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

Note 30Severance payments◊◊For the year ended 30 June 2012, PNCC madetwo severance payments (2011, nil) to employeestotalling $16,500 (2011 $nil). The value of eachof the severance pays were $12,500, and $4,000.The term severance payment includes nonmonetarybenefits but excludes salary, holidaypay, superannuation contributions and any othercontractural entitlements to which the employeewas already entitled.The precise amount of each severance payableto each individual is required to be disclosed.Employees are not required to be named,however, section 33 of schedule 10 of the LocalGovernment Act 2002 requires the disclosures ofthe severance paid to a Chief Executive.Note 31Events after the balance sheet dateFinancial Statements Note 30◊Effective 1 July 2012 the boundary betweenPNCC and Manawatu District Council (“MDC”)will be altered. This will bring some additionalareas into PNCC together with the transfer ofassets and liabilities related to those areas. Theamounts to be transferred are not expected tobe material and being effective 1 July 2012 willbe included in the 2012/13 financial year.Note 32Financial instrument categoriesThe accounting policies for financial instruments have been applied to the category items below:CouncilGroupActual Actual Actual Actual2012 2011 2012 2011$000 $000 $000 $000FINANCIAL ASSETSLoans and receivablesCash and cash equivalents 369 112 2,015 1,929Trade and other receivables 7,742 8,106 8,197 8,830Other financial assets 395 248 503 459Total loans and receivables 8,506 8,466 10,715 11,218◊PNCC are not aware of any other eventssubsequent to balance date which wouldmaterially affect the amounts included in thesefinancial statements or disclosures made.Fair value through surplus or deficit - held for tradingLong term investment fund - securities and bonds 13,932 15,633 13,932 15,633Long term investment fund - overseas shares 5,803 6,406 5,803 6,406Derivative financial instruments assets 2,338 2,557 2,338 2,557Total fair value through surplus or deficit 22,073 24,596 22,073 24,596Fair value through other comprehensive incomeUnlisted shares (Civic Assurance) 494 269 494 269FINANCIAL LIABILITiesFinancial liabilities at amortised costTrade and other payables 13,486 12,410 14,299 13,267Borrowings 139,915 139,672 145,315 145,272Total financial liabilities at amortised cost 153,401 152,082 159,614 158,539Fair value through surplus or deficit - held for tradingDerivative financial instruments liabilities 10,640 5,406 10,640 5,406180Palmerston North City Council Annual Report 2011/12