City of Belmont Annual Financial Report for the period ended 30 - PowerPoint PPT Presentation

TA3 City of Belmont Annual Financial Report for the period ended 30 June 2014

TA4 Audit Report – Page A5 • Standard Audit Report (AA Standards) • Unqualified (clean) audit opinion issued • Financial Report – “gives a true and fair view of the financial position” – Complies with LGA, Regulations & Australian Accounting standards

Statement of Comprehensive Income – TA5 Pages A8 & A9 – Includes: Accrued income/expenditure & depreciation – Excludes: Capital items and Reserve Transfers • Key Line Items – Operating Revenue - $52.43m (12/13 $52.08m) – Operating Expenditure - $50.98m (12/13 $47.51m) – Operating Result - $1.44m (12/13 $4.57m) – Net Result - $4.5m (12/13 $8.25m) – Total Comprehensive - $202.52m (12/13 $16.96m)

Statement of Financial Position – Page TA6 A10 13/14 12/13 – Financial assets $38.6m $36.7m • Reserves $31.6m $29.6m • Unspent grants $0.1m $0.2m Municipal funds $6.9m $6.9m – PPE & Infrastructure $540.3m $343.2m Fair Value Accounting – Total Liabilities $11.7m $11.0m – Net Assets/Equity $586.6m $384.1m • Land Revaluation Surplus $64.4 • Building Revaluation Surplus $43.4 • Roads $37.5 • Drainage $34.0 • Other $14.9 Revaluation Surplus Movement $194.2

TA7 Statement of Cash Flows – Page A12 • Disclosure of actual “cash” movements during the year (balance includes reserves) – “operating activities” • Categorised by “nature & type” +$ 11.8m (12/13 +$13.8m) – “investing activities” • Capital works/equipment -$12.8m (12/13 -$14.1m ) • Proceeds from sale of PPE +$1.9m (12/13 +$1.4m) • Investments -$0.4m (12/13 -$5.7m) – “financing activities” • Borrowings -$0.5m (12/13 $0.5m) • Cash held at 30 June 2014 $5.4m (12/13 $4.2m)

TA8 Rates Setting Statement – Page A13 • Required under the LGA and includes all the key components that need to be factored in when determining how much revenue needs to be raised from rates. • Includes – Expenditure and Revenue – Non cash/cash adjustments – Capital Items – Reserve transfers – Opening and closing funds – Revenue required to be raised from rates

Notes to the accounts – Pages A15 to TA9 A65 • Disclosures required by: – LGA & Regs – Accounting Standards – Consistent with prior years

TA10 Ratios – Page A60 • Ratios represent a clean bill of health. New Ratios: • Current Ratio: 1.36:1 (Basic Std > 1:1) • Debt Service Cover Ratio: 17.5 (Basic Std > 2) • Own Source Revenue Coverage : 0.97 (Basic Std 0.40 to 0.60) • Operating Surplus Ratio : 5.4% (Basic Std 1% to 15%) • Asset Sustainability Ratio: 1.17 (Basic Std >0.90) • Asset Renewal Funding Ratio: 100% (Basic Std 75% - 95%) • Asset Consumption Ratio: 0.75 (Basic Std > 0.5)

TA11 Grant Thornton Report to the Audit Committee