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

Note 6Other gains/(losses)CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Gain/(loss) on changes in fair value of forestry assets(note 17) (236) 147 (236) 147Gain/(loss) on harvest of investment forest 54 281 54 281Gain /(loss) on changes in fair value of investmentproperty (note 18) 72 (640) 72 (640)Reduction in fair value of motor vehicles and plant (184) (167) (184) (167)Gain/(loss) on disposal of property,plant and equipment (88) (1,399) (91) (1,399)Total gains/(losses) (382) (1,778) (385) (1,778)◊Gains/(losses) on changes in fair value arisesfrom the annual revaluation of investmentproperties, forestry assets and other valuationchanges.Note 7Employee benefit expensesIn accordance with NZ IFRS, all changes in thefair value of these assets must be recognised insurplus or deficit.CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Salaries, wages and earned compensation 32,999 33,370 36,235 36,442Employer contributions to multi-employerdefined contribution plans 918 987 945 1,010Employer contributions to multi-employerdefined benefit plans - 25 - 25Increase/(decrease) in employee benefit liabilities 268 358 220 475Total employee benefit expenses 34,185 34,740 37,400 37,952Financial Statements Note 6◊Employer contributions to superannuationplans include those required as an employer,for example to Kiwisaver, plus contributionspaid by the employer as part of the employeesremuneration package, excluding any employeesalary contribution.Note 8Other expenses Council GroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Fees to principal auditor:Audit fees for financial statement audit 180 186 260 255Audit fees for long term plan audit 107 - 107 -Impairment of receivables 23 37 60 43Minimum lease payments under operating leases 744 687 744 708Direct expenses from investment property 902 757 902 757Other operating expenses 34,258 31,353 34,669 31,115Total other expenses 36,214 33,020 36,742 32,878◊◊Audit fees above exclude disbursements.In the context of reporting by local authorities,donations are interpreted as per their commonusage, that is, discretionary charitable gifts,and exclude any grants made in terms of PNCC’snormal funding programme that seek to achievethe objectives of the Council. There have beenno donations during the year.Palmerston North City Council Annual Report 2011/12151