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					       SHIRE OF AUGUSTA-MARGARET RIVER
                              FINANCIAL REPORT

               FOR THE YEAR ENDED 30TH JUNE 2011




                                  TABLE OF CONTENTS


Statement by Chief Executive Officer                    2

Statement of Comprehensive Income by Nature or Type     3

Statement of Comprehensive Income by Program            4

Statement of Financial Position                         5

Statement of Changes in Equity                          6

Statement of Cash Flows                                 7

Rate Setting Statement                                  8

Notes to and Forming Part of the Financial Report     9 to 43

Independent Audit Report                              44 & 45
                                SHIRE OF AUGUSTA-MARGARET RIVER
                               STATEMENT OF COMPREHENSIVE INCOME
                                       BY NATURE OR TYPE
                                FOR THE YEAR ENDED 30TH JUNE 2011




                                             NOTE           2011                 2011            2010
                                                             $                  Budget            $
                                                                                  $
REVENUE
Rates                                          23             13,893,115        13,818,698     13,003,103
Operating Grants, Subsidies and
 Contributions                                  29             1,682,582         1,343,666      1,477,772
Fees and Charges                                28             6,434,892         6,183,462      5,919,260
Service Charges                                 25                14,062            14,062         14,062
Interest Earnings                              2(a)              625,966           328,500        428,269
Other Revenue                                                     34,172           256,089        273,012
                                                              22,684,789        21,944,477     21,115,478

EXPENSES
Employee Costs                                              (10,669,698)       (10,591,568)   (10,066,239)
Materials and Contracts                                      (5,289,362)        (5,383,726)    (5,058,827)
Utility Charges                                                (797,752)          (687,760)      (745,897)
Depreciation on Non-Current Assets             2(a)          (5,244,229)        (5,912,456)    (5,183,571)
Interest Expenses                              2(a)            (369,509)          (624,985)      (339,339)
Insurance Expenses                                             (383,537)          (396,637)      (350,441)
Other Expenditure                                              (431,321)          (407,404)      (348,608)
                                                            (23,185,408)       (24,004,536)   (22,092,922)
                                                               (500,619)        (2,060,059)      (977,444)


Non-Operating Grants, Subsidies and
 Contributions                                 29              4,499,647         5,644,192      3,068,106
Profit on Asset Disposals                      21                835,060           122,473        252,134
Profit on Sale of Investment                   21                 39,213                 0              0
Loss on Asset Disposal                         21                      0                 0              0

NET RESULT                                                     4,873,301         3,706,606      2,342,796

Other Comprehensive Income                                                 0             0              0
Total Other Comprehensive Income                                           0             0              0

TOTAL COMPREHENSIVE INCOME                                     4,873,301         3,706,606      2,342,796


This statement is to be read in conjunction with the accompanying notes.




                                                 Page 3
                                SHIRE OF AUGUSTA-MARGARET RIVER
                               STATEMENT OF COMPREHENSIVE INCOME
                                           BY PROGRAM
                                FOR THE YEAR ENDED 30TH JUNE 2011




                                             NOTE           2011                 2011            2010
                                                             $                  Budget            $
                                                                                  $
REVENUE                                       2 (a)
Governance                                                     1,872,711         2,407,322        952,847
General Purpose Funding                                       15,981,249        15,269,112     14,735,944
Law, Order, Public Safety                                        853,644           911,410        567,189
Health                                                            92,092            84,000         82,654
Education and Welfare                                            159,151           157,000        109,751
Community Amenities                                            3,065,796         3,042,913      2,908,987
Recreation and Culture                                         1,452,616         1,455,209        843,652
Transport                                                      2,258,899         2,836,427      2,604,010
Economic Services                                              1,728,361         1,547,749      1,574,096
Other Property and Services                                      594,190                 0         56,588
                                                              28,058,709        27,711,142     24,435,718

EXPENSES EXCLUDING FINANCE COSTS 2 (a)
Governance                                                   (5,313,306)        (5,158,897)    (5,414,473)
General Purpose Funding                                        (275,344)          (937,417)      (600,180)
Law, Order, Public Safety                                    (1,193,010)        (1,294,335)    (1,255,748)
Health                                                         (450,023)          (451,725)      (429,046)
Education and Welfare                                          (217,688)          (208,232)      (114,122)
Community Amenities                                          (2,944,174)        (3,235,545)    (2,721,265)
Recreation & Culture                                         (4,698,891)        (4,457,315)    (4,148,105)
Transport                                                    (6,564,101)        (6,523,467)    (5,981,497)
Economic Services                                            (1,144,196)        (1,112,618)    (1,058,044)
Other Property and Services                                     (15,166)                  0       (31,103)
                                                            (22,815,899)       (23,379,551)   (21,753,583)

FINANCE COSTS                                 2 (a)
Governance                                                      (90,063)         (342,140)        (8,040)
Education and Welfare                                           (38,117)          (38,225)       (87,662)
Community Amenities                                             (21,402)          (21,610)       (19,230)
Recreation & Culture                                           (178,250)         (179,503)      (162,760)
Transport                                                       (38,318)          (39,958)       (56,525)
Economic Services                                                (3,359)           (3,549)        (5,122)
                                                               (369,509)         (624,985)      (339,339)

NET RESULT                                                     4,873,301         3,706,606      2,342,796

Other Comprehensive Income                                                 0             0              0
Total Other Comprehensive Income                                           0             0              0

TOTAL COMPREHENSIVE INCOME                                     4,873,301         3,706,606      2,342,796




This statement is to be read in conjunction with the accompanying notes.




