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

◊As of 30 June 2012 and 2011, all overduereceivables, except for rates receivable, havebeen assessed for impairment and appropriateprovisions applied, as detailed below. PNCCholds no collateral as security or other creditenhancements over receivables that are eitherpast due or impaired.◊The impairment provision has been calculatedbased on expected losses for PNCC’s debtorsdetermined based on a review of specific debtors.No collective impairment provision is considerednecessary.Movements in the provision for impairment of receivables and community loans are as follows:CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000At 1 July 20 112 26 113Additional provisions made during the year 23 37 82 43Provisions reversed during the year (3) - (25) -Receivables written-off during the period (11) (129) (18) (130)At 30 June 29 20 65 26Note 12Inventories Council GroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000Depot Store - roading, water, stormwater andwastewater reticulation spares and various network parts 385 199 435 211Plant nursery 140 125 140 125Fuel and other consumables 7 9 7 22Land being developed for sale - 202 - 202Total inventories 532 535 582 560◊◊All inventory is valued at cost. The write-downof inventories for loss of service potentialamounted to $nil (2011 $nil).No inventories are pledged as security forliabilities (2011 $nil).◊In 2011 PNCC had land being developed forfuture sale with land and other costs capitalisedof $202,000. During the year this land was soldand costs recovered.Financial Statements Note 12Palmerston North City Council Annual Report 2011/12155