Parks Victoria - Annual Report 2009-10

FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 201027 Contingent Liabilities and Contingent Assets2010$’0002009$’000(a) Contingent Liabilities – Other Outstanding ClaimsThere are no material claims against Parks Victoria arising out of various matters connected with itsoperating activities.(b) Contingent AssetsThere are no claims lodged by Parks Victoria arising out of matters connected with its operating activities.28 Commitments(a) Capital CommitmentsValue of commitments for capital expenditure at 30 June 2010 for the supply of works, services and materialsnot provided for in the financial statements:Not Later than One Year 5,974 6,153Later than One Year and Not Later than Five Years – –Later than Five Years – –Total Capital Commitments 5,974 6,153(b) Lease CommitmentsTotal expenditure contracted for at balance date but not provided for in the financial statements in relation to noncancellableoperating leases is as follows:Not Later than One Year 9,823 8,483Later than One Year and Not Later than Five Years 16,927 8,771Later than Five Years 9,426 674Total Non Cancellable Operating Leases 36,176 17,928Leasing arrangementsOperating leases relate to building facilities with lease terms of between three to seven years, with an optionto extend for a further three years. All operating lease contracts contain market review clauses in the eventthat Parks Victoria exercises its option to renew. Parks Victoria does not have an option to purchase theleased asset at the expiry of the lease period.86 Parks Victoria - Annual Report 2009-10