81 q Annual Report 2013-2014 HORSHAM RURAL CITY COUNCIL
NOTES TO THE STANDARD STATEMENTS 1.
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Basis of preparation of Standard Statements
Council is required to prepare and include audited Standard Statements within its Annual Report. Four Statements are required - Standard Income Statement, Standard Balance Sheet, Standard Cash Flow Statement, and a Standard Capital Works Statement, together with explanatory notes.
These statements and supporting notes form a special purpose financial report prepared to meet the requirements of the Local Government Act 1989 and the Local Government (Finance and Reporting) Regulations 2004.
The Standard Statements have been preparted on an accounting basis consistent with those used for the General Purpose Financial Statements and the Budget. The results reported in these statements are consistent with those reported in the General Purpose Financial Statements.
The Standard Statements are not a substitute for the General Purpose Financial Statements. They have not been prepared in accordance with all Australian Accounting Standards or other authoriative pronouncements.
The Standard Statements compare council's financial plan, expressed through its budget, with actual performance. The Local Government Act 1989 requires explanation of any material variances. A materiality threshold of 10 per cent and a positive or negative dollar variance of $300,000. Explanations have not been provided for variations below the materiality threshold unless the variance is considered to be material because of its nature.
The budget figures included in the Standard Statements are those adopted by Council on 17th June 2013. The budget was based on assumptions that were relevant at the time of adoption of the budget. The Council set guidelines and parameters for revenue and expense targets in this budget in order to meet council's business plan and financial performance targets for both the short and long term. The budget did not reflect any changes to equity resulting from asset revaluations, as their impacts were not considered predictable.
Detailed information on the actual financial results are contained in the General Purpose Financial Statements. The detailed budget can be obtained by council or through council's website. The Standard Statements must be read with reference to these documents.
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