HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012
24 (a) Employee benefits (Cont.) 2012
The following assumptions were adopted in measuring the present value of employee benefits. Weighted average increase in employee costs Weighted average discount rates Weighted average settlement period
(i) Current
All annual leave and the long service leave entitlements representing 10 or more years of continuous service - Short-term employee benefits, that fall due within 12 months after the end of the period measured at nominal value
- Other long-term employee benefits that do not fall due within 12 months after the end of the period measured at present value
(ii) Non - current Long service leave representing less than 7 years of continuous
service measured at present value =========== ============ (b) Restoration Provisions
Quarry restoration provision Current
Non-current 34,000 =========== ============
------------------- -------------------- 186,754
152,754
128,937 173,520
Landfill restoration provision Current
Non-current 215,000
------------------- -------------------- 1,235,600
1,020,600
100,000 150,000
=========== ============ ------------------- --------------------
Total Provisions =========== ============ 5,123,626 3,443,988
Landfill restoration provision note Under EPA requirement Council is obligated to restore Dooen Landfill site to a particular standard. Current engineering projections indicated that the Dooen Landfill site will cease operation in 2013 and restoration work is expected to commence shortly thereafter. The forecast life of the landfill site is based on current estimates of remaining capacity and the forecast rate of infill. The provision for landfill restoration has been calculated based on the present value of the expected cost of works to be undertaken. The expected cost of works has been estimated based on current understanding of work required to reinstate the site to a suitable standard. Accordingly, the estimation of the provision required is dependent on the accuracy of the forecast timing of the work, work required and related costs. Council does not expect to receive reimbursement from a third party.
Quarry restoration provision note Council has an obligation to rehabilitate and restore two quarry sites. The provision has been calculated based on the present value of the expected cost of works to be undertaken. The expected cost of works has been estimated based on the current understanding of work required to reinstate the site to a suitable standard. The estimate of the provision is dependent on the accuracy of the forecast timing of the work, work required and related costs.
Horsham Annual Report 2011 - 2012 97 50,000 44,583
4.31% 2.78 % 7 years
$
------------------- -------------------- 3,291,137
1,451,501 1,839,636
1,246,751 1,393,144
=========== ============ 410,135
2,639,895 480,573 2011
4.60% 4.99 % 7 years
$
Page 35
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128