                                                 Page 4
                              SHIRE OF AUGUSTA-MARGARET RIVER
                               STATEMENT OF FINANCIAL POSITION
                                     AS AT 30TH JUNE 2011



                                        NOTE                           2011         2010
                                                                        $            $

CURRENT ASSETS
Cash and Cash Equivalents                 3                            5,882,716     3,487,662
Investments                               4                              163,400       412,160
Trade and Other Receivables               5                              772,051     1,196,594
Inventories                               6                              366,286       231,299
TOTAL CURRENT ASSETS                                                   7,184,453     5,327,715

NON-CURRENT ASSETS
Other Receivables                         5                              122,222       108,078
Inventories                               6                              597,000             0
Property, Plant and Equipment             7                           24,985,084    17,733,959
Infrastructure                            8                          157,573,625   156,801,367
TOTAL NON-CURRENT ASSETS                                             183,277,931   174,643,404

TOTAL ASSETS                                                         190,462,384   179,971,119

CURRENT LIABILITIES
Trade and Other Payables                  9                            2,640,595     3,296,483
Long Term Borrowings                      10                             406,019       580,316
Provisions                                11                           1,066,922     1,185,967
TOTAL CURRENT LIABILITIES                                              4,113,536     5,062,766


NON-CURRENT LIABILITIES
Long Term Borrowings                      10                          10,652,161     4,130,754
Provisions                                11                             293,117       247,330
TOTAL NON-CURRENT LIABILITIES                                         10,945,278     4,378,084

TOTAL LIABILITIES                                                     15,058,814     9,440,850

NET ASSETS                                                           175,403,570   170,530,269

EQUITY
Retained Surplus                                                     100,336,979    96,804,370
Reserves - Cash/Investment Backed         12                           3,244,122     1,903,430
Reserves - Asset Revaluation              13                          71,822,469    71,822,469
TOTAL EQUITY                                                         175,403,570   170,530,269


This statement is to be read in conjunction with the accompanying notes.




                                                Page 5
                                                   SHIRE OF AUGUSTA-MARGARET RIVER
                                                    STATEMENT OF CHANGES IN EQUITY
                                                   FOR THE YEAR ENDED 30TH JUNE 2011

                                                                                RESERVES
                                                                                  CASH/          ASSET
                                                           RETAINED            INVESTMENT     REVALUATION       TOTAL
                                          NOTE             SURPLUS               BACKED         RESERVE         EQUITY
                                                              $                     $              $              $

Balance as at 1 July 2009                                     94,722,531          1,642,473        71,822,469   168,187,473

Net Result                                                      2,342,796                0                  0     2,342,796

Total Other Comprehensive Income                                           0             0                  0            0

Reserve Transfers                                               (260,957)          260,957                  0            0


Balance as at 30 June 2010                                    96,804,370          1,903,430        71,822,469   170,530,269

Net Result                                                      4,873,301                0                  0     4,873,301

Total Other Comprehensive Income                                           0             0                  0            0

Reserve Transfers                                             (1,340,692)         1,340,692                 0            0


Balance as at 30 June 2011                                   100,336,979          3,244,122        71,822,469   175,403,570


This statement is to be read in conjunction with the accompanying notes.




                                                                      Page 6
                                  SHIRE OF AUGUSTA-MARGARET RIVER
                                      STATEMENT OF CASH FLOWS
                                  FOR THE YEAR ENDED 30TH JUNE 2011

                                         NOTE              2011             2011           2010
                                                             $             Budget            $
Cash Flows From Operating Activities                                          $
Receipts
Rates                                                       13,907,881      13,804,081     13,094,108
Operating Grants, Subsidies and
 Contributions                                               2,042,833       1,343,666      1,477,772
Fees and Charges                                             6,699,160       6,183,462      6,447,128
Service Charges                                                 14,062          14,062         14,062
Interest Earnings                                              625,966         328,500        428,269
Goods and Services Tax                                       1,787,148       1,592,109      1,383,519
Other Revenue                                                   34,172         256,089        273,012
                                                            25,111,222      23,521,969     23,117,870
Payments
Employee Costs                                             (10,715,364)    (10,591,568)   (10,159,726)
Materials and Contracts                                     (5,016,708)     (5,383,726)    (4,278,620)
Utility Charges                                               (797,752)       (687,760)      (745,897)
Insurance Expenses                                            (383,537)       (396,637)      (350,441)
Interest expenses                                             (331,270)       (624,985)      (331,650)
Goods and Services Tax                                      (2,006,155)     (2,513,401)    (1,427,024)
Other Expenditure                                             (431,321)       (407,404)      (348,608)
                                                           (19,682,107)    (20,605,481)   (17,641,966)
Net Cash Provided By (Used In)
Operating Activities                      14(b)              5,429,115       2,916,488      5,475,904

Cash Flows from Investing Activities
Payments for Purchase of
  Property, Plant & Equipment                               (9,526,480)    (13,035,726)    (3,677,962)
Payments for Construction of
  Infrastructure                                            (3,902,897)     (5,840,734)    (4,952,864)
Non Operating Grants, Subsidies and Contributions
 used for the Development of Assets                          3,902,647       5,644,192      3,068,106
Proceeds from Sale of Plant & Equipment                        996,825         265,000        424,133
Proceeds from Sale of Investment                               287,973               0              0
Net Cash Provided By (Used In)
Investing Activities                                        (8,241,932)    (12,967,268)    (5,138,587)

Cash Flows from Financing Activities
Repayment of Debentures                                       (580,316)      (580,315)     (1,484,742)
Transfer or Repayment of Bonds                              (1,133,285)              0         210,361
Proceeds from Self Supporting Loans                              (5,954)        24,921         966,531
Proceeds from New Debentures                                  6,927,426     10,580,000         682,994
Net Cash Provided By (Used In)
Financing Activities                                         5,207,871      10,024,606        375,144

Net Increase (Decrease) in Cash Held                         2,395,054         (26,174)       712,461
Cash at Beginning of Year                                    3,487,662       3,216,292      2,775,201
Cash and Cash Equivalents
at the End of the Year                    14(a)              5,882,716       3,190,118      3,487,662

This statement is to be read in conjunction with the accompanying notes.




