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

Statement of Cash Flowsfor the year ended 30 June 2012Palmerston North City CouncilCouncilGroupActual Budget Actual Actual Actual2012 2012 2011 2012 2011Note $000 $000 $000 $000 $000CASH FLOWS FROM OPERATING ACTIVITIESReceipts from rates revenue 69,028 68,366 65,554 68,698 65,311Interest received 927 1,298 1,997 981 2,078Dividends received 211 150 143 - -Receipts of grants 408 - 345 428 1,122Receipts from other revenue 26,626 27,551 25,099 32,758 30,272Revenue for capital expenditure 3,649 5,711 4,113 3,649 4,113Receipts from taxation losses 166 - 139 166 139Payments to suppliers and employees (69,719) (70,807) (68,527) (73,428) (71,535)Interest paid (9,991) (11,121) (10,086) (10,433) (10,552)Income tax paid (net) - - - (179) (167)Goods and services tax (net) (156) - 214 (60) 120NET CASH FROMOPERATING ACTIVITIES 25 21,149 21,148 18,991 22,580 20,901CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property 732 - 669 733 672Proceeds from sale of biological assets 280 513 796 280 796Purchase of intangible assets (188) - (136) (189) (143)Purchase of property, plant and equipment (23,315) (49,139) (31,087) (24,820) (33,045)Purchase of investment property (1) - (68) (1) (68)Other advances made, repayment received (147) - 177 (147) 177Repayment, acquisition of investments (196) - - (93) (47)NET CASH FROM INVESTING ACTIVITIES (22,835) (48,626) (29,649) (24,237) (31,658)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from borrowings 650 29,683 - 1,750 800Reduction in investment fund 1,700 2,000 13,966 1,700 13,966Repayment of borrowings (406) (4,205) (3,565) (1,706) (4,865)Payment of finance lease liabilities (1) - (4) (1) (4)NET CASH FROM FINANCING ACTIVITIES 1,943 27,478 10,397 1,743 9,897Net (decrease)/increase in cash,cash equivalents and bank overdrafts 257 - (261) 86 (860)Cash, cash equivalents and bankoverdrafts at the beginning of the year 112 2,000 373 1,929 2,789CASH, CASH EQUIVALENTSAND BANK OVERDRAFTSAT THE END OF THE YEAR 10 369 2,000 112 2,015 1,929Financial Statements Statement of Cash Flows◊The income tax paid (net) and GST (net)component of operating activities reflects therespective net amounts paid and received withthe Inland Revenue Department. These havebeen presented on a net basis, as the grossamounts do not provide meaningful informationfor financial statement purposes.◊The accompanying notes form part of thesefinancial statements.Palmerston North City Council Annual Report 2011/12137