Parks Victoria - Annual Report 2009-10

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FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20101 Background1.1 Reporting EntityThe financial statements cover Parks Victoria as an individual reporting entity. Parks Victoria was formedas a public authority on 3 July 1998 under the Parks Victoria Act 1998. The Parks Victoria Act 1998 wasgiven Royal Assent on 26 May 1998 and was proclaimed on 3 July 1998.The principal address is: Level 10/ 535 Bourke StreetMelbourneVIC 30001.2 Objectives and FundingThe objective of Parks Victoria is to provide an outstanding park and waterway system, protected andenhanced, for people, forever.Parks Victoria receives the majority of its funding from the Victorian Government for the management ofVictoria’s National/State Parks and Reserves and from the Parks and Reserves Trust for the management ofmetropolitan parks and waterways. The Trust is funded by a Parks charge levied on properties within theMelbourne metropolitan area.2 Summary of Significant Accounting Policies2.1 GeneralThese financial statements have been prepared in accordance with the Financial Management Act 1994and applicable Australian Accounting Standards, including Interpretations (AASs). AASs include Australianequivalent to International Financial Reporting Standards.Statement of ComplianceThe financial statements comply with the relevant Financial Reporting Directions (FRDs) issued bythe Department of Treasury and Finance, and relevant Standing Directions (SD) authorised by theMinister for Finance.Under Australian Accounting Standards (AASs), there are requirements that apply specifically to notfor-profitentities. Parks Victoria has analysed its purpose, objectives, and operating philosophy anddetermined that it does not have profit generation as a prime objective. Where applicable, the AASs thatrelates to-not-for-profit entities has been applied.The financial statements were authorised for issue by S Mahony (Chief Financial Officer – Parks Victoria)on 20 August 2010.58 Parks Victoria - Annual Report 2009-10
NOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.2 Basis of accounting preparation and measurementThe accrual basis of accounting has been applied in the preparation of these financial statementswhereby assets, liabilities, equity, income and expenses are recognised in the reporting period to whichthey relate, regardless of when cash is received or paid.These financial statements are presented in Australian dollars, the functional and presentation currencyof Parks Victoria.In the application of AASs management is required to make judgements, estimates and assumptionsabout carrying values of assets and liabilities that are not readily apparent from other sources. Theestimates and associated assumptions are based on historical experience and various other factors thatare believed to be reasonable under the circumstance, the results of which form the basis of making thejudgements. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised if the revision affects only thatperiod or in the period of the revision and future periods if the revision affects both current and futureperiods.These financial statements have been prepared in accordance with the historical cost convention except for:❚ non-current physical assets which, subsequent to acquisition, are measured at a re-valued amountbeing their fair value at the date of the revaluation less any subsequent accumulated depreciationand subsequent impairment losses. Revaluations are made with sufficient regularity to ensure that thecarrying amounts do not materially differ from their fair value;❚ the fair value of an asset other than land is generally based on its depreciated replacement value;❚ available-for-sale investments which are measured at fair value with movements reflected in equityuntil the asset is derecognisedHistorical cost is based on the fair values of the consideration given in exchange for assets.Accounting policies are selected and applied in a manner which ensures that the resulting financialinformation satisfies the concepts of relevance and reliability, thereby ensuring that the substance of theunderlying transactions or other events is reported.The accounting policies set out below have been applied in preparing the financial statements for theyear ended 30 June 2010 and the comparative information presented for the year ended 30 June 2009.Parks Victoria - Annual Report 2009-10 59
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CONTENTSREPORT OF OPERATIONSChairma
Page 5:
CHIEF EXECUTIVE’S MESSAGEParks Vi
Page 8 and 9: ABOUT PARKS VICTORIAParks Victoria
Page 10 and 11: ABOUT PARKS VICTORIATotal meeting a
Page 12 and 13: ABOUT PARKS VICTORIAThe Year in Rev
Page 14 and 15: HEALTHY PARKSNew River Red Gum park
Page 17 and 18: ❚ Treating more than 6,000 hectar
Page 19: For the first time, Parks Victoria
Page 22 and 23: HEALTHY PEOPLEQueenscliffHarbour.Im
Page 24 and 25: HEALTHY PEOPLEParklands to EastLink
Page 26 and 27: HEALTHY PEOPLECurriculum-based prog
Page 28 and 29: eakout overset copyHEALTHY PEOPLEco
Page 30 and 31: HEALTHY PEOPLECULTURAL HERITAGEFor
Page 32 and 33: HEALTHY PEOPLEPROM’S RICH HISTORY
Page 35 and 36: SUPPORTING HEALTHY PARKS HEALTHY PE
Page 37 and 38: SIGNS OF RECOVERY AT KINGLAKE NATIO
Page 39 and 40: COMMERCIAL OPERATIONSParks Victoria
Page 41 and 42: RESPONSIBLY MANAGING OUR RESOURCESP
Page 43 and 44: Workforce dataEmployee(Headcount)On
Page 45 and 46: Parks Victoria’s services are del
Page 47 and 48: CORPORATE PERFORMANCEIndicator2005-
Page 49 and 50: FINANCIAL PERFORMANCEFive year fina
Page 51 and 52: FINANCIAL REPORTCOMPREHENSIVE OPERA
Page 53 and 54: BALANCE SHEETAs at 30 June 2010Note
Page 55 and 56: CASH FLOW STATEMENTFor The Financia
Page 57: Note 14Note 15Note 16Note 17Note 18
Page 61 and 62: NOTES TO THE FINANCIAL STATEMENTSFo
Page 79 and 80: Piers, Jetties andRiver Improvement
Page 97 and 98: RISK MANAGEMENT ATTESTATIONRISK MAN
Page 99 and 100: AUDITOR’S REPORTParks Victoria -
Page 101 and 102: NOTESParks Victoria - Annual Report
Page 103 and 104: SIGNS OF RECOVERY - KINGLAKE NATION
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Parks Victoria - Annual Report 2009-10

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