                                                  Page 7
                                      SHIRE OF AUGUSTA-MARGARET RIVER
                                           RATE SETTING STATEMENT
                                      FOR THE YEAR ENDED 30TH JUNE 2011
                                                                      2011                           2011
                                                       NOTE             $                           Budget
                                                                                                      $
      REVENUE
      Governance                                                                    1,872,711         2,407,322
      General Purpose Funding                                                       2,088,134         1,450,414
      Law, Order, Public Safety                                                       853,644           911,410
      Health                                                                           92,092            84,000
      Education and Welfare                                                           159,151           157,000
      Community Amenities                                                           3,065,796         3,042,913
      Recreation and Culture                                                        1,452,616         1,455,209
      Transport                                                                     2,258,899         2,836,427
      Economic Services                                                             1,728,361         1,547,749
      Other Property and Services                                                     594,190                 0
                                                                                   14,165,594        13,892,444
      EXPENSES
      Governance                                                                   ( 5,403,369)      ( 5,501,037)
      General Purpose Funding                                                        ( 275,344)        ( 937,417)
      Law, Order, Public Safety                                                    ( 1,193,010)      ( 1,294,335)
      Health                                                                         ( 450,023)        ( 451,725)
      Education and Welfare                                                          ( 255,805)        ( 246,457)
      Community Amenities                                                          ( 2,965,576)      ( 3,257,155)
      Recreation & Culture                                                         ( 4,877,141)      ( 4,636,818)
      Transport                                                                    ( 6,602,419)      ( 6,563,425)
      Economic Services                                                            ( 1,147,555)      ( 1,116,167)
      Other Property and Services                                                      ( 15,166)                0
                                                                                 ( 23,185,408)     ( 24,004,536)
      Adjustments for Cash Budget Requirements:
      Non-Cash Expenditure and Revenue
      (Profit)/Loss on Asset Disposals                                              ( 835,060)        ( 122,473)
      Movement in Employee Benefit Provisions                                         ( 71,500)                0
      Contribution - Land for resale                                                ( 597,000)                 0
      Depreciation and Amortisation on Assets                                       5,244,229         5,912,456
      Capital Expenditure and Revenue
      Purchase Land and Buildings                                                 ( 7,793,438)     ( 11,067,581)
      Purchase Infrastructure Assets - Roads                                      ( 2,079,006)       ( 4,028,425)
      Purchase Infrastructure Assets - Other                                      ( 1,823,891)       ( 1,812,308)
      Purchase Plant and Equipment                                                ( 1,583,297)       ( 1,889,145)
      Purchase Furniture and Equipment                                              ( 149,745)           ( 79,000)
      Proceeds from Disposal of Assets                                                 996,824            265,000
      Proceeds from Disposal of Investment                                             287,973         ( 580,315)
      Repayment of Debentures                                                       ( 580,315)        10,580,000
      Proceeds from New Debentures                                                   6,927,426                   0
      Self-Supporting Loan Principal Income                                            ( 5,954)        ( 763,315)
      Transfers to Restricted Cash                                                            0        ( 370,000)
      Transfers to Reserves (Restricted Assets)                                   ( 1,623,528)                   0
      Transfers from Reserves (Restricted Assets)                                      282,836            248,500

 ADD Surplus/(Deficit) July 1 B/Fwd                                                   128,005                   0
LESS Surplus/(Deficit) June 30 C/Fwd                                                1,597,860                   0

      Amount Required to be Raised from Rates                   23               ( 13,893,115)     ( 13,818,698)

      This statement is to be read in conjunction with the accompanying notes.




                                                         Page 8
                                   SHIRE OF AUGUSTA-MARGARET RIVER
                           NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                   FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES
   The significant accounting policies which have been adopted in the preparation of this financial
   report are:

(a) Basis of Preparation
    The financial report is a general purpose financial statement which has been prepared in accordance with Australian
    Accounting Standards (as they apply to local governments and not-for-profit entities), Australian Accounting
    Interpretations, other authoratative pronouncements of the Australian Accounting Standards Board, the local
    Government Act 1995 and accompanying regulations.

    The report has also been prepared on the accrual basis and is based on historical costs, modified, where
    applicable, by the measurement at fair value of the selected non-current assets, financial assets
    and liabilities.

    Critical Accounting Estimates

    The preparation of a financial report in conformity with Australian Accounting Standards requires management to
    make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets
    and liabilities, income and expenses.

    The estimates and associated assumptions are based on historical experience and various other factors that are
    believed to be reasonable under the circumstances; the results of which form the basis of making the judgements
    about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
    differ from these estimates.

(b) The Local Government Reporting Entity
    All Funds through which the Council controls resources to carry on its functions have been
    included in the financial statements forming part of this financial report.

    In the process of reporting on the local government as a single unit, all transactions and balances
    between those funds (for example, loans and transfers between Funds) have been eliminated.

    All monies held in the Trust Fund are excluded from the financial statements, but a separate
    statement of those monies appears at Note 20 to these financial statements.

