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  • Cobar Shire Council GENERAL PURPOSE FINANCIAL STATEMENTS for the year ended 30 June 2018

  • Financial Statements 2018

    Cobar Shire Council

    General Purpose Financial Statements for the year ended 30 June 2018

    Contents

    1. Statement by Councillors and Management

    2. Primary Financial Statements:

    – Income Statement – Statement of Comprehensive Income – Statement of Financial Position – Statement of Changes in Equity – Statement of Cash Flows

    3. Notes to the Financial Statements

    4. Independent Auditor’s Reports:

    – On the Financial Statements (Sect 417 [2]) – On the Conduct of the Audit (Sect 417 [3])

    Overview

    Linsley Street Cobar, NSW 2835

    Council’s guiding principles are detailed in Chapter 3 of the LGA and includes:

    principles applying to the exercise of functions generally by council, principles to be applied when making decisions, principles of community participation, principles of sound financial management, and principles for strategic planning relating to the development of an integrated planning and reporting framework.

    A description of the nature of Council’s operations and its principal activities are provided in Note 2(b).

    Through the use of the internet, we have ensured that our reporting is timely, complete and available at minimum cost. All press releases, financial statements and other information are publicly available on our website: www.cobar.nsw.gov.au.

    Cobar Shire Council is constituted under the Local Government Act 1993 (NSW) and has its principal place of business at:

    7

    8

    65 68

       

    Page

    3

    5 6

    4

    2

    page 1

  • Financial Statements 2018

    Cobar Shire Council

    Income Statement for the year ended 30 June 2018

    $ ’000

    Income from continuing operations Revenue: Rates and annual charges User charges and fees Interest and investment revenue Other revenues Grants and contributions provided for operating purposes Grants and contributions provided for capital purposes Other income: Net gains from the disposal of assets

    Total income from continuing operations

    Expenses from continuing operations Employee benefits and on-costs Borrowing costs Materials and contracts Depreciation and amortisation Impairment of investments Other expenses

    Total expenses from continuing operations

    Operating result from continuing operations

    Net operating result for the year

    Net operating result attributable to Council

    Net operating result for the year before grants and contributions provided for capital purposes

    Actual Actual budget

    10,304

    (1)

    30,978

    10,304

    2017

    5,809

    356 298

    4,005

    32,523

    12,510

    4,486 1,286

    89

    14,199

    5,852

    2,719

    4,005 5,412

    16,180

    13,028

    6

    100 12,942

    3,713

    58

    5,412

    116 9,622 6,553

    3,198

    31,752

    – 2,595

    5,810

    Notes

    3a

    3d 3c

    2018

    232

    12,227 10,305

    41,282

    2018

    11,702 427 440

    4d 4c –

    Original

    3e,f

    4c

    5

    4b

    12,258

    450

    3b

    4a

    3e,f

    89 12,881

    6,413 9,000

    unaudited

    6,629 8,368

    10,304

    37,164

    926

    36,528

    4,005 5,412

    X3A0T

    This statement should be read in conjunction with the accompanying notes. page 3

  • Financial Statements 2018

    Cobar Shire Council

    Statement of Comprehensive Income for the year ended 30 June 2018

    $ ’000

    Net operating result for the year (as per Income Statement)

    Other comprehensive income:

    Amounts that will not be reclassified subsequently to the operating result

    Gain (loss) on revaluation of IPP&E Total items which will not be reclassified subsequently to the operating result

    Amounts that will be reclassified subsequently to the operating result when specific conditions are met

    Other movements Total items which will be reclassified subsequently to the operating result when specific conditions are met

    Total other comprehensive income for the year

    Total comprehensive income for the year

    Total comprehensive income attributable to Council

    3,972

    2,954

    6,959

    737

    737

    3,972

    (1,440)

    2,954 8

    2,954 (2,177)

    2018

    5,412

    Notes

    4,005

    (2,177)

    6,959

    2017

    X3A1T

    This statement should be read in conjunction with the accompanying notes. page 4

  • Financial Statements 2018

    Cobar Shire Council

    Statement of Financial Position as at 30 June 2018

    $ ’000

    ASSETS Current assets Cash and cash equivalents Investments Receivables Inventories Other Total current assets

    Non-current assets Receivables Infrastructure, property, plant and equipment Total non-current assets

    TOTAL ASSETS

    LIABILITIES Current liabilities Payables Income received in advance Borrowings Provisions Total current liabilities

    Non-current liabilities Borrowings Provisions Total non-current liabilities

    TOTAL LIABILITIES

    Net assets

    EQUITY Accumulated surplus Revaluation reserves Council equity interest

    Total equity

    9 9

    9

    297,264

    1,790

    319,958

    10

    2018

    310,355

    97,679

    1,161

    1,282

    91,530

    314,327

    124 131

    222

    2,208 304

    2017

    699

    10,299

    2,748

    12,865

    1,081 –

    22,694

    6,000

    315,806

    4,045

    310,355

    310,355

    7 8

    10 9

    Notes

    6a 6b 7

    297,408

    314,327 216,648

    297,408

    4,470

    51

    5,451

    1,406

    4,000

    1,391 219

    250

    297,213

    1,030

    218,825

    5,631

    314,327

    42 18,398

    3,358

    2,131

    X3A2T

    This statement should be read in conjunction with the accompanying notes. page 5

  • Financial Statements 2018

    Cobar Shire Council

    Statement of Changes in Equity for the year ended 30 June 2018 2018

    $ ’000

    Opening balance

    Net operating result for the year Other comprehensive income – Changes in accounting policies - RFS Vested Assets – Gain (loss) on revaluation of IPP&E – Other movements Other comprehensive income

    Total comprehensive income

    Equity – balance at end of the reporting period

    743 –

    5,412 –

    743 – –

    equity

    IPP&E2018

    91,530 218,825 310,355

    revaluation Total Notes surplus reserve

    8 – (2,177) (6) – (6)

    737 (2,177)

    6,149 (2,177)

    2017

    97,679 216,648 314,327

    revaluation Total IPP&E

    equity

    303,396

    surplus

    87,525 215,871

    reserve

    4,005 –

    – 2,954

    4,005

    2,954 –

    – – – 2,954

    4,005 2,954

    – 2,954

    6,959

    310,355 218,825 91,530

    Accumulated Accumulated

    (2,177)

    5,412

    (1,440)

    3,972

    X4A0T

    This statement should be read in conjunction with the accompanying notes. page 6

  • Financial Statements 2018

    Cobar Shire Council

    Statement of