Ashfield Council

 

Ordinary Meeting - 23 October 2012

 

supplementary agenda

 

 

 

STAFF REPORTS

 

 

10.8       ADJUSTMENTS TO AUDITED FINANCIAL STATEMENTS. Myooran Vinayagamoorthy - Chief Financial Officer.

 

 

 

11.1       IPART LG COMPLIANCE AND ENFORCEMENT REVIEW. Vanessa Chan - General Manager.

 


Ashfield Council – Report to Ordinary Meeting held on Tuesday 23 October 2012 CM10.8

Subject                            ADJUSTMENTS TO AUDITED FINANCIAL STATEMENTS

 

File Ref                            Financial Management>Reports>Financial Statements 2011/12

 

Prepared by                   Myooran Vinayagamoorthy - Chief Financial Officer       

 

 

Reasons                          Supplementary Report to support the Statutory Requirement of Item 10.4 of the business paper

 

Objective                         To present the audited financial statements

 

 


Overview of Report
It is a statutory requirement that Council’s audited financial statements are presented at a public meeting. Council has received an unqualified audit report and Council’s current financial position is sound.

 

Background

The Civic Centre grant monies to the value of $ 1,235,937 need to be identified as an external restriction in the Financial Statements in Note 6c. This amount was previously shown as unrestricted cash.

 

On advice from our external auditors the financial statements have been adjusted. The Council was issued with an updated Audit Report on Friday 19 October 2012.

 

The changes were made as reflected in the following updated notes in the Financial Statements.

 

1. Note 6C – Restricted Cash, Equivalent and Investment Details

 

External Restrictions have increased by $ 1,235,937 and Unrestricted Cash decreased by the same amount.

 

2. Note 13(a) (ii) – Statement of Performance Measurement Graphs

 

Unrestricted Current Ratio has decreased from 3.29% to 3.02%

 

3. Updated Financial Statements

 

Page 107 & 117

 

4. Updated Audit Report

 

Pages 133 to 141

 

Financial Implications

The adjustment will not have any material effect on Operating Results for the financial year as at 30th June 2012. However, the revised Financial Statements show a decrease in available working funds of $1,235,937 with a commensurate increase in external restrictions for the purpose of completion of the Civic Centre Redevelopment.

 

 

Other Staff Comments

Nil

 

Public Consultation

Nil

 

Conclusion

The adjustment will not have any material effect on Operating Results for the financial year as at 30th June 2012.

 

 

 

ATTACHMENTS

Attachment 1View

Adjusted Note 6C

1 Page

 

Attachment 2View

Adjusted Note 13a

1 Page

 

Attachment 3View

Updated Audit Report

9 Pages

 

 

 

RECOMMENDATION

 

Council note this adjustment.

 

 

 

 

 

 

 

 

 

Nellette Kettle

Director Corporate & Community Services

 

 

 

 


Attachment 1

 

Adjusted Note 6C

 


Attachment 2

 

Adjusted Note 13a

 


Attachment 3

 

Updated Audit Report

 










Ashfield Council – Report to Ordinary Meeting held on Tuesday 23 October 2012 CM10.9

Subject                            IPART LG COMPLIANCE AND ENFORCEMENT REVIEW

 

File Ref                            Governance

 

Prepared by                   Vanessa Chan - General Manager       

 

 

Reasons                          To provide a Council comment on the IPART Compliance and Enforcement Review

 

Objective                         Council consider the attached submission

 

 


Overview of Report

Draft submission to IPART Compliance and Enforcement Review

 

 

Background

Following consideration of the staff report on the ICAC Compliance and Enforcement Review at the Council meeting held 16 October 2012, Council determined to prepare a submission to the Review. Councillors were provided with a copy of the survey completed by Council staff invited to provide their comment on the ICAC Discussion Paper to the General Manager who has collated feedback onto the attached submission.

 

Financial Implications

Nil

 

Other Staff Comments

Nil

 

Public Consultation

This IPART process is open to the community generally.

 

Conclusion

Draft submission is attached.

 

 

ATTACHMENTS

Attachment 1View

IPART Fact Sheet, LG Compliance and Enforcement

5 Pages

 

Attachment 2View

Ashfield Council - draft submission to IPART Compliance and Enforcement Review

2 Pages

 

 

RECOMMENDATION

 

That Council consider the submission attached, to the IPART Compliance and Enforcement Review.

 

 

  


Attachment 1

 

IPART Fact Sheet, LG Compliance and Enforcement

 






Attachment 2

 

Ashfield Council - draft submission to IPART Compliance and Enforcement Review