(c) Goods and Services Tax
    In accordance with recommended practice, revenues, expenses and assets capitalised are stated net
    of any GST recoverable. Receivables and payables in the statement of financial position are stated
    inclusive of applicable GST.

(d) Cash and Cash Equivalents
    Cash and cash equivalents include cash on hand, cash at bank, deposits held at call with banks, other short term
    highly liquid investments with original maturities of three months or less that are readily convertible to known
    amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.

    Bank overdrafts are shown as short term borrowings in current liabilities on the statement of financial position.

(e) Trade and Other Receivables
    Collectibility of trade and other receivables is reviewed on an ongoing basis. Debts that are known to be
    uncollectible are written off when identified. An allowance for doubtful debts is raised when there is objective
    evidence that they will not be collectible.




                                                                     Page 9
                                   SHIRE OF AUGUSTA-MARGARET RIVER
                           NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                   FOR THE YEAR ENDED 30TH JUNE 2011

 1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(f) Inventories

    General
    Inventories are measured at the lower of cost and net realisable value.

    Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of
    completion and the estimated costs necessary to make the sale.

    Land Held for Resale
    Land purchased for development and/or resale is valued at the lower of cost and net realisable
    value. Cost includes the cost of acquisition, development, borrowing costs and holding costs
    until completion of the prject. Finance costs and holding charges incurred after development is completed
    are expensed.

    Revenue arising from the sale of property is recognised in the statement of comprehensive income
    as at the time of signing an unconditional contract of sale.

    Land held for resale is classified as current except where it is held as non-current based on Council's intention
    to release for sale.

(g) Fixed Assets
    Each class of fixed assets is carried at cost or fair value as indicated less, where applicable, any accumulated
    depreciation or impairment losses.

    Initial Recognition
    All assets are initially recognised at cost. Cost is determined as the fair value of the assets given as consideration
    plus costs incidental to the acquisition. For assets acquired at no cost or for nominal consideration, cost is
    determined as fair value at the date of acquisition. The cost of non-current assets constructed by the Council
    includes the cost of all materials used in construction, direct labour on the project and an appropriate proportion of
    variable and fixed overhead.

    Revaluation
    Certain asset classes may be revalued on a regular basis such that the carying values are not materially
    different from fair value. For infrastructure and other asset classes where no active market exists, fair
    value is determined to be the current replacement cost of an asset less, where applicable, accumulated
    depreciation calculated on the basis of such cost to reflect the already consumed or expired future
    economic benefits of the asset.

    Increases in the carrying amount arising on revaluation of assets are credited to a revaluation surplus in equity.
    Decreases that offset previous increases in the same asset are charged against fair value reserves directly in equity;
    all other decreases are charged to the statement of comprehensive income.

    Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset
    and the net amount is restated to the revalued amount of the asset.

    Those assets carried at a revalued amount, being their fair value at the date of revaluation less any
    subsequent accumulated depreciation and accumulated impairment losses, are to be revalued with
    sufficient regularity to ensure the carrying amount does not differ materially from that determined using
    fair value at reporting date.




                                                                    Page 10
                                  SHIRE OF AUGUSTA-MARGARET RIVER
                          NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                  FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(g) Fixed Assets (Continued)

   Land under Roads
   In Western Australia, all land under roads is Crown Land, the responsibility for managing which, is vested in the local
   government.

   Effective as at 1 July 2008, Council elected not to recognise any value for land under roads acquired on or before 30
   June 2008. This accords with the treatment available in Australian Accounting Standard AASB1051 - Land Under
   Roads and the fact Local Government (Financial Management) Regulation 16(a)(i) prohibits local governments from
   recognising such land as an asset.

   In respect of land under roads acquired on or after 1 July 2008, as detailed above, Local Government (Financial
   Management) Regulation 16(a)(i) prohibits local governments from recognising such land as an asset.

   Whilst such treatment is inconsistent with the requirements of AASB 1051, Local Government (Financial
   Management) Regulation 4(2) provides, in the event of such an inconsistency, the Local Government (Financial
   Management) Regulations prevail.

   Consequently, any land under roads acquired on or after 1 July 2008 is not included as an asset of the Council.

   Depreciation of Non-Current Assets
   All non-current assets having a limited useful life are separately and systematically depreciated
   over their useful lives in a manner which reflects the consumption of the future economic benefits
   embodied in those assets.

   Assets are depreciated from the date of acquisition or, in respect of internally constructed assets,
   from the time the asset is completed and held ready for use.

   Depreciation is recognised on a straight-line basis, using rates which are reviewed each reporting
   period. Major depreciation periods are:

   Buildings                                                            30 to 50 years
   Furniture and Equipment                                              4 to 10 years
   Plant and Equipment                                                  5 to 10 years
   Computer and Electrical Equipment                                    3 years
   Bridges                                                              66 Years
   Car Parks                                                            40 Years
   Cemeteries                                                           Infinite
   Culverts                                                             50 Years
   Cycle Ways                                                           50 Years
   Drains                                                               75 Years
   Footpath (Concrete)                                                  40 Years
   Footpath (Slab)                                                      20 Years
   Kerbs/Channels                                                       20 Years
   Median Strips                                                        50 Years
   Sealed Roads:
   - Road Base                                                          50 Years
   - Initial Seal                                                       20 Years
   - First Re-seal                                                      20 Years
   - Second Re-seal                                                     20 Years
   Roads (unsealed)                                                     50 Years
   Roads (gravel)                                                       50 Years

   The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
   period.




