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Annual Financial Statements for year ended 30 June 2012
47
Provision For Doubtful Debts
2011-2012
$
2010-2011
$
Opening provision
127,824
123,722
Add:
Increase/(decrease) in provision
(8,447)
4,102
Closing Provision for Doubtful Debts.
119,377
127,824
Nature of Impaired Trade Receivables 90 Days & Over
2011-2012
$
2010-2011
$
Rates receivable
8,177
8,177
Sundry Debtors
111,200
119,647
Closing Provision for Doubtful Debts.
119,377
127,824
Rates are secured over the subject land and the balance outstanding represents 3.08% of gross rate
income for the period. Rates were able to be paid in full on or before the due date, 7th September
2011, or over four instalments payable on or before the 7th day of September 2011, 7th December
2011, 7th March 2012 and 6th June 2012. Amounts unpaid after these dates were considered overdue.
Fines and interest have been charged monthly at a rate of 2% and 0.77% respectively on any overdue
amount excluding legal fees.
Sundry debtors have been charged in accordance with Council’s Schedule of Fees & Charges. They are
unsecured and do not bear interest. The balance outstanding represents 20% of fee income for the
period (2010-2011: 18%). Collection is achieved on average in 71 days. (2010-2011: 66 days)
15. Current Assets - Inventories
Nature of Inventory
2011-2012
$
2010-2011
$
Stores
246,659
394,439
Total
246,659
394,439
16. Non-current Assets – Financial Assets
Nature of Debtor
2011-2012
$
2010-2011
$
Rates receivable
7,370
5,376
Total
7,370
5,376
17. Non-current Assets – Infrastructure, Property, Plant & Equipment
The following amounts are reconciled to infrastructure, property, plant & equipment at the end of the
period. Land, buildings, and infrastructure have been revalued in compliance with Australian
Accounting Standard AASB 116 and the Local Government (Financial Management) Regulations 2011.
Land
Land Assets
2
011-2012
$
2010-2011
$
Land at valuation (a)
345,349,648
345,349,648
Book value June 30
345,349,648
345,349,648
Land – Change in book value
2011-2012
$
2010-2011
$
Opening written down balance July 1
345,349,648
345,349,648
Acquisitions for the year
0
0
Disposal for the year at revalued amount
0
0
Revaluations (a)
0
0
Closing balance June 30
345,349,648
345,349,648
In respect to land under the care and control of the City of Port Adelaide Enfield, revaluation was
undertaken by Louis Mapanzure, BEng MBA, MRICS, AAPI, Certified Practicing Valuer. Valuations were
made on the basis of written down replacement cost as at 30 June 2012 and were unchanged from 30
June 2011.
Notes to the Financial Statements