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

Note 11Trade and other receivablesCouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Rates receivables 1,527 1,575 1,527 1,575Other receivables 2,323 1,712 2,763 2,272Related party receivables (note 28) 18 12 - -Water debtors 116 138 116 138Tax receivable (includes GST receivables) 1,024 868 1,031 923Prepayments and accruals 2,763 3,821 2,825 3,9487,771 8,126 8,262 8,856Less provision for impairment of receivables (29) (20) (65) (26)Total current trade and other receivables 7,742 8,106 8,197 8,830Financial Statements Note 11◊◊The carrying value of trade and other receivablesapproximates their fair value.PNCC does not provide for any impairment onrates receivable as it has various powers underthe Local Government (Rating) Act 2002 torecover any outstanding debts.Rates and penalties receivable and overdue at balance date comprise the following:◊ PNCC has consistently collected more than 50%of rates receivable at balance date within twomonths and 95% within six months of balancedate. No forced sales have been necessary in thecurrent year.◊These powers allow PNCC to commence legalproceedings to recover any rates that remainunpaid 4 months after the due date for payment.If payment has not been made within 3 monthsof the Court’s judgment, then PNCC can applyto the Registrar of the High Court to have thejudgment enforced by sale or lease of the ratingunit.CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Current year 1,501 1,543 1,501 1,543Past due one year 23 28 23 28Past due two years 3 4 3 4Carrying amount 1,527 1,575 1,527 1,575The status of receivables, excluding rates receivables, as at 30 June 2012 and 2011 are detailed below:ActualActual2012 2011$000 $000Gross Impairment Net Gross Impairment NetCOUNCILNot past due 1,594 - 1,594 1,051 - 1,051Past due 1-30 days 310 - 310 315 - 315Past due 31-60 days 78 - 78 102 - 102Past due > 61 days 341 29 312 244 20 2242,323 29 2,294 1,712 20 1,692ActualActual2012 2011$000 $000Gross Impairment Net Gross Impairment NetGroupNot past due 1,594 - 1,594 1,172 - 1,172Past due 1-30 days 541 - 541 709 - 709Past due 31-60 days 159 - 159 117 - 117Past due > 61 days 469 65 404 274 26 2482,763 65 2,698 2,272 26 2,246154Palmerston North City Council Annual Report 2011/12