                                                                   Page 11
                                   SHIRE OF AUGUSTA-MARGARET RIVER
                           NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                   FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(g) Fixed Assets (Continued)

   Depreciation of Non-Current Assets (Continued)
   An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
   greater than its estimated recoverable amount.

   Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
   losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in
   the revaluation surplus relating to that asset are transferred to retained earnings.

   Capitalisation Threshold
   Expenditure on items of equipment under $1,500 is not capitalised. Rather, it is recorded on an asset inventory
   listing.

(h) Financial Instruments

   Initial Recognition and Measurement
   Financial assets and financial liabilities are recognised when the Council becomes a party to the contractual
   provisions to the instrument. For financial assets, this is equivalent to the date that the Council commits itself to
   either the purchase or sale of the asset (ie trade date accounting is adopted).

   Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is
   classified 'at fair value through profit or loss', in which case transaction costs are expensed to profit or loss
   immediately.

   Classification and Subsequent Measurement
   Financial instruments are subsequently measured at fair value, amortised cost using the effective interest rate
   method or at cost.


   Fair value represents the amount for which an asset could be exchanged or a liability settled, between
   knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value.
   In other circumstances, valuation techniques are adopted.


   Amortised cost is calculated as:

   (a) the amount in which the financial asset or financial liability is measured at initial recognition;

   (b) less principal repayments;

   (c) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and
   the maturity amount calculated using the effective interest rate method; and

   (b) less any reduction for impairment.

   The effective interest rate method is used to allocate interest income or interest expense over the relevant period and
   is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction
   costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the
   contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability.
   Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential
   recognition of an income or expense in profit or loss.




                                                                     Page 12
                                   SHIRE OF AUGUSTA-MARGARET RIVER
                           NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                   FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(h) Financial Instruments (Continued)

   Classification and Subsequent Measurement (Continued)
   (i) Financial assets at fair value through profit and loss

   Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified
   in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held
   for trading unless they are designated as hedges. Assets in this category are classified as current assets.

   (ii) Loans and receivables
   Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
   an active market and are subsequently measured at amortised cost.

   Loans and receivables are included in current assets, except for those which are not expected to mature within 12
   months after the end of the reporting period (classified as non-current assets).

   (iii) Held-to-maturity investments
   Held-to-maturity investments are non-derivative financial assets with fixed maturities and fixed or determinable
   payments and fixed maturities that the Council’s management has the positive intention and ability to hold to
   maturity.

   Held-to-maturity financial assets are included in non-current assets, except for those which are expected to mature
   within 12 months after the end of the reporting period (classified as current assets).

   If the Council were to sell other than an insignificant amount of held-to-maturity financial assets, the whole category
   would be tainted and reclassified as available-for-sale.

   (iv) Available-for-sale financial assets
   Available-for-sale financial assets, are non-derivative financial assets that are either not suitable to be classified into
   other categories of financial assets due to their nature, or they are designated as such by management. They
   comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable.

   Available-for-sale financial assets are included in non-current assets, except for those which are expected to mature
   within 12 months after the end of the reporting period (classified as current assets).

   (v) Financial liabilities
   Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

   Impairment
   At the end of each reporting period, the Council assesses whether there is objective evidence that a financial
   instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the
   value of the instrument is considered to determine whether impairment has arisen. Impairment losses are
   recognised in the statement of comprehensive income.




                                                                     Page 13
                                   SHIRE OF AUGUSTA-MARGARET RIVER
                           NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                   FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i) Estimation of Fair Value
    The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
    disclosure purposes.

    The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
    date.


    The fair value of financial instruments that are not traded in an active market is determined using valuation
    techniques. The Council uses a variety of methods and makes assumptions that are based on market conditions
    existing at each reporting date. These include the use of recent arm’s length transactions, reference to other
    instruments that are substantially the same, discounted cash flow analysis, and option pricing models making
    maximum use of market inputs and relying as little as possible on entity-specific inputs.

    Quoted market prices or dealer quotes for similar instruments are used for long-term debt instruments held. Other
    techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial
    instruments.

    The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate
    their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future
    contractual cash flows at the current market interest rate that is available to the Council for similar financial
    instruments.

(j) Impairment
    In accordance with Australian Accounting Standards the Council's assets, other than inventories,
    are assessed at each reporting date to determine whether there is any indication they may be impaired.

    Where such an indication exists, an estimate of the recoverable amount of the asset is made
    in accordance with AASB 136 'Impairment of Assets' and appropriate adjustments made.

    An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit
    exceeds its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.

    For non-cash generating assets such as roads, drains, public buildings and the like, value in use is
    represented by the depreciated replacement cost of the asset.

(k) Trade and Other Payables
    Trade and other payables represent liabilities for goods and services provided to the Council
    prior to the end of the financial year that are unpaid and arise when the Council becomes
    obliged to make future payments in respect of the purchase of these goods and services.
    The amounts are unsecured and are usually paid within 30 days of recognition.

(l) Employee Benefits
    The provisions for employee benefits relates to amounts expected to be paid for long service
    leave, annual leave, wages and salaries and are calculated as follows:

 (i) Wages, Salaries, Annual Leave and Long Service Leave (Short-term Benefits)
     The provision for employees’ benefits to wages, salaries, annual leave and long service leave
     expected to be settled within 12 months represents the amount the Council has a present
     obligation to pay resulting from employees services provided to reporting date. The provision has
     been calculated at nominal amounts based on remuneration rates the Council expects to pay
     and includes related on-costs.

