24,498 25,833 24,889 25,493 25,755Finance costs 4 15,475 11,121 11,132 15,917 11,598Other expenses 8 36,214 36,053 33,020 36,742 32,878TOTAL EXPENSES 110,372 107,762 103,781 115,552 108,183NET SURPLUS/(DEFICIT) (10,915) 1,315 (3,613) (10,417) (2,264)Increase/(decrease) inoperating property valuations 24 - - 673 - 673Income tax refund / (expense) 9 166 - 139 (25) (73)NET SURPLUS/(DEFICIT) AFTER TAX (10,749) 1,315 (2,801) (10,442) (1,664)OTHER COMPREHENSIVE INCOMEIncrease/ (decrease) inoperating property valuations 24 - 6,870 45,508 1,675 45,698Financial assets at fair value throughother comprehensive income 24 29 - (322) 29 (322)Movement in deferredtax on revaluations 24 - - - 242 -TOTAL OTHER COMPREHENSIVE INCOME 29 6,870 45,186 1,946 45,376TOTAL COMPREHENSIVE INCome (10,720) 8,185 42,385 (8,496) 43,712◊Management is not aware of conditions orevents that cast doubt over the ability of Councilto continue as a going concern.◊◊Explanations of significant variances againstbudget are detailed in Note 2.The accompanying notes form part of thesefinancial statements.134Palmerston North City Council Annual Report 2011/12