Our Standard Statements provide a comparison between the actual results for the year and the budget that was set at the start of the year. Any major differences are explained in the accompanying notes.
The Standard Statements section includes three of the four statements mentioned previously (income statement, balance sheet and statement of cash flows) together with another statement, the statement of Council works.
The statement of Council works sets out our expenditure on maintaining, creating or buying property, infrastructure, plant and equipment assets. This statement shows how much has been spent on renewing, refurbishing, upgrading, expanding or creating new assets.
Statement by Councillors, Chief Executive Officer and Principal Accounting Officer
The Certification of the Principal Accounting Officer is made by the person responsible for the financial management of the City of Melbourne, that in his (or her) opinion, the financial statements have met all the statutory and professional reporting requirements.
The Certification of Councillors is made by two councillors on behalf of the Melbourne City Council that, in their opinion, the financial statements are fair and not misleading.
Auditor-General's Report on the Financial Report
This document provides a written undertaking of the accuracy, fairness and completeness of the accounts. The audit report from the Auditor-General provides an independent view of the statements and advises the reader if there are any issues of concern.
No issues were raised by the Auditor-General in regard to the 2008-09 statements.
Who do we work with?
- Melbourne City Council's external auditor is the Victorian Auditor-General.
- Melbourne City Council's internal auditor is Ernst & Young.
- Melbourne City Council's banker is Westpac Banking Corporation.
| Acronyms used in these notes include |
| A-IFRS: |
Australian equivalents to International Financial Reporting Standards |
| IFRS: |
International Financial Reporting Standards |
| GAAP: |
Generally Accepted Accounting Principles |
| AASB: |
Australian Accounting Standards Board |
| GST: |
Goods and Services Tax |
| PINS: |
Parking Infringement Notice System |
| VAGO: |
Victorian Auditor General's Office |
| Definitions |
| Current assets |
Total current assets as shown in the balance sheet. |
| Current liabilities |
Total current liabilities as shown in the balance sheet. |
| Debt redemption |
Includes the principal component of repayments on loans and financial leases and capital items purchased on vendor terms, and contributions to sinking funds. |
| Debt servicing costs |
Includes interest and charges on loans, overdrafts, and interest on payments for capital items purchased on vendor terms. |
| Rate revenue |
Includes revenue from general rates, municipal charges, special rates, special charges, service rates and service charges. |
| Total indebtness |
Total liabilities, both current and non-current, as shown in the Balance Sheet |
| Total realisable assets |
Total current assets and total realisable non-current assets. |
| Total revenue |
Total revenue as shown in the income statement. |
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