(ii) Long Service Leave (Long-term Benefits)

    The liability for long service leave is recognised in the provision for employee benefits and measured as the present
    value of expected future payments to be made in respect of services provided by employees up to the reporting date
    using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience
    of employee departures and periods of service. Expected future payments are discounted using market yields at the
    reporting date on national government bonds with terms to maturity and currency that match as closely as possible,
    the estimated future cash outflows. Where the Council does not have the unconditional right to defer settlement
    beyond 12 months, the liability is recognised as a current liability.




                                                                     Page 14
                                    SHIRE OF AUGUSTA-MARGARET RIVER
                            NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                    FOR THE YEAR ENDED 30TH JUNE 2011

 1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(m) Borrowing Costs
    Borrowing costs are recognised as an expense when incurred except where they are directly
    attributable to the acquisition, construction or production of a qualifying asset. Where this is
    the case, they are capitalised as part of the cost of the particular asset.

(n) Provisions
    Provisions are recognised when:

       a) the Council has a present legal or constructive obligation as a result of past events;
       b) for which it is probable that an outflow of economic benefits will result to settle the
          obligation; and
       c) that outflow can be reliably measured.

     Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the
     reporting period.

     Provisions are not recognised for future operating losses.

(o) Leases
    Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership
    of the asset, but not legal ownership, are transferred to the Council, are classified as finance
    leases.

     Finance leases are capitalised recording an asset and a liability at the lower amounts equal to the
     fair value of the leased property or the present value of the minimum lease payments, including any
     guaranteed residual values. Lease payments are allocated between the reduction of the lease liability
     and the lease interest expense for the period.

     Leased assets are depreciated on a straight line basis over the shorter of their estimated useful lives
     or the lease term.

     Lease payments for operating leases, where substantially all the risks and benefits remain with the
     lessor, are charged as expenses in the periods in which they are incurred.

     Lease incentives under operating leases are recognised as a liability and amortised on a straight line
     basis over the life of the lease term.

(p) Joint Venture
    The Council’s interest in a joint venture is recognised in the financial statements by
    including its share of any assets, liabilities, revenues and expenses of the joint venture within
    the appropriate line items of the financial statement. Information about the joint venture is set
    out in Note 17.




                                                                      Page 15
                                    SHIRE OF AUGUSTA-MARGARET RIVER
                            NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                    FOR THE YEAR ENDED 30TH JUNE 2011

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(q) Rates, Grants, Donations and Other Contributions
    Rates, grants, donations and other contributions are recognised as revenues when the local
    government obtains control over the assets comprising the contributions. Control over assets
    acquired from rates is obtained at the commencement of the rating period or, where earlier, upon
    receipt of the rates.

    Where contributions recognised as revenues during the reporting period were obtained on the
    condition that they be expended in a particular manner or used over a particular period, and those
    conditions were undischarged as at the reporting date, the nature of and amounts pertaining to
    those undischarged conditions are disclosed in Note 2(c). That note also discloses the amount
    of contributions recognised as revenues in a previous reporting period which were obtained in
    respect of the local government's operation for the current reporting period.



(r) Superannuation
    The Council contributes to a number of superannuation funds on behalf of employees.

(s) Current and Non-Current Classification
    In the determination of whether an asset or liability is current or non-current, consideration is given to
    the time when each asset or liability is expected to be settled. The asset or liability is classified as
    current if it is expected to be settled within the next 12 months, being the Council’s operational cycle.
    In the case of liabilities where the Council does not have the unconditional right to defer settlement
    beyond 12 months, such as vested long service leave, the liability is classified as current even if not
    expected to be settled within the next 12 months. Inventories held for trading are classified as current
    even if not expected to be realised in the next 12 months except for land held for resale where it is
    held as non-current based on Council’s intentions to release for sale.


(t) Rounding Off Figures
    All figures shown in this annual financial report, other than a rate in the dollar, are rounded to the
    nearest dollar.

(u) Comparative Figures
    Where required, comparative figures have been adjusted to conform with changes in presentation
    for the current financial year.

(v) Budget Comparative Figures
    Unless otherwise stated, the budget comparative figures shown in this annual financial report relate to
    the original budget estimate for the relevant item of disclosure.




                                                                      Page 16
                                                     SHIRE OF AUGUSTA-MARGARET RIVER
                                             NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                     FOR THE YEAR ENDED 30TH JUNE 2011

 1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(w) New Accounting Standards and Interpretations for Application in Future Periods

    Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted
    by the Council for the annual reporting period ending 30 June 2011.

    Council’s assessment of these new standards and interpretations is set out below:

                   Title and Topic                Issued              Applicable (*)                                Impact

     (i)    AASB 9 – Financial                December 2009          01 January 2013      Nil – The objective of this Standard is to improve and
            Instruments                                                                   simplify the approach for classification and
                                                                                          measurement of financial assets compared with the
                                                                                          requirements of AASB 139. Given the nature of the
                                                                                          financial assets of the Council, it is not anticipated the
                                                                                          standard will have any material effect.

     (ii)   AASB 124 – Related Party          December 2009          01 January 2011      Nil – It is not anticipated the Council will have any
            Disclosures                                                                   related parties as defined by the Standard.

     (iii) AASB 1053 - Application of            June 2010             01 July 2013
           Tiers of Australian Accounting                                                 Nil - Due to its nature and statutory requirements the
           Standards                                                                      Council will be deemed a Tier 1 entity and will continue
                                                                                          to prepare general purpose financial statements.

