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

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Note 9Tax Council GroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Components of tax expenseCurrent tax expense - - (198) (185)Adjustments to current tax in prior years 166 139 184 157Deferred tax expense - - (11) (45)Income tax refund/ (expense) 166 139 (25) (73)Relationship between tax expense and accounting profit:Surplus/(deficit) before tax (10,915) (3,613) (10,417) (2,264)Financial Statements Note 9Tax at 28% (2011 30%) 3,056 1,084 2,917 681Non-deductible expenditure - - 19 (6)Non-taxable income (3,056) (1,084) (3,109) (905)Prior year adjustment 166 139 148 157Tax refund / (expense) 166 139 (25) (73)Property, plant Employee OtherDeferred Tax Assets/(Liabilities) and equipment entitlements provisions TotalGROUPBalance at 1 July 2010 (2,972) 10 2 (2,960)Charged to surplus or deficit (44) (2) 1 (45)Balance at 30 June 2011 (3,016) 8 3 (3,005)Charged to surplus or deficit 7 (2) 6 11Charged to equity - revaluation surplus 242 - - 242Balance at 30 June 2012 (2,767) 6 9 (2,752)Additional disclosures◊◊During the year, tax losses were transferred toPNAL by tax loss offset with payment of $166,000and loss effect of $555,000.A deferred tax asset has not been recognised inrelation to unused tax losses of $799,000 (2011$722,000) with a tax effect of $223,000 (2011$216,000).◊Imputation credits of $2,155,000 (PNAL)are available to impute distributions fromsubsidiaries.152Palmerston North City Council Annual Report 2011/12
Note 10Cash and cash equivalentsCouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Cash at bank and on hand 369 112 1,406 1,421Short term bank deposits with maturitiesof less than three months - - 609 508Total cash and cash equivalents 369 112 2,015 1,929◊The carrying value of short term depositswith maturity dates of three months or lessapproximates their fair value.◊The total value of cash and cash equivalentsthat can only be used for a specified purpose asoutlined in the relevant trust deeds is $nil (2011$nil).Cash and bank overdrafts include the following for the purposes of the cash flow statement:CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Cash at bank and on hand 369 112 1,406 1,421Short term bank deposits with maturitiesof less than three months - - 609 508Bank overdrafts (note 23) - - - -369 112 2,015 1,929Financial Statements Note 10Palmerston North City Council Annual Report 2011/12153
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Palmerston North City CouncilAnnual
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Contents1. OVERVIEWCouncil’s Visi
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OverviewPalmerston North City Counc
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Year in ReviewAgainst the backdrop
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Overview Year in ReviewLocal Govern
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The following table details how we
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Funding Source Proportions for Oper
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Asset Base1,3601,3401,3201,300$ 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
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j. Programme not completed due to s
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Environmental Sustainability and He
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Activity - RegulatoryWhat the Counc
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District Licensing Agency staff hav
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Activity - Roading and ParkingWhat
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Major issues relating to Roading an
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Significant Activity Capital Projec
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Activity - Rubbish and RecyclingWha
Page 109 and 110: How did we performPerformance Measu
Page 111 and 112: Significant Activity Capital Projec
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 119 and 120: Significant Activity Capital Projec
Page 121 and 122: Several projects were put on hold t
Page 123 and 124: Financial ResultsActivity Operation
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 and 138: Financial StatementsFinancial State
Page 139 and 140: Independent Auditor’s ReportTo th
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: Note 6Other gains/(losses)CouncilGr
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
Page 189 and 190: Note 33Fair value hierarchy disclos
Page 191 and 192: PNCC’s maximum credit exposure fo
Page 193 and 194: The table below analyses PNCC’s f
Page 195 and 196: 2012 2011$000 $000 $000 $000 $000 $
Page 197 and 198: Council Controlled OrganisationsCou
Page 199 and 200: Council Controlled OrganisationsThe
Page 201 and 202: Globe Theatre Trust BoardObjectives
Page 203 and 204: Te Manawa Museums Trust BoardObject
Page 205 and 206: Palmerston North Airport LtdObjecti
Page 207 and 208: AppendicesAppendicesPalmerston Nort
Page 209 and 210: How to Find usPostal AddressPrivate
Page 212:
www.pncc.govt.nz
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