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1996/97 STATE TRANSIT ANNUAL REPORT
Financial Statements



Notes To and Forming Part of the Financial Statements

For the year ended 30 June 1997

  10: CREDITORS
 
1997
$000
1996
$000
Trade creditors     6,010 6,888
Other accruals     20,719 18,507
     
26,729

25,395
  11: LOANS AND FINANCE LEASES    
Current        
Loans - NSW Treasury Corporation 14(i)   104 -
Finance lease liabilities 14(ii)   31,564 8,177
     
31,668

8,177
Non-Current        
Loans - NSW Treasury Corporation 14(i)   1,879 1,983
Finance lease liabilities 14(ii)   - 31,622
     
1,879

33,605
  12: PROVISIONS    
         
Current        
Employee entitlements        
Leave     19,261 17,859
     
19,261

17,859
Other        
Workers’ compensation     5,900 6,980
Public/marine risk and insurance     3,699 4,893
Maintenance     - 1,883
Dividend     - 5,177
Income tax     - 2,784
Deferred Income Tax 3(iii)   875 -
     
10,474

21,717
Non-Current        
Employee entitlements        
Leave     24,386 23,335
Retirement benefits 12(i)   68,574 69,032
     
92,960

92,367
Other        
Workers’ compensation     26,415 22,700
Public/marine risk and insurance     3,437 3,315
Maintenance     - 622
     
29,852

26,637


(i) Retirement Benefits

The date of the last triennial actuarial review was 30 June 1994. In June 1997 the key economic assumptions used in that 1994 review were reassessed prior to calculating the gross superannuation liability of the various defined benefit schemes as at 30 June 1997. The economic assumptions used are as follows:

  1996/97
% pa
1997/98
% pa
1998/99
% pa
1999/20
% pa
Thereafter
% pa
Investment return 9.0 7.0 7.0 7.0 7.0
Salary Growth Rate 3.7 3.7 4.0 4.5 5.0
Consumer Price Index 2.1 2.1 2.5 3.0 3.5


The unfunded liability or prepaid contributions disclosed in the Balance Sheet comprise:
      SASS(i)
$000
SANCS(ii)
$000
SSF(iii)
$000
TOTAL
             
             
Gross liability     121,422 15,335 4,016 140,773
Less - Investment Reserve Balance     62,730 5,453 5,058 73,241
             
Unfunded liability/(prepaid contributions)    
58,692

9,882

-1,042

67,532


Unfunded superannuation liability is recognised as a liability in the Balance Sheet. Prepaid superannuation contributions are recognised as an asset.

Payments are made to the Superannuation Administration Authority to reduce the superannuation liability. These payments are held in Investment Reserve Accounts.

  1997
$000
1996
$000
Current Liability ------ ------
Non Current Liabilities 68,574 69,032
 
68,574

69,032
NB:
(i) SASS - State Authorities Superannuation Scheme
(ii) SANCS - State Authorities Non-contributory Superannuation Scheme
(iii) SSF - State Superannuation Fund



(ii) Components of retirement benefits expenditure: 1997
$000
1996
$000
Increase in balance of provision 22,608 17,346
Interest received -12,124 -6,765
Transfer (in)/out of fund ------ -129
Payments made under SGC 3,491 2,708
Abnormal item - tax allocation adjustment 5,058 ------
Tax expense 549 ------
Ferry casuals adjustment 124 ------
Expenditure for the year
19,706

13,060
     
Less: Abnormal item 5,058 ------
 
14,648

13,060



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