MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 COUNCIL DECISION: (COMMITTEE RECOMMENDATION) Moved by Cr Walker, seconded by Cr Langer That:- (i) (ii) the interim audit report and responses to the recommendations be noted; the Administration be requested to conduct the Interim Audit in March/April 2013. Carried 8/0 H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\D AU.DOCX 201
COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 AU12.6 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 2012 PURPOSE OF REPORT: To consider the Annual Financial Report for the year ended 30 June 2012. BACKGROUND: The audit for the year ended 30 June 2012 has been completed and the draft Annual Financial Report prepared. The Annual Financial Report takes into account the compliance requirements as required by the Australian Accounting Standards and Financial Management Regulations. A review of the pre-audit annual financial (management) statements was presented to Council in August, with commentary on financial performance and variations to budget. DETAILS: The statement of comprehensive income, statement of financial position, statement of cash flows and supporting notes have been prepared for the financial year ended 30 June 2012 and a brief overview is provided below: Statement of Comprehensive Income Total Comprehensive Income The statement of comprehensive income shows an overall operating result of $8.7 million compared to an expected result of $3.3 million. The difference is primarily explained by a combination of the following significant variances to budget: • a non cash contribution of $4,8 million received from Landcorp representing infrastructure assets transferred to the Town in relation to the Perry Lakes Land Development Stage 1 and Stage 2A. • a capital contribution of $1.3 million from the State Government for the Wembley Sports Park project. • the gain on sale of land of $1.8 million compared to budget of $3.8 million with only one lot of the two lots available for sale, sold within the Ocean Mia land sub division during the year. Operating Result The Statement of Comprehensive Income shows the operating result before non operating grants, subsidies and contributions and disposal of assets. The operating result (including depreciation), indicates a surplus of $735k against a budgeted deficit result of $653k, a ($1.88 million difference). The main factors attributing to this operating result were a combination of the following variances to budget: • Financial assistance and local roads grant income of $482k received in advance for the 2012/2013 financial year; H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\D AU.DOCX 202
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MEETING OF COUNCIL - Town of Cambridge

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