COMBINED FINANCIAL STATEMENTS 15 RELATED PARTIES The Municipal Association of Victoria is a body corporate established under the Municipal Association Act 1907 to provide services for and the representation of Local Government authorities in Victoria. The Association and its wholly-owned controlled entities, including MAV Insurance, trade with its members in the normal course of business and on an arm’s length basis. The discreet nature of these transactions is not material. Total expenses of $352,000 (2003 $289,450) payable to the Municipal Association of Victoria being payment for Administrative support, and overseeing the management of the insurance activities, including the conduct of bi-monthly Committee Meetings. Other than this there were no material related party transactions during the year. Committee Members During The Year A. Murphy (Independent Chairperson) G. Lake (MAV – President) Appointed 26 August 2004 B A Matheson (MAV - President) Resigned 17 June 2004 Cr. J. Dale (MAV – Acting President) Appointed 17 June 2004 S. Wardlaw (LGAT Representative) Resigned 30 July 2003 A. Garcia (LGAT Representative) Appointed 30 July 2003 N. Renton (Independent) J. Warburton (Independent) R. Farrell (Independent) A. Nye (Independent) Appointed 2 March 2004 Dr. M. Kennedy (CEO, Mornington Peninsula Shire Council) R. Spence (MAV - Chief Executive Officer) Cr. C. Papas (MAV Representative) Appointed 2 August 2003 Resigned 28 June 2004 Cr. J. Ryan (MAV Representative) Appointed 2 August 2003 Cr. Rod Fyffe (MAV Representative) Appointed 28 June 2004 COMBINED CIVIC MUTUAL PLUS MUNICIPAL OFFICERS FIDELITY GUARANTEE FUND 2004 2003 2004 2003 2004 2003 $ $ $ $ $ $ Independent committee members receive remuneration for meeting fees. Chairperson receives $750 per meeting and other independent committee members receive $500 per meeting. Remuneration of Committee Members Total Income received or receivable by Committee Members 26,000 17,750 26,000 17,750 - - Number of Committee Members whose total income falls within the following bands: 2004 2003 $0 - $9,999 14 11 Loans to Committee Members No loans were made to or are payable by Committee Members. Transactions There were no other material transactions with Committee Members.
COMBINED FINANCIAL STATEMENTS 15 RELATED PARTIES The Municipal Association of Victoria is a body corporate established under the Municipal Association Act 1907 to provide services for and the representation of Local Government authorities in Victoria. The Association and its wholly-owned controlled entities, including MAV Insurance, trade with its members in the normal course of business and on an arm’s length basis. The discreet nature of these transactions is not material. Total expenses of $352,000 (2003 $289,450) payable to the Municipal Association of Victoria being payment for Administrative support, and overseeing the management of the insurance activities, including the conduct of bi-monthly Committee Meetings. Other than this there were no material related party transactions during the year. Committee Members During The Year A. Murphy (Independent Chairperson) G. Lake (MAV – President) Appointed 26 August 2004 B A Matheson (MAV - President) Resigned 17 June 2004 Cr. J. Dale (MAV – Acting President) Appointed 17 June 2004 S. Wardlaw (LGAT Representative) Resigned 30 July 2003 A. Garcia (LGAT Representative) Appointed 30 July 2003 N. Renton (Independent) J. Warburton (Independent) R. Farrell (Independent) A. Nye (Independent) Appointed 2 March 2004 Dr. M. Kennedy (CEO, Mornington Peninsula Shire Council) R. Spence (MAV - Chief Executive Officer) Cr. C. Papas (MAV Representative) Appointed 2 August 2003 Resigned 28 June 2004 Cr. J. Ryan (MAV Representative) Appointed 2 August 2003 Cr. Rod Fyffe (MAV Representative) Appointed 28 June 2004 COMBINED CIVIC MUTUAL PLUS MUNICIPAL OFFICERS FIDELITY GUARANTEE FUND 2004 $ 2003 $ 2004 $ 2003 $ 2004 $ 2003 $ Independent committee members receive remuneration for meeting fees. Chairperson receives $750 per meeting and other independent committee members receive $500 per meeting. Remuneration of Committee Members Total Income received or receivable by Committee Members 26,000 17,750 26,000 17,750 - - Number of Committee Members whose total income falls within the following bands: $0 - $9,999 2004 14 2003 11 Loans to Committee Members No loans were made to or are payable by Committee Members. Transactions There were no other material transactions with Committee Members.
2003-04-insurance-report.docx