annual report - City of Bayswater

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Financial Services Financial Services is responsible for producing the City’s financial Plan for the Future, Budget and Annual financial statements and has a requirement to meet statutory compliance regulations to ensure full accountability and disclosure of information. The Division is also responsible for the raising and collection of rates, economic development, Council’s residential aged care facilities and the nine long-day and afterschool child care centres as well as overseeing the management contracts for the Morley Sport and Recreation Centre. Annual Budget The budgeting principles used to prepare the 2008-09 Budget were balanced and reflected community needs. Capital works program objectives were met and a full and efficient range of services was provided to the community within the specified budget. Operating Expenditure $6,884,281 $18,272,445 $1,868,280 $1,293,666 Operating Revenue $2,055,795 $1,731,129 $6,387,600 $160,116 $14,055,745 $536,038 $3,889,022 $1,725,373 $1,161,806 $7,231,335 $138,831 $8,182,041 $168,514 $25,876,234 General Purpose Funding Governance/ Administration Law, Order & Public Safety Health Welfare & Education Housing Community Amenities Recreation & Culture Transport Economic Services Other Property & Services Rates & Charges Income from Council Fees and Charges Other Income from Property Grants & Subsidies Reimbursements, Contributions Interest Earned Other Annual financial statements Bath Street jetty, Maylands The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards (as they apply to local governments and not-for-profit entities), other mandatory professional reporting requirements and the Local Government Act 1995 (as amended) and accompanying regulations (as amended). The preparation of a financial report in conformity with Australian Accounting Standards requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses. 28 city of bayswater annual report 2008-09
The Local Government reporting entity All Funds through which the Council controls resources to carry on its functions have been included in the financial statements forming part of this financial report. Principles of consolidation All entities through which Council controls resources to carry on its operation have been included in the financial statements. This encompasses: • Main Entity The Municipality of the City of Bayswater • Consolidation –– The Municipality of the City of Bayswater –– The City of Bayswater Child Care Centre Association (Inc) Statement of financial position The 2008-09 balance sheet results indicate the City of Bayswater experienced an increase in net assets during the financial year. Statement of changes in equity The 2008-09 Equity Statement shows that the City experienced an increase in reserves of $3.337 million to $13.691 million. Income statement by function activity The Income Statement for 2008-09 revealed an increase in operating revenue of $3.454 million and a $0.923 million decrease in operating expenditure. Borrowings decreased from $4.035 million to $3.641 million mainly as a result of a reduction in loan liability. Grants and contributions for the development of assets increased from $3.141 million to $12.431 million. The significant movement in operations from the previous financial year which reported a $1.869 million deficit to a $1.149 million surplus is mainly attributed to the increase in grants for the development of assets and a $0.497 million increase in equity movement in the Eastern Metropolitan Regional Council (EMRC). Investment – Eastern Metropolitan Regional Council The City of Bayswater has a share in the net assets of the Eastern Metropolitan Regional Council (EMRC) as a member council. The accounting share applicable to the City of Bayswater at 30 June 2009, as disclosed in the financial statements of the EMRC, was $9.105 million, or 19.77 per cent of the total equity of the EMRC, which has increased by $497,568 in 2008-09. The member councils’ equity holdings in the EMRC as at 30 June 2009 take into account, in EMRC’S book, unrealised loss from change in fair value of investments of $3,250,474 for the 2008-09 financial year (or $642,618, being the City of Bayswater’s share). However, after taking into account this unrealised loss, the City’s investment has still increased by $497,568 in 2008-09. It should be noted that the total unrealised loss from the change in fair value of the investment to 30 June 2009 is $7,430,675 (the City of Bayswater’s share being $1,469,044). This is reflected in the total equity of $9.105 million. Grants The City received $18.819 million in grants and subsidies. These were used in the following areas: $ Operating $6,387,600 Non-operating $12,431,460 General purpose funding $2,253,432 Law order and public safety $53,500 Health $77,861 Education and welfare $4,694,264 Community amenities $13,700 Recreation and culture $10,328,037 Transport/community amenities $1,398,266 Rates The City received $25.574 million in rates income during 2008-09. Rates were based on the Gross Rental Value (GRV) of the property as determined by the Valuer General’s Office. Gross rental values in the district as at 30 June 2009 were $417.148 million. city of bayswater annual report 2008-09 29
Page 1 and 2: annual report 2008-09
Page 3 and 4: Contents Mayor’s Report 2 Members
Page 5 and 6: RA Cook Reserve, Bedford One of the
Page 7 and 8: Avon Descent competitor, Swan River
Page 9 and 10: Representation People from cultural
Page 11 and 12: Charity events The Salvation Army a
Page 13 and 14: Community services Home and Communi
Page 15 and 16: YouthCARE Council has been contribu
Page 17 and 18: Bayswater Waves Aquatic Centre Bays
Page 19 and 20: King William Street, Bayswater Geog
Page 21 and 22: Parks and gardens The City of Baysw
Page 23 and 24: Peter Doggett, Environmental Health
Page 25 and 26: Co-mingled recycling In 2008-09 the
Page 27 and 28: The project was publicly advertised
Page 29: Building services Statutory approva
Page 33 and 34: Statutory Reporting Disability Acce
Page 35 and 36: Abridged Financial Statements The f
Page 37 and 38: Statement by Chief Executive Office
Page 39 and 40: Statement of Changes in Equity for
Page 41 and 42: Main Entity Consolidated Note 08/09
Page 43 and 44: Cash Flow Statement for the year en
Page 45 and 46: Rate Setting Statement for the year
Page 48: w w w . b a y s w a t e r . w a . g

annual report - City of Bayswater

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