MEETING OF COUNCIL - Town of Cambridge

More documents

Recommendations

Info

COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 Fair Value Accounting The implementation of fair value accounting has been mandated by the Department of Local Government and will be phased in over the 2013 to 2015 financial years. The Local Government (Financial Management) Regulations 1996 will be amended to reflect this requirement. Reporting assets and liabilities at fair value is considered essential to provide a more accurate measure of the value of community assets and liabilities than historical cost. The use of fair value is also essential to good asset management practices and long term financial planning. The phase in implementation of fair value to local government financial reporting will be in accordance with the following timeframe: Financial Year Asset Group 2012/2013 Plant and equipment 2013/2014 or 2014/2015 (alternate year to Land and Buildings infrastructure) 2013/2014 or 2014/2015 (alternate year to Infrastructure buildings) 2014/2015 All other assets (including intangibles, historical and cultural assets, library books, art collections etc) Triennially - ongoing All asset classes revalued on a 3 year cycle Therefore fair value accounting will not impact on the 2011/2012 financial year but will materially impact financial statements in the next two to three years. POLICY/STATUTORY IMPLICATIONS: The Local Government Act 1995, Section 6.4 requires the preparation of financial reports that comply with all relevant accounting standards and legislation. FINANCIAL IMPLICATIONS: There are no Financial Implications related to this report. STRATEGIC DIRECTION: The preparation of financial reports to monitor performance is consistent with the Town’s Strategic Plan’s goal of financial sustainability by ensuring expenditure is matched by revenue. COMMUNITY CONSULTATION: This matter has been assessed under the Community Consultation Policy. In accordance with the assessment criteria it was rated at Level 1, for which no community consultation is required. ATTACHMENTS: 1. Draft Annual Financial Report for year ended 30 June 2012. H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\D AU.DOCX 205
COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 Committee Meeting 20 November 2012 During discussion, Members were advised that the following amendments have been made to the Annual Financial Report:- 1. Note 12 - 2012 column total should be $249,253. 2. Note 18 (b) - additional major projects added for 2012/2013. 3. Note 19 - include lease payments for Wembley Golf Course plant leased: • total for payment no later than 1 year is $375,022 and • for later than 1 year but not later than 5 years is $528,569. 4. Note 21 - insert heading for 21(a) Revenue by Program. 5. Note 22 - minor change to reflect disposal net book value for footpaths which has been included in the roads and lanes net book value. Footpaths are $139,029 and roads and lanes changes from $470,530 to $331,501. 6. Note 23 - amend column heading to 'Rateable Value'. 7. Note 28 - total column for land sales figure should be $25,561,410. Interest figure should be $64,818. Wording has changed to delete reference to the land auction. 8. Note 29 - wording has changed to delete last sentence in the second paragraph referring to golf course self funding. 9. Note 36 - current ratio changed to 2.13:1. 10. Note 37 - Amended to reflect External Audit fees only. Discussion ensued and it was agreed that the requirement for an Audit Closing Report be included in the next contract for provision of External Audit Services. Also, it was agreed that a pre audit meeting be held prior to the audit commencing. The Committee sought information on the audit scope, audit materiality thresholds and the three biggest audit issues. COUNCIL DECISION: (COMMITTEE AND ADMINISTRATION RECOMMENDATION) Moved by Cr Walker, seconded by Cr Langer That the Annual Financial Report and the Auditor's Report for the year ended 30 June 2012, as amended, be approved. Carried 8/0 H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\D AU.DOCX 206
Page 1 and 2:
Council Minutes 27 NOVEMBER 2012
Page 3 and 4:
COUNCIL MINUTES TUESDAY 27 NOVEMBER
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158: COUNCIL MINUTES TUESDAY 27 NOVEMBER
Page 207: COUNCIL MINUTES TUESDAY 27 NOVEMBER
Page 223 and 224: COUNCIL 27 NOVEMBER 2012 The projec
Page 225 and 226: COUNCIL 27 NOVEMBER 2012 10.2 FORME
Page 227 and 228: COUNCIL 27 NOVEMBER 2012 COMMUNITY
Page 229 and 230: COUNCIL 27 NOVEMBER 2012 11. URGENT
show all

MEETING OF COUNCIL - Town of Cambridge

Create successful ePaper yourself

Delete template?

Save as template?