HORSHAM RURAL CITY COUNCIL
STANDARD BALANCE SHEET AS AT 30 JUNE 2011
VARIANCE EXPLANATION REPORT Ref.
Item
10Cash assets It was expected that Council would have received all the grant funding for the Wimmera Intermodal Freight Hub by 30th June 2012, the grant funding cannot be recognised as certain milestones tied to the funding have not yet been achieved, therefore reducing the cash held by Council at year end.
11 Receivables Current An invoice for $1.1m was raised to Vicroads for 2012/13 contribution for Country Roads and Bridges Program, this was outside budget expectations.
12 Other financial assets Grant funding of $4.87m for flood recovery restoration works were recognised as owing at 30th June 2012.
13 Non current asset held for sale Further interest in blocks of industrial estate land have resulted in contracts of sale that will be settled during the 12/13 year.
14 Receivables Non Current A budgetary allowance was made for long term outstanding debts for a private drainage scheme, many ratepayers elected to repay the scheme earlier than anticipated.
15 Investment in associates Horsham Rural City Council has the highest equity% of all contributing members of the Wimmera Development Association, which is now recognised in Council's balance sheet. Council's share of net assets of WDA is $170,986.
16 Property, infrastructure, plant & equipment
Three revaluations were carried out during the year. The major movement wa class of assets, which produced an upward revaluation of $33m. In the other
values increased by $4m and council's buildings by $1m. Capital works valued at $29.7m has been recognised Hub project contributing $14m, flood restora
17 Payables
Payables at 30th June were higher than budge the construction of the freight hub.
hub.
18 Provisions currenrent & non-current A lar
19 Non Non-current liabilities The unfunded superannuation nnuation liability of $2.97m has
20 Reserves - asset replacement Unexpended capital works at 30th June relating to tne relatin held in the CBD/car park ng reserv
Large movements asset revalua
as been reco
held in the CBD/car parking reserve and the town ha 21 Reserves - asset revaluation valuation reserve.
cognised as ed a a non-current liability.
own hall r developmredevelopment has increased balances hall redell r develo
opment reserve. ts in the road infrastructure assets and land re aluations has have been reflected in the eva Horsham Annual Report 2011 - 2012 57
Alarge increase has occurred due to the r costs at the Dooen Landfill Johnndf ohn's site $1m.
e to the recognition of antic pated cipated restoration and rehabilitation n budget expectations, due to continued capital expenditure on during th ation works $4m, and other Council capital projects of $10m.
he year. T nd othe
the other revaluations, Council's land The Wimmera Intermodal Freight
was i in the road infrastructure v
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