Cardinia Shire Council - Annual Report 2017-18
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<strong>Cardinia</strong> <strong>Shire</strong> <strong>Council</strong><br />
<strong>2017</strong>/20<strong>18</strong> Financial <strong>Report</strong><br />
Notes to the Financial <strong>Report</strong><br />
For the Year Ended 30 June 20<strong>18</strong><br />
20<strong>18</strong> <strong>2017</strong><br />
4.4 Interest-bearing liabilities $'000 $'000<br />
Current<br />
Borrowings - secured 4,514 5,001<br />
4,514 5,001<br />
Non-current<br />
Borrowings - secured 37,164 42,265<br />
37,164 42,265<br />
Total 41,678 47,266<br />
Borrowings are secured by Deed of Charge over general rates.<br />
(a) The maturity profile for <strong>Council</strong>'s borrowings is:<br />
Not later than one year 4,514 5,001<br />
Later than one year and not later than five years<br />
23,081 25,372<br />
Later than five years 14,083 16,893<br />
41,678 47,266<br />
Borrowings are initially measured at fair value, being the cost of the interest bearing liabilities, net of transaction costs. The measurement<br />
basis subsequent to initial recognition depends on whether the <strong>Council</strong> has categorised its interest-bearing liabilities as either financial<br />
liabilities designated at fair value through the profit and loss, or financial liabilities at amortised cost. Any difference between the initial<br />
recognised amount and the redemption value is recognised in net result over the period of the borrowing using the effective interest method.<br />
The classification depends on the nature and purpose of the interest bearing liabilities. The <strong>Council</strong> determines the classification of its<br />
interest bearing liabilities at initial recognition.<br />
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