Finance Portfolio Report - 17 August 2016

Financial Report

The financial report for the month ended 31 July 2016 will not be presented due to the deferment in the recognition of rates revenue resulting from the transition to half yearly rating.  Without the recognition of the rates revenue, the income statement and balance sheet are not able to reflect the accurate financial operating result.

The expected first six monthly rates revenue for 2016-2017 amounts to $25,045,550.  The rates notices will be posted on the 23rd August with discount date on the 25th October.  The rates revenue will then be recognised in the August 2016 financial report.

Related Party Disclosure Policy

The Australian Accounting Standard 124 Related Party Disclosure requires Council to disclose related party relationships, transactions and outstanding balances, including commitments in the annual financial statements. This disclosure requirement commences in the current financial year 2016-2017. 

To comply with the accounting standard, it is recommended that Council adopts the Related Party Disclosure Policy.  The policy aims to assist Council in the proper identification and disclosure of related party relationships and related party transactions in Council’s general purpose financial statements.