City of Melbourne Annual Report 2008-09
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City of Melbourne 2009/10 Annual Report
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City of Melbourne
Financials 2008-09
Understanding our Financials
Standard Statements
Income
Income - comparison report
Balance sheet
Balance sheet - comparison report
Cashflow - (reconciliation)
Cashflow - (reconciliation) comparison report
Cashflow
Council works
Council works - comparison report
Financial Statements
Prepared in accordance with the Local Government Act 1989, Local Government Regulations 2001, and applicable Australian Accounting Standards.
Income statement
Balance sheet
Cash flows
Changes in equity (consolidated)
Changes in equity (council)
Notes
01 Significant accounting policies
02 Operating result attributes to functions/activities
03 Revenues from ordinary activities
04 Expenses from ordinary activities
05 Trade and other receivables
06 Inventories
07 Other financial assets
08 Other current assets
09 Property, plant equipment and infrastructure
10 Intangible assets
11 Investment property
12 Trade and other payables
13 Employee benefits
14 Provisions
15 Reserves
16 Gain/(loss) on sale of fixed and intangible assets
17 Cash flow information
18 Leases and commitments
19 Contingent assets and liabilities
20 Superannuation
21 Related party transactions
22 Financial instruments
23 Financial ratios
Statement by Councillors, Chief Executive and Principal Accounting Officer
Auditor-General's Report
Five year statistics
 
Standard Statement of Income
For the year ended 30 June 2009
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Standard statement of balance sheet - comparison report
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Ref. Item Commentary
1 Cash assets The higher cash balance was the result of the actual opening cash balance on 1 July 2008 being higher than budget and the 2008-09 capital works program (including carry forwards) not being fully spent during the year. The budget had anticipated all capital expenditure including ‘carry forward’ would be spent. These events combined with council’s higher surplus for 2008-09 resulted in a positive cash balance against budget.
2 Other (current) assets Dividend and tax equivalent payments from council’s subsidiaries at the 30th June 2009 not yet received.
3 Intangible assets, property, plant and infrastructure and investment properties

A revaluation of land conducted in June 2008 showed a strong increase in land values across the municipality which resulted in a significant increase in investment properties and land values. This increase in asset values was not reflected in the 2008-09 budget, as the budget was prepared prior to the revaluation being undertaken.

There was also an increase in assets during the year as council capitalised municipal assets as a result of the boundary realignment relating to Kensington and North Melbourne. In addition to this, the council also received contributed land assets from the Commonwealth Games Village and infrastructure assets from Docklands (including land under roads) during the year.
4 Payables Lower operating accruals resulted in ‘trade and other payables’ being lower than budgeted.
5 Provisions The higher level of provisions primarily relates to the boundary changes for Kensington and North Melbourne.
6 Non-current payables The ‘non-current payables’ represent ‘payables’ to Docklands. This was budgeted under ‘trade and other payables’.
© City of Melbourne 2009
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