HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012
34 OPERATING LEASE COMMITMENTS
(a) Operating lease commitments At the reporting date, Horsham Rural City Council had the following obligations under non-cancellable operating leases for the lease of equipment for use within Council's activities (these obligations are not recognised as liabilities):
2012 $
Not later than one year
Later than one year and not later than 2 years Later than 2 years and not later than 5 years
158,839
2011 $
------------------- -------------------- 94,218 74,553
17,881 17,881 30,200
------------------- -------------------- 327,611
65,962 =========== ============
(b) Operating lease receivables At the reporting date, Horsham Rural City Council had entered into commercial property leases on its investment property, consisting of surplus freehold shop complexes. These properties held under operating leases have remaining cancellable lease terms of between 1 and 5 years. All leases include a CPI based revision of the rental charge annually.
Future minimum rentals receivable under cancellable operating leases are as follows: Not later than one year
Later than one year and not later than 2 years Later than 2 years and not later than 5 years
112,479 83,136 90,699
176,647 - -
------------------- -------------------- 286,314
176,647 =========== ============
35 CONTINGENT LIABILITIES AND CONTINGENT ASSETS At balance date, the Council's exposure as a result of bank guarantees is:s is -
Department of Natural Resources - Arnotts Quarry Department of Natural Resources - Courtneys Quarry Minister for Agriculture and Resources Minister for Energy and Resources Environment Protection Authority
Finance Assurance oe f for Dooen Landfill Council ha
Council has obligations
additional contributions to the s hem of the fund. As a result of
contributions in future periods has contributions will be r
l be required, their
Council has a responsibility under the EnvironmEnvironment and Protection Act y reha
obligations under a defined supe perannuation scheme tha pottential amount. scheme to ensure that the liabilities of
esult of the increased volatilitty in financial mial marke as increased. At this point
ed, their timing or po
Page 43 Page
-------------- $
------
32,000 12,000 12,000 5,500
6 625,000 on Act 1970, for remedial action and
site aftercare at the Dooen Landfill. n Landfill. Council progressivelly ehabilitates the John's siteite each year. Counc
that m
e liabilities of the fund etst
at may result in th the likelihood of
is point in time it is not knowot known if add lt in the need to make
und are covered by the assets ood of making such additional
Horsham Annual Report 2011 - 2012
105
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