Introduction
This note provides information on the balances related to the financing of the Authority, including financial commitments at year-end. The Authority’s recurrent operations are generally financed from cash flows from operating activities (see Cash Flow Statement).
Structure
- 5.1 Cash and cash equivalents
- 5.1.1 Reconciliation of net result to cash flow from operating activities
- 5.2 Commitments for expenditure
- 5.2.1 Operating commitments
- 5.2.2 Other commitments
| 2019 ($'000) |
|
|---|---|
5.1 Cash and cash equivalents |
|
5.1.1 Reconciliation of net result to cash flow from operating activities |
|
| Net result for the year | 1,519 |
| Movements in assets and liabilities | |
| Decrease/(increase) in receivables | (1,731) |
| (Decrease)/increase in payables | 160 |
| (Decrease)/increase in employee benefits | 52 |
| Net cash inflows from operating activities | - |
Cash flows arising from operating activities are disclosed inclusive of GST.
5.2 Commitments for expenditure
5.2.1 Operating commitments
Commitments for future expenditure include operating commitments arising from contracts which are disclosed at their nominal value and inclusive of the GST payable. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the Balance Sheet.
Operating commitments in nominal values including GST as at 30 June 2019 totalled $1.3 million. This amount is represented by one contract for the provision of licensed software, maintenance, support and cloud hosting managed services for a period of three years from 1 July 2019. Operating expenditure commitments under this contract are due and payable as follows:
| 2019 ($'000) |
|
|---|---|
| Operating expenditure commitments | |
| Not later than one year | 479 |
| Later than one year and not later than five years | 957 |
| Total operating expenditure commitments | 1,436 |
| Less GST recoverable | 131 |
| Total operating expenditure commitments (excluding GST) | 1,305 |
5.2.2 Other commitments
The Authority has an operating lease in place for the Head Office building in Bendigo that expires in 2022.
Lease payments over the remaining periods of the lease including GST, are expected to be as follows:
| 2019 ($'000) |
|
|---|---|
| Operating lease on head office building | |
| Not later than one year | 259 |
| Later than one year and not later than five years | 439 |
| Total other commitments | 728 |
| Less GST recoverable | 66 |
| Total other commitments (excluding GST) | 662 |
Updated