HORSHAM RURAL CITY COUNCIL


NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012


21 INVESTMENT PROPERTY


Balance at beginning of financial year Acquisitions


Fair value adjustments Balance at end of financial year 2012 2011 $$


------------------- -------------------- 2,455,000 154,208 792


2,455,000 - -


------------------- -------------------- 2,610,000


2,455,000 =========== ============


The valuations for the investment property were performed by an independent valuer, Wigg & Partners. The valuation of buildings is at fair value based on the depreciated current replacement cost at the date of valuation. The valuation of land is at fair value, being market value based on the highest and best use permitted by relevant land planning provisions.


22 TRADE AND OTHER PAYABLES Current Trade payables


Accrued expenditure PAYG creditor


Superannuation Creditor (note 32)


Non current Superannuation Creditor (note 32)


23 TRUST FUNDS AND DEPOSITS Refundable building deposits


Refundable contract deposits Refundable security deposits Refundable retention amounts Refundable miscellaneous trusts


Page 33


3,258,507 11,513 92,631


100,000


4,316,890 11,904 82,451 -


------------------- -------------------- 3,462,651


4,411,245


=========== ============ 2,971,888


- =========== ============


72,710 68,989


346,387 13,115 78,215


100,810 18,212


348,755 13,115 80,359


------------------- -------------------- 579,416


561,251 =========== ============


Refundable building deposits are held against incomplete building works, if footpaths and site are left in original condition the deposit is returned in full to developer/builder, if Council is required to rehabilitate the site the deposit is forfeited.


Refundable contract and retention deposits are held against incomplete contract works, if the works are not completed to Council's standard, the deposit can be redeemed by Council to complete the works The security deposits are held as assurance against defects liability for 12 months from practical completion of works.


Refundable miscellaneous trusts are monies payable to community groups if certain criteria are met. If the criteria is not met, the trust amount is forfeited by the group.


Horsham Annual Report 2011 - 2012


95


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