     (iv) AASB 2009 -12 Amendments            December 2009          01 January 2011      Nil – The revisions embodied in this standard relate to
          to Australian Accounting                                                        standards which do not apply to local government (ie
          Standards                                                                       AASB8) or are largely editorial in nature and will have
          [AASB 5, 8, 108, 110, 112,                                                      minimal effect (if any) on the accounting practices of the
          119, 133, 137, 139, 1023 &                                                      Council.
          1031 and Interpretations 2, 4,
          16, 1039 & 1052]

     (v) AASB 2009– 11 Amendments             December 2009          01 January 2013      Nil – The revisions embodied in this standard give effect
         to Australian Accounting                                                         to the consequential changes arising from the issuance
         Standards arising from AASB 9                                                    of AASB 9 which is not anticipated to have any material
                                                                                          effect on the Council (refer (i) above).
            [AASB 1, 3, 4, 5, 7, 101, 102,
            108, 112, 118, 121, 127, 128,
            131, 132, 136, 139, 1023 &
            1038 and Interpretations 10 &
            12)

     (vi) AASB 2010 - 2 Amendments to            June 2010             01 July 2013       Nil - None of these amendments will have any effect on
          Australian Accounting                                                           the financial report as the standard does not apply in the
          Standards arising from                                                          case of general purpose financial statements.
          Reduced Disclosure
          Requirements
          [AASB 1, 2, 3, 5, 7, 8, 101,
          102, 107, 108, 110, 111, 112,
          116, 117, 119, 121, 123, 124,
          127, 128, 131, 133, 134, 136,
          137, 138, 140, 141, 1050, &
          1052 and Interpretations 2, 4,
          5, 15, 17, 127, 129 & 1052]


     (vii) AASB 2010 - 4 Further                 June 2010           01 January 2011      Nil - The revisions are part of the AASB's annual
           Amendments to Australian                                                       improvement project to help ensure consistency with
           Accounting Standards arising                                                   presentation, recognition and measurement criteria of
           from the Annual Improvements                                                   IFRSs. It is not anticipated these will have any effect on
           Project [AASB 1, 7, 101, 134,                                                  the Council.
           and Interpretation 13]




                                                                      Page 17
                                                      SHIRE OF AUGUSTA-MARGARET RIVER
                                              NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                  FOR THE YEAR ENDED 30TH JUNE 2011

 1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(w) New Accounting Standards and Interpretations for Application in Future Periods (Continued)

                 Title and Topic                    Issued              Applicable (*)                                 Impact

    (viii) AASB 2010 - 5 Amendments to          October 2010          01 January 2011        Nil - The revisions embodied in this standard are largely
           Australian Accounting                                                             editorial in nature or relate to standards not applicable to
           Standards                                                                         the Council and will have minimal effect (if any) on the
           [AASB 1, 3, 4, 5, 101, 107,                                                       accounting practices of the Council.
           112, 118, 119, 121, 132, 133,
           134, 137, 139, 140, 1023 &
           1038 and Interpretations 112,
           115, 127, 132 & 1042]


     (ix) AASB 2010 - 6 Amendments to          November 2010            01 July 2011         Nil - The revisions embodied in this standard amend
          Australian Accounting                                                              disclosures required on transfers of financial assets.
          Standards - Disclosures on                                                         The Council is not expected to have any qualifying
          Transfers of Financial Assets                                                      transfers.
          [AASB 1 & 7]

     (x) AASB 2010 – 7 Amendments              December 2010          01 January 2013        Nil – The revisions embodied in this standard give effect
         to Australian Accounting                                                            to the consequential changes arising from the issuance
         Standards arising from AASB 9                                                       of AASB 9 which is not anticipated to have any material
         (December 2010)                                                                     effect on the Council (refer (i) above).

         [AASB 1, 3, 4, 5, 7, 101, 102,
         108, 112, 118, 121, 127, 128,
         131, 132, 136, 139, 1023 &
         1038 and Interpretations 10 &
         12)

     (xi) AASB 2010 - 8 Amendments to          December 2010          01 January 2012        Nil - None of these amendments will have any effect on
          Australian Accounting                                                              the financial report as none of the topics are relevant to
          Standards - Deferred Tax:                                                          the operations of the Council.
          Recovery of Underlying Assets
          [AASB 1 & 7]

         AASB 2010 - 9 Amendments to           December 2010            01 July 2011         Nil - None of these amendments will have any effect on
         Australian Accounting                                                               the financial report as none of the topics are relevant to
         Standards - Severe                                                                  the operations of the Council.
         Hyperinflation and Removal of
         Fixed Dates for First-time
         Adopters
         [AASB 1]
         AASB 2009– 14 Amendments              December 2009          01 January 2011
         to Australian Interpretations –
         Prepayments of a Minimum
         Funding Requirement [AASB
         Interpretation 14]
         AASB 2010 - 10 Further                December 2010          01 January 2013
         Amendments to Australian
         Accounting Standards -
         Removal of Fixed Dates for
         First-time Adopters     [AASB
         2009 - 11 & 2010 - 7]

         Notes:
         (*) Applicable to reporting periods commencing on or after the given date.

(x) Adoption of New and Revised Accounting Standards

    During the current year, the Council adopted all of the new and revised Australian Accounting Standards and Interpretations which became

    These new and revised standards were:
         AASB 2009 - 5
         AASB 2009 - 8
         AASB 2009 - 10
         AASB 2009 - 13
         AASB 2010 - 1
         AASB 2010 - 3

         Interpretation 19

    The standards adopted had a minimal effect on the accounting and reporting practices of the Council as they were either largely editorial in
    nature, were revisions to help ensure consistency with presentation, recognition and measurement criteria of IFRSs or related to topics not
    relevant to operations.



