City of Belmont Annual Financial Report for the period ended 30 - - PowerPoint PPT Presentation

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Jul 09, 2023 141 likes •237 views

TA3 City of Belmont Annual Financial Report for the period ended 30 June 2017 TA4 Audit Report Page A5 Standard Audit Report (AA Standards) Unqualified (clean) audit opinion issued Financial Report gives a true and fair

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Annual Financial Report for the period ended 30 June 2017

City of Belmont

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Standard Audit Report (AA Standards)
Unqualified (clean) audit opinion issued
Financial Report

– “gives a true and fair view of the financial position” – Complies with LGA, Regulations & Australian Accounting standards

Audit Report – Page A5

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– Includes: Accrued income/expenditure & depreciation – Excludes: Capital items and Reserve Transfers

Key Line Items

– Operating Revenue - $61.96m (15/16 $58.06m) – Operating Expenditure - $58.49m (15/16 $54.94m) – Operating Result - $3.47m (15/16 $3.13m) – Net Result - $8.77m (15/16 $6.14m) – Total Comprehensive - $19.1m (15/16 $3.96m)

Statement of Comprehensive Income – Pages A8 & A9

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16/17 15/16 – Financial assets $52.8m $48.5m

Reserves

$45.9m $40.7m

Unspent grants

$0.8m $0.2m

Municipal funds $6.1m $7.6m – PPE & Infrastructure $543.2m $532.7m Fair Value Accounting – Total Liabilities $13.2m $11.8m – Net Assets/Equity $611.43m $592.3m

Statement of Financial Position– Page A10

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Cash held at 30 June 2017 $3.97m (15/16 $4.51m)

Statement of Cash Flows – Page A12

Rates Setting Statement – Page A13

Required under the LGA and includes all the key components that need to be factored in when determining how much revenue needs to be raised from rates.

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Disclosures required by:

– LGA & Regs – Accounting Standards – Consistent with prior years – additional note 36 (page A61) Related Party Transactions

Notes to the Accounts – Pages A14 to A63

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Ratios represent a clean bill of health.

New Ratios:

– Current Ratio: 1.50:1 (Basic Std > 1:1) – Debt Service Cover Ratio: 32.24 (Advanced Std > 5) – Own Source Revenue Coverage: 0.98 (Basic Std 0.40 to 0.60) – Operating Surplus Ratio: 7.51% (Basic Std 1% to 15%) – Asset Sustainability Ratio: 1.09 (Basic Std > 0.90) – Asset Renewal Funding Ratio: 100.00% (Basic Std 75% - 95%) – Asset Consumption Ratio: 0.72 (Basic Std >0.5)

Ratios – Page A59

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Grant Thornton Report to the Audit Committee

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