Annual report 2014-2015, Local Government Association of the Northern Territory
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NOTES TO, AND FORMING PART OF, THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 (continued) LOCAL GOVERNMENT ASSOCIATION OF THE NORTHERN TERRITORY 5 INCOME DEFERRED AND RECEIVED IN ADVANCE 2015 2014 $ $ Asset Mangement Program Regional Project Officers 0 133,240 Central Australia Waste Management Travel 20,000 0 Natural Disaster Relief Recovery Program 272,749 125,000 Central Australia Waste Management Program 0 28,730 LGANT Waste Management Education Program 0 30,000 Local Government Excellence Programme 424,043 0 716,792 316,970 6 EXPENDITURE COMMITMENT 2015 2014 $ $ Bank Loan - vehicles not later than 1 year 27,249 15,173 later than 1 year but not later than 2 years 22,059 15,173 later than 2 years but not later than 5 years 0 10,000 49,308 40,346 less future interest charge 2,143 3,025 loan liability 47,165 37,321 The break-up of this loan liability is as follows: current liability 25,332 13,252 non-current liability 21,833 24,069 47,165 37,321 Parap Building Purchase Commercial Loan: This loan was renegotiated in November 2014 with the National Australia Bank, as a Flexible Rate Loan to run over three years with $1,300,000 being fixed interest and $200,000 being variable interest. The variable portion has a redraw facility of $200,000. Interest payments are made on a quarterly basis. Principal payments of $93,334 were made against the variable component of the loan in the 2014/2015 financial year: $60,000 to finalise the previous loan arrangement with the Westpac Bank and $33,334 against the variable portion of the newly established loan. The status of this loan is as follows: 2015 2014 $ $ 0 4,000 0 56,000 1,300,000 1,500,000 1,300,000 1,560,000 Redraw Facility 166,666 0 Facility Limit 1,466,666 1,560,000 Current Liability - Variable Component Flexible Rate Loan Non current liability - Variable Component Flexible Rate Loan Fixed Component Variable Flexible Rate Loan
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