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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