Parks Victoria - Annual Report 2009-10

FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 201022 Provisions2010$’0002009$’000(a) Current Provisions:Employee BenefitsAnnual Leave Entitlements 6,102 5,312Long Service Leave – Unconditional and Expected to Be Settled Within 12 Months 1,970 1,537Long Service Leave – Unconditional and Expected to Be Settled After 12 Months 15,958 14,75524,030 21,604Provisions Related to Employee Benefit On–costsAnnual Leave Entitlements 1,043 900Long Service Leave – Unconditional and expected to be settled within 12 months 346 271Long Service Leave – Unconditional and expected to be settled after 12 months 2,804 2,6014,193 3,772Total Current Provisions 28,223 25,376(b) Non-Current ProvisionsEmployee Benefits – Long Service Leave 1,464 9781,464 978Provisions Related to Employee Benefit On-costsProvisions Related to Employee Benefit On-costs – Long Service Leave 257 172257 172Total Non–Current Provisions 1,721 1,150Total Employee Benefits and Related On-costs 29,944 26,526(c) Movement in Non-current Provision for Dismantling:Opening Balance 642 575Unwinding of discount and effect of changes in the discount rate – 67Reversal of provision for dismantling (642) –Balance at 30 June – 642Total Provisions 29,944 27,168The provision for dismantling represented the present value of expected future cash flow payments that ParkVictoria were obliged to make in respect of the costs of dismantling and removing leasehold improvementsand restoring the leased preemies to its original state. As of June 2010, the lease was expanded to a further10 years with NIL dismantling costs at the end of the lease terms, hence the reversal of the provision fordismantling.82 Parks Victoria - Annual Report 2009-10