MEETING OF COUNCIL - Town of Cambridge

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
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