Cardinia Shire Council - Annual Report 2017-18

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Cardinia Shire Council 2017/2018 Financial Report Notes to the Financial Report For the Year Ended 30 June 2018 2018 2017 6.2 Related party disclosures $'000 $'000 (a) Transactions with related parties During the period Council entered into the following transactions with related parties. Provision of Library Services by the Casey Cardinia Library Corporation, in accordance with the Regional Library Agreement 1,874 1,826 Provision of a Mobile Library bus to the Casey Cardinia Library Corporation 33 24 1,907 1,850 (d) Commitments to/from related parties Council aggregate amount of commitments in existence at balance date that have been made, guaranteed or secured by the council to Casey Cardinia Library Corporation (Note 4.7) 8,152 8,077 8,152 8,077 Page 37
Cardinia Shire Council Notes to the Financial Report 2017/2018 Financial Report For the Year Ended 30 June 2018 Note 7 Managing uncertainties 7.1 Contingent assets and liabilities (a) Contingent assets Operating lease receivables The Council has entered into commercial property leases on its investment property, consisting of surplus freehold office complexes. These properties held under operating leases have remaining non-cancellable lease terms of between 1 and 10 years. All leases include a CPI based revision of the rental charge annually. Future minimum rentals receivable under non-cancellable operating leases are as follows: 2018 2017 $'000 $'000 Not later than one year 441 270 Later than one year and not later than five years 1,022 861 Later than five years 2,741 2,908 4,204 4,039 (b) Contingent liabilities Superannuation Council has obligations under a defined benefit superannuation scheme that may result in the need to make additional contributions to the scheme, matters relating to this potential obligation are outlined below. As a result of the volatility in financial markets the likelihood of making such contributions in future periods exists. Future superannuation contributions In addition to the disclosed contributions, Cardinia Shire Council has paid no unfunded liability payments to Vision Super. The expected contributions to be paid to the Defined Benefit category of Vision Super for the year ending 30 June 2019 are $137,000. Contingent assets and contingent liabilities are not recognised in the Balance Sheet, but are disclosed and if quantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivable or payable, respectively. Landfill Council carries out site rehabilitation works on an EPA licensed landfill site, the Nar Nar Goon landfill (570 Bald Hill Road, Pakenham VIC 3810), that was closed on 5 July 2001. At balance date Council has assessed that the provision required for ongoing site rehabilitation, monitoring and aftercare costs are not material. 7.2 Change in accounting standards The following new AAS's have been issued that are not mandatory for the 30 June 2018 reporting period. Council has assessed these pending standards and has identified the following potential impacts will flow from the application of these standards in future reporting periods. Financial Instruments - Disclosures (AASB 7) (applies 2018/19) This Standard requires entities to provide disclosures in their financial statements that enable users to evaluate: (a) the significance of financial instruments for the entity’s financial position and performance; and (b) the nature and extent of risks arising from financial instruments to which the entity is exposed. Financial Instruments (AASB 9) (applies 2018/19) The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedging accounting model and a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred. Revenue from contracts with customers (AASB 15) (applies 2019/20 for LG sector) The standard shifts the focus from the transaction-level to a contract-based approach. Recognition is determined based on what the customer expects to be entitled to (rights and obligations), while measurement encompasses estimation by the entity of the amount expected to be entitled for performing under the contract. The full impact of this standard is not known however it is most likely to impact where contracts extend over time, where there are rights and obligations that may vary the timing or amount of the consideration, or where there are multiple performance elements. This has the potential to impact on the recognition of certain grant income. Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities (AASB 2016-7) (applies 2019/20) This Standard defers the mandatory effective date of AASB 15 for not-for-profit entities from 1 January 2018 to 1 January 2019. Leases (AASB 16) (applies 2019/20) The classification of leases as either finance leases or operating leases is eliminated for lessees. Leases will be recognised in the Balance Sheet by capitalising the present value of the minimum lease payments and showing a ‘right-of-use’ asset, while future lease payments will be recognised as a financial liability. The nature of the expense recognised in the profit or loss will change. Rather than being shown as rent, or as leasing costs, it will be recognised as depreciation on the ‘right-of-use’ asset, and an interest charge on the lease liability. The interest charge will be calculated using the effective interest method, which will result in a gradual reduction of interest expense over the lease term. Income of Not-for-Profit Entities (AASB 1058) (applies 2019/20) This standard replaces AASB 1004 Contributions and establishes revenue recognition principles for transactions where the consideration to acquire an asset is significantly less than fair value to enable to not-for-profit entity to further its objectives. Page 38
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Cardinia Shire Council Annual Repor
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Contents Report of operations INTRO
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Introduction Introduction Year in r
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Adopting key strategies Council int
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Achieving organisation excellence C
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Your rates at work Dollar amounts r
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Council Plan key challenges Council
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Year in review Introduction Year in
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Challenges • Managing one of the
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The Cardinia Youth Support Program
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Our community highlights We will fo
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Developing community leaders Counci
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Our environment highlights We will
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trialled the use of CCTV cameras at
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Cardinia Shire. In 2017-18, Council
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Engaging with our community We regu
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Lang Lang Community and Recreation
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Emerald Lake Park dam wall reinstat
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Financial summary Comprehensive Inc
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Our Council Introduction Year in re
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Population Cardinia Shire is one of
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Council wards Cardinia Shire is div
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Our organisation Introduction Year
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Senior Leadership Team Garry McQuil
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Andrew Paxton - General Manager Pla
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Detailed staffing breakdown Employe
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Our performance Introduction Year i
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Our people performance We support a
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Access to support services and prog
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Variety of recreation and leisure o
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Variety of recreation and leisure o
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Increased awareness of safety (cont
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Minimised impact of emergencies (co
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Animal management Service indicator
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Libraries Service indicator 2014-15
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Our community performance We will f
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Increased levels of community parti
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Our environment performance We will
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Transport linkages connecting towns
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Enhanced natural environment (cont.
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Natural and built environments supp
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Performance indicators Roads Servic
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Waste collection Service indicator
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Increased business diversity in Car
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Our governance performance We will
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Performance indicators Governance S
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Governance and management Introduct
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Management Audit committee The Audi
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Governance and management checklist
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Item Assessment Yes/No Performance
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Statutory information Information a
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Development contribution plans (DCP
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Land, works, services or facilities
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Land, works, services or facilities
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Performance statement
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Description of municipality Cardini
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Indicator 2015 2016 2017 2018 Mater
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Service Indicator 2015 2016 2017 20
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Service Indicator 2015 2016 2017 20
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Indicator Result Forecasts Material
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Indicator Result Forecasts Material
Page 134: Other information For the year ende
Page 139 and 140: Cardinia Shire Council Annual Repor
Page 141 and 142: Cardinia Shire Council 2017/2018 Fi
Page 143 and 144: Auditor's responsibilities for the
Page 155 and 156: Cardinia Shire Council Notes to the
Page 170: Cardinia Shire Council 2017/2018 Fi
Page 174: Cardinia Shire Council 2017/2018 Fi
Page 192: Cardinia Shire Council Civic Centre
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Cardinia Shire Council - Annual Report 2017-18

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