Annual Report 2014-15

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Financial Statements 2015 City of Wanneroo Notes to the Financial Statements for the year ended 30 June 2015 Note 1. Summary of Significant Accounting Policies (continued) Depreciation for infrastructure assets is calculated from the end of the year in which the asset was completed and brought into account. Expenditure on items of equipment under $1,000 are not capitalised but are placed on an "Attractive Items" list for reference and maintenance. Depreciation is recognised on a straight-line basis, using rates which are reviewed each reporting period. Major depreciation periods are: Buildings 40 years Bus Shelters* 30 - 50 years Computer Hardware 3 years Computer Software 2 years Footpaths* 25 - 70 years Furniture & Equipment 10 years Heavy Vehicles - 1,201 kg to 4,000 kg 6 years/100,000 km's (45% residual) Heavy Vehicles - 4,001 kg to 9,000 kg 6 years/200,000 km's (40% residual) Heavy Vehicles - 9,001 kg to 12,000 kg 8 years/500,000 km's (48% residual) Heavy Vehicles - Refuse 5 years (20% residual) Irrigation Piping 30 years Light Vehicles 3 years (60% residual) Other Infrastructure* 15 - 30 Years Other Plant and Equipment 10 years Parks & Reserves* 12 - 85 years Plant 10 years (50% residual) Reserves/Playground Equipment* 12 - 15 years Sealed Car Parks - Pavement 85 years Sealed Roads and Streets - Major Re-Surfacing* 18 - 40 years Sealed Roads and Streets - Road Pavement* 85 - 100 years Street Lighting 33 years Tennis/Basketball Courts (Acrylic) 12 years Underpasses 100 years Water Supply Piping & Drainage Systems* 50 - 100 years *Due to useful lives of the individual assets within each asset type varying despite being of a similar nature the asset types denoted have a range of depreciation periods. The assetʼs residual value and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the Statement of Comprehensive Income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. (i) Financial Instruments Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the City becomes a part to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the City commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified 'at fair value through profit or loss', in which case transaction costs are expensed to profit or loss immediately. Classification and Subsequent Measurement Financial instruments are subsequently measured at amortised cost using the effective interest rate method or cost. Depreciation for infrastructure assets is calculated from the end of the year in which the asset was completed and brought into account. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as: (a) the amount is which the financial asset or financial liability is measured at initial recognition; (b) less principal repayments; (c) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest rate method; and (d) less any reduction for impairment. The effective interest method used is to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly page 15 152 | ANNUAL REPORT 2014/2015 | CITY OF WANNEROO | FINANCIAL REPORT
Financial Statements 2015 City of Wanneroo Notes to the Financial Statements for the year ended 30 June 2015 Note 1. Summary of Significant Accounting Policies (continued) discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums of discounts) through the expected life (or when this cannot be reliably predicted, the contractual term of the financial instrument to the net carrying amount of the financial asset or financial liability). Revisions to expected future cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss. (i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading unless they are designated as hedges. Assets in this category are classified as current assets. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the Statement of Financial Position date which are classified as noncurrent assets. Loans and receivables are included in trade and other receivables in the Statement of Financial Position. (iii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the City's management has the positive intention and ability to hold to maturity. If the City were to sell other than an insignificant amount of held-to-maturity financial assets, the whole category would be tainted and reclassified as available-for-sale. Held-to-maturity financial assets are included in non-current assets, except for those with maturities less than 12 months from the reporting date, which are classified as current assets. (iv) Available-for-sale financial assets or not classified in any of the other categories. They are included in non-current assets unless management intents to dispose of the investment within 12 months of the Statement of Financial Position date. Investments are designated as available-for-sale if they do not have fixed maturities and fixed or determinable payments and management intends to hold them for the medium to long term. (v) Financial Liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. Impairment At the end of each reporting period, the City assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether impairment has arisen. Impairment losses recognised in the Statement of Comprehensive Income. (j) Fair Value Estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The fair value of financial instruments traded in active markets is determined using valuation techniques. The City uses a variety of methods and makes assumptions that are based on market conditions existing at each balance date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the City for similar financial instruments. Available-for-sale financial assets, comprising principally marketable equity securities, are nonderivatives that are either designated in this category page 16 | ANNUAL REPORT 2014/2015 | CITY OF WANNEROO | FINANCIAL REPORT 153
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CITY OF WANNEROO ANNUAL REPORT 2014
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CONTENTS A message from the Mayor .
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The Annual Report charts our progre
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One important measure of our achiev
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WELCOME TO THE ANNUAL REPORT 2014/1
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THE CITY OF WANNEROO’S VISION AND
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CITY PROFILE The City of Wanneroo i
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The majority of this growth is expe
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FINANCIAL HEALTH OVERVIEW 2014/15 R
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OPERATING EXPENSES Operating expens
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Regional Sporting Complex Baseball
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Capital Expenditure Per Programme T
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FINANCIAL POSITION Assets ASSETS 20
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Operating Surplus Ratio This ratio
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SERVICE DELIVERY OVERVIEW The City
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City Council GOVERNANCE As one of A
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YOUR COUNCIL Mayor Tracey Roberts J
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Statement of Business Ethics The Ci
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Council Meetings Dates during 2014/
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DISBANDED COMMITTEES AND WORKING GR
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Community Engagement Why We Engage
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Local Business in Wanneroo Economic
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2015 JAN FEB MAR APRIL MAY JUNE Glo
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Corporate Governance Corporate gove
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Kingsway indoor stadium Strategic R
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INTERNAL AUDIT The City's internal
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INJURY MANAGEMENT The focus for Inj
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The Organisational Structure The Ci
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OUR EMPLOYEES The City of Wanneroo
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Staff by employment type (Number of
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OUR PERFORMANCE Lenore Road | ANNUA
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Level 1 provides for the 10-year St
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PILLARS AND STRATEGIC OBJECTIVES EN
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Community Satisfaction KPI 2012 201
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Koondoola Community Centre construc
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Proposed Yanchep Surf Live Saving C
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PROJECT DESCRIPTION Project Status
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OPERATIONAL ACTIONS PERFORMANCE The
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INTERESTING FACTS INTERESTING FACTS
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Our major achievements in 2014/15 S
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SERVICE KEY PERFORMANCE INDICATOR S
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CBP REF NO. CBP ACTIONS PROJECT DEL
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PILLAR: SOCIETY Aspiration: Healthy
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ACHIEVEMENTS, CHALLENGES AND FUTURE
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Clarkson Library Libraries Almost 1
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Integrated Infrastructure & Utility
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• Launch the Live Work Play Wanne
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Page 111 and 112: 3.4 Smart communities Our major ach
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Page 119 and 120: Tri Cities Alliance with Hon. Julie
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Page 125 and 126: CBP OPERATIONAL ACTIONS The table b
Page 127 and 128: CBP REF NO. CBP ACTIONS PROJECT DEL
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Page 131 and 132: CBP REF NO. 4.3 u 4.3 v 4.3 x 4.3 y
Page 133 and 134: Other land transactions DATE Septem
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Page 139 and 140: Financial Statements 2015 City of W
Page 149 and 150: NOTES TO THE FINANCIAL STATEMENTS F
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Financial Statements 2015 City of W
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Financial Statements 2015 Financial
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In making those risk assessments, t
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Annual Report 2014-15

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