HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012
31 RESTRICTED ASSETS 2012 2011 $$ ------------------- --------------------
Council has cash and cash equivalents (note 17) that are subject to restrictions. As at the reporting date, Council no longer had legislative restrictions in relation to employee entitlements (Long Service Leave), due to changes in the regulation.
Restricted asset for long service leave was based on the Local Government (Long Service Leave) Regulations 2002 and does not necessarily equate to the long service leave liability disclosed in note 24 due to a different basis of calculation prescribed by the regulation.
Long service leave reserve fund (note 24) Recreation reserve (note 27)
Trust funds and deposits (Note 23) Unexpended grants (note 5)
- 89,060 579,416 6,734,276
1,775,000 70,263
561,251 8,442,483
------------------- -------------------- 7,402,752 10,848,997 =========== ============
32 SUPERANNUATION
Council made contributions to the following funds Defined benefits fund Employer contributions to Local Authorities Superannuation
Fund (Vision Super)
Accumulation funds Employer contributions to Local Authorities Superannuation
Fund (Vision Super) Employer contributions payable to Local Authorities
Superannuation Fund (Vision Super) at reporting date
The Local Authorities Superannuation Fund latest 31 December 2011 actuarial investigation identified an unfunded liability of $406 million excluding the contributions tax in the defined benefit fund of which we are a member. Council was made aware of the expected short fall through the year and was informed formally of their share of the shortfall on 3 August 2012 which amounted to $2,611,105 plus $460,783 contributions tax. Council has elected to pay $100,000 within 12 months of the due date. Payment of the balance is yet to be determined. Council has accounted for this shortfall in the Comprehensive Income Statement in the Employee Benefit (See Note 10) and in the Balance Sheet as Sundry Creditors (See Note 22).
818,112 66,283 797,199 59,878
Page 41
195,479
199,922
Horsham Annual Report 2011 - 2012
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