Notes To and Forming Part of the Financial Statements
For the year ended 30 June 1997
The 1994/95 and 1995/96 financial statements included the following note:
"Arising from the Triennial Actuarial Review as at 30 June 1994 of the State Authorities Superannuation Board - Pooled Fund, it has been identified that uncertainty exists in respect of all the employer reserve balances within the Pooled Fund. Until this uncertainty, which relates to taxation allocations at the employer level, is resolved, the quantum of the financial effect on individual employer reserves is unclear. This uncertainty has not arisen from inaccuracies in the maintenance of the Authority's accounting records."
The actuaries of the Board have now completed the taxation allocations of all employer reserve accounts and as a result, the Authority's reserve account has been reduced by $5.058M.
(iv) New South Wales Government Payments
(a) Reimbursements for free and concessional travel
The Authority provides free and concessional travel to a range of community groups. The extent to which these groups are entitled to free and concessional travel is determined by Government policy. The Authority is reimbursed for the provision of such travel on the basis of the number of trips taken and the distance travelled. Included in the above are reimbursements for free travel provided under the School Student Transport Scheme and concessional travel provided to pensioners, the unemployed and other welfare groups.
(b) Community service obligations
The Authority received funding for its operations in relation to agreed non-commercial passenger service routes which the NSW Government considered essential in its pursuit to improve community services. Funding in this area includes a Pricing CSO and a Service Level CSO.
Pricing CSO is paid to the Authority to reflect the difference between the fare scales charged by the Authority and an equivalent true commercial fare scale.
Service Level CSO is paid in relation to those non-commercial services in Sydney Ferries and Newcastle Services which are provided in off-peak periods and which are above predetermined minimum service levels.
(vi) Board Members' Remuneration
The amount of remuneration, including superannuation contributions, received or due and receivable by the non-executive members of the State Transit Authority Board was $146,614 (1996: $137,694). There were no other benefits paid to the members of the Board.
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