Territory Stories

Alice Springs Town Council 2003/2004 Annual Report

Details:

Title

Alice Springs Town Council 2003/2004 Annual Report

Other title

Annual report 2003/2004; Alice Springs Town Council annual report

Creator

Alice Springs Town Council

Collection

E-Publications; E-Books; PublicationNT; Annual Report

Date

2005

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Alice Springs (N.T.). Council -- Periodicals; Local government -- Northern Territory -- Alice Springs -- Periodicals

Publisher name

Alice Springs Town Council

Place of publication

Alice Springs

Series

Annual Report

Volume

2004-2005

File type

application/pdf

Copyright owner

Alice Springs Town Council

Parent handle

https://hdl.handle.net/10070/253407

Citation address

https://hdl.handle.net/10070/538275

Page content

ALICE SPRINGS TOWN COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 30 June 2005 Note 16 - FINANCIAL INSTRUMENTS Recognised Financial Instruments Liabilities - Interest Bearing Loans Accounting Policy: Carried at the principal amounts. Interest is charged as an expense as it accrues. Terms & conditions: secured over future revenues, loans are repayable by equal monthly instalments of principal & interest; interest is charged at fixed rate of 6.75% for 15 years. Carrying amount: approximates fair value. Liabilities - Creditors and Accruals Accounting Policy: Liabilities are recognised for amounts to be paid in the future for goods and services received. All liabilities and accruals have been billed to the Council at balance date. Terms & conditions: Liabilities are normally settled on 30 day terms. Carrying amount: approximates fair value. Receivables - Rates, Annual & User Charges (including legals & penalties for late payment) Receivables - Fees & other charges Receivables - other levels of government Accounting Policy: Carried at nominal values less any allowance for doubtful debts. An allowance for doubtful debts is recognised (and re-assessed annually) when collection in full is no longer probable. Terms & conditions: Secured over the subject land, arrears attract interest of 16% (2004: 16%) Although Council is not materially exposed to any individual debtor, credit risk exposure is concentrated within the Council's boundaries in the Northern Territory. Accounting Policy: Carried at nominal values less any allowance for doubtful debts. An allowance for doubtful debts is recognised (and re-assessed annually) when collection in full is no longer probable. Carrying amount: approximates fair value (after deduction of any allowance). Accounting Policy: Carried at lower of cost and net realiseable value; Interest is recognised when earned. The permitted forms of investments of the Council are defined in an order made by the Minister of Local Government, and may broadly be described as "Trustee Securities". Bank, Deposits at Call, Short Term Deposits Terms & conditions: Unsecured, and do not bear interest. Although Council is not materially exposed to any individual debtor, credit risk exposure is concentrated within the Council's boundaries in the Northern Territory. Carrying amount: approximates fair value (after deduction of any allowance). Accounting Policy: Carried at nominal value. Terms & conditions: Amounts due have been calculated in accordance with the terms and conditions of the respective programs following advice of approvals, and do not bear interest. All amounts are due by Departments and Agencies of the Governments of Northern Territory and Australia. Carrying amount: approximates fair value. Page 32


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