King Island Council Annual Report 2011-2012 (1921 kb)

King Island CouncilNotes to the Financial ReportFor the Year Ended 30 June 20122012 2011$ $Note 6Grants (cont.)The Australian Commonwealth Government provides Financial Assistance Grants to Council for general purpose use and theprovision of local roads. On 11 May 2012 the Government announced in the Commonwealth Budget following the downturn in theeconomy that, “to assist local councils with planning for the recovery and to ensure local government has maximum certainty tobegin planning their 2012-13 works programs”, it would bring forward for payment to all councils in June 2012, the first twoinstalments of the 2012-13 grant pool. Since 2009-10 the Commonwealth has been making early payment of the first quarterlyinstalment for the following year. However, the above General Purpose and Roads Financial Assistance Grants for 2011-12 thusinclude an additional instalment over that received in 2010-11. In accordance with AASB1004 Contributions, Council recognisesthese grants as revenue when it receives the funds and obtains control. The effects of the early receipt of instalments each yearhas resulted in Commonwealth Government Financial Assistance Grants being above that originally budgeted in 2011-12 by$687,000 and 2010-11 by $309,000. This has impacted the Statement of Comprehensive Income resulting in the Net deficit fromcontinuing operations being higher in both years by these amounts. With fewer instalments due to be received in 2012-13, thereverse effect is expected to occur.Capital grants received specifically for new or upgraded assetsCommonwealth Government - roads to recovery - 16,510Affordable Housing Program - 45,218KI Council of the Aging - 4,900Regional Air Safety Program - 202,707Total capital grants - 269,335Conditions on grantsNon-reciprocal grants recognised as revenue during the year that were obtained oncondition that they be expended in a specified manner that had not occurred at balancedate were:Preventative Health Initative 6,855 -Community Investment Program - 2010/11 carry over 16,323 -Community Investment Program 22,054 17,080Attorney General - Youth Officer 3,536Regional Infrastructure Program(part) - 25,000Phoenix House Small Grants - 8,000RPHS (part) 28,413 52,711Natural Disaster Resiliance Program 16,244 -Tasmania Community Fund - Museum 7,900Community Heritage Grant 25,000Tasmania Community Fund - Cultural Centre 8,901Total 135,226 102,79119