This page has been intentionally left blank. AASB 101.10(e) TOWN OF EAGLE BAY AASB 101.51 NOTES TO AND FORMING PART OF THE BUDGET AASB 101.112 FOR THE YEAR ENDING 30 JUNE 201Z AASB 101.117 1. SIGNIFICANT ACCOUNTING POLICIES (continued) AASB 101.66 (t) Current and Non-Current Classification AASB 101.69 In the determination of whether an asset or liability is current or non-current, consideration is given to the time when each asset or liability is expected to be settled. The asset or liability is classified as current if it is expected to be settled within the next 12 months, being the Council’s operation cycle. In the case of liabilities where the Council does not have the unconditional right to defer settlement beyond 12 months, such as vested long service leave, the liability is classified as current even if not expected to be settled within the next 12 months. Inventories held for trading are classified as current even if not expected to be realised in the next 12 months except for land held for resale where it is held as non-current based on the Council’s intentions to release for sale. AASB 101.38 (u) Comparative Figures Where required, comparative figures have been adjusted to conform with changes in presentation for the current financial year. FMR r. 36(2) (v) Budget Comparative Figures AASB 101.17(b) Unless otherwise stated, the budget comparative figures shown in this budget document relate to the original budget estimate for the relevant item of disclosure. Note 2 Commentary – Revenue and Expenses Investment information FMR r. 28 The notes to the annual budget are to include, in relation to money invested by the local government, an estimate of — the amount to be earned from the investment of money held in reserve; the amount to be earned from the investment of other money; and the total earnings from investments.
BUDGET BUDGET BUDGET $ $ $ Governance CEO Vehicle 48,500 50,000 1,500 Recreation & Culture Gardener Truck 25,000 20,000 (5,000) Gardener Vehicle 21,000 19,000 (2,000) Transport Aerodrome Hanger 252,705 360,000 107,295 Loader 50,000 50,000 0 Grader 44,000 40,000 (4,000) Building Building Officer Vehicle 23,000 22,000 (1,000) Other Property & Services Works Supervisor Vehicle 16,000 17,000 1,000 Engineering Vehicle 30,000 24,000 (6,000) 510,205 602,000 91,795 Net Book Value Proceeds Profit(Loss) By Class 201Z 201Z 201Z BUDGET BUDGET BUDGET $ $ $ Land & Buildings 252,705 360,000 107,295 Furniture & Equipment 0 0 0 Motor Vehicles 138,500 132,000 (6,500) Plant & Machinery 119,000 110,000 (9,000) 510,205 602,000 91,795 201Z Summary BUDGET $ Profit on Asset Disposals 109,795 Loss on Asset Disposals (18,000) 91,795 Note 5 Commentary – Information on Borrowings DLGC Long term borrowings are split into current and non-current portion. If a council expects to refinance or roll over a loan for at least 12 months it classifies the loan as non-current. When refinancing or rolling over the loan is not at the discretion of the council and the potential to refinance is not considered then loan is classified as current. This disclosure has more detail that is required but it provides useful information which is consistent with Annual Financial Report. Self-Supporting Loans should be stated giving details of how the loan is funded. FMR r. 29(f) The Regulation requires detail on how the repayments are to be financed. In this example this detail is shown in the report but it could be show by way of a