Pending Accounting Standards Note 41 Auditors Remuneration Note 42 Certification of the Financial Report Basis of Preparation of Standard Statements Standard Income Statement Standard Balance Sheet Standard Cash Flow Statement Standard Statement of Capital Works Council Certification of the Standard Statements and Independent Auditor's Report Summary of Financial Performance The following information presents a summary of financial results for 2013-2014 in an easy to understand format. For more detail please refer to the full Annual Financial Report Income Statement The Income Statement shows how much Council has earned during the 2013-2014 financial year. It details where Council receives its income and how it is spent. Recurrent Result Recurrent 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 Surplus/ (Deficit) 5.2 9.3 12.0 5.8 (8.1) $M The 2013-2014 recurrent result (recurrent income less recurrent expenditure) is a $8.1 million deficit. The recurrent result was $9.2 million unfavourable to budget, mainly due to unfavourable Government Grants (50 per cent of Grants Commission received in June 2013), unfavourable User Charges (lower than expected program fees), unfavourable General Works (increased waste disposal fees for using Wyndham Landfill) and increased landfill provision costs. Further explanation is provided in the Standard Statements on pages 227-234. Recurrent Income The break up of where recurrent income is sourced is shown below. In 2013-2014 Council received 63.9 per cent of its recurrent income from rates. Recurrent 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 Income $M $M $M $M $M Rates 133.1 141.4 151.1 160.9 171.1
Pending Accounting Standards Note 41 Auditors Remuneration Note 42 Certification of the Financial Report Basis of Preparation of Standard Statements Standard Income Statement Standard Balance Sheet Standard Cash Flow Statement Standard Statement of Capital Works Council Certification of the Standard Statements and Independent Auditor's Report Summary of Financial Performance The following information presents a summary of financial results for 2013-2014 in an easy to understand format. For more detail please refer to the full Annual Financial Report Income Statement The Income Statement shows how much Council has earned during the 2013-2014 financial year. It details where Council receives its income and how it is spent. Recurrent Result Recurrent Surplus/ (Deficit) 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 $M 5.2 9.3 12.0 5.8 (8.1) The 2013-2014 recurrent result (recurrent income less recurrent expenditure) is a $8.1 million deficit. The recurrent result was $9.2 million unfavourable to budget, mainly due to unfavourable Government Grants (50 per cent of Grants Commission received in June 2013), unfavourable User Charges (lower than expected program fees), unfavourable General Works (increased waste disposal fees for using Wyndham Landfill) and increased landfill provision costs. Further explanation is provided in the Standard Statements on pages 227-234. Recurrent Income The break up of where recurrent income is sourced is shown below. In 2013-2014 Council received 63.9 per cent of its recurrent income from rates. Recurrent Income 2009-2010 $M 2010-2011 $M 2011-2012 $M 2012-2013 $M 2013-2014 $M Rates 133.1 141.4 151.1 160.9 171.1
8d1a6c3f7d609dc-Annual%20Report%202013-14%20eText%20version.docx