HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (Cont.) FOR THE YEAR ENDED 30th JUNE, 2014
24 TRUST FUNDS AND DEPOSITS
Refundable building deposits Refundable contract deposits Refundable security deposits Refundable retention amounts Refundable miscellaneous trusts
2014 $'000
366 13
138 2013 $'000
------------------- -------------------- 71 66
59
123 406 13 99
------------------- -------------------- 654
700 =========== ============
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.
25 PROVISIONS 2014
Annual & Long Service Other Leave $'000
Leave $'000
Balance at the beginning of the financial year Additional provisions Amounts used
Balance at the end of the financial year
1,361 1,267
(1,183)
2,510 420
(96) 2,834 Quarry
Restoration Restoration $'000
Landfill $'000
190 9
(17) 182
2,569 46
- 2,615
Total $'000
6,630 1,742
(1,296)
----------------- ------------------- ------------------- ------------------- -------------------- 1,445
7,076
========== =========== =========== =========== ============ Annual & Long Service
Quarry 2013
Other Leave $'000
Balance at the beginning of the financial year Additional provisions Amounts used
Balance at the end of the financial year
1,270 1,182
(1,091)
Leave $'000
2,432 366
(288) 2,510
Restoration Restoration $'000
Landfill $'000
189 9
(5) 190
1,236 1,333 -
2,569
Total $
$'000
5,124 2,890
(1,384)
----------------- ------------------- ------------------- ------------------- -------------------- 1,361
6,630 ========== =========== =========== =========== ============
Annual Report 2013-2014 q 120 Page 39
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