                                                                        Page 18
                         SHIRE OF AUGUSTA-MARGARET RIVER
                 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                         FOR THE YEAR ENDED 30TH JUNE 2011


2. REVENUE AND EXPENSES                                         2011          2010
                                                                 $             $

(a) Net Result

   The Net Result includes:

   (i) Charging as an Expense:

   Auditors Remuneration
   - Audit                                                       (23,025)      (23,325)
   - Other Services                                               (5,900)       (7,860)

   Depreciation
   Buildings                                                     (515,481)     (439,603)
   Furniture and Equipment                                        (94,242)      (86,584)
   Plant and Equipment                                         (1,238,383)   (1,325,851)
   Roads                                                       (3,014,775)   (2,940,124)
   Footpaths                                                      (54,778)      (63,805)
   Drainage                                                      (136,936)     (135,088)
   Airstrips                                                       (7,553)       (9,218)
   Parks & Reserves                                              (156,484)     (108,450)
   Jetties                                                        (10,601)      (27,535)
   Carparks                                                        (8,514)      (20,152)
   Public Utilities                                                (5,920)      (26,398)
   Waste Management                                                  (562)         (763)
                                                               (5,244,229)   (5,183,571)
   Interest Expenses (Finance Costs)
   Debentures (refer Note 22(a))                                (369,509)     (339,339)
                                                                (369,509)     (339,339)
   Rental Charges
   - Operating Leases                                           (607,115)     (393,551)

   (ii) Crediting as Revenue:                 2011              2011          2010
                                               $               Budget          $
                                                                 $
   Interest Earnings
    Investments
   - Reserve Funds                             132,476             97,211        76,137
   - Other Funds                               339,712            135,035       227,769
   Other Interest Revenue (refer note 27)      153,778             96,254       124,363
                                               625,966            328,500       428,269




                                                     Page 19
                       SHIRE OF AUGUSTA-MARGARET RIVER
               NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                       FOR THE YEAR ENDED 30TH JUNE 2011


2. REVENUE AND EXPENSES (Continued)

(b) Statement of Objective

   Our Vision for the Shire of Augusta Margaret River is a friendly and welcoming community
   which is internationally recognised for:
   The high quality of community life that is enjoyed by our residents and visitors within an attractive built environment.
   The uniquely beautiful natural environment which is responsibly managed and safeguarded for future generations.
   The successful and prosperous community enjoying a diversity of opportunities in housing, employment, education and
   leisure pursuits.
   The value placed on maintaining a safe, fair and cohesive community which respects its history and heritage and
   unique sense of place.
   The well-managed, responsive and adaptive local government which provides strong, visionary and consultative leadership.

   Our Mission is to strengthen our communities, foster local economic prosperity, protect the
   natural environment and responsibly manage the community’s infrastructure and assets.


   Terms used within the Financial Statements and elsewhere within this report to classify income and expenditure include;

   GOVERNANCE
   Administration and operation of facilities and services to members of Council; other costs that
   relate to the tasks of assisting elected members and ratepayers on matters which do not concern
   specific Council services.

   GENERAL PURPOSE FUNDING
   Rates, general purpose government grants and interest revenue.

   LAW, ORDER & PUBLIC SAFETY
   Supervision of various by-laws, fire prevention, emergency services and animal control.

   HEALTH
   Food quality and pest control, immunisation services, inspection of abattoir and operation of child
   health clinics.

   EDUCATION AND WELFARE
   Care of families and children, contributions to education and other welfare.

   HOUSING
   Operation of staff and rental housing.

   COMMUNITY AMENITIES
   Rubbish collection and disposal services, recycling, septic tank inspection services, environmental
   protection initiatives, administration of town planning and regional development services and the
   operation of other community amenities.

   RECREATION AND CULTURE
   Provision and maintenance of halls, swimming areas, recreation and sporting areas, reserves,
   re-broadcasting services, libraries, museums and other cultural activities.

   TRANSPORT
   Construction and maintenance of streets, roads, bridges, drainage works, footpaths, parking,
   traffic control, aerodromes and water transport.

   ECONOMIC SERVICES
   Provision of rural services, tourism and area promotion, building control, saleyards, plant nursery,
   landcare, water and public utility services.

   OTHER PROPERTY & SERVICES
   Provision of rural services, general administration overheads, public works overheads, plant
   operating costs and any other unclassified items.




                                                              Page 20
                                                                    SHIRE OF AUGUSTA-MARGARET RIVER
                                                            NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                                    FOR THE YEAR ENDED 30TH JUNE 2011
2. REVENUE AND EXPENSES (Continued)

(c) Conditions Over Grants/Contributions                               Opening                                           Closing                                            Closing
                                                                      Balance (*)        Received (+)   Expended (#)    Balance (*)     Received (+)        Expended (#)    Balance
                                                                       1-Jul-09            2009/10        2009/10       30-Jun-10         2010/11             2010/11      30-Jun-11
                       Grant/Contribution                                 $                   $              $              $                $                   $             $

   Age Friendly Communities                                                  6,402                 0         (4,068)           2,334               0                   0        2,334
   Augusta Museum - Shelving                                                     0                 0               0               0           2,000             (1,901)           99
   Augusta Museum - Ryall Trust Grant                                            0                 0               0               0             772               (702)           70
   Augusta Stormwater improvements                                               0                 0               0               0          37,601            (34,854)        2,747
   Auspice Yp                                                                    0                 0               0               0           4,080             (1,407)        2,673
   Art Craft Workshop                                                            0                 0               0               0           2,000               (500)        1,500
   Community Caring for the Hardy Inlet Foreshore                           20,764                 0        (20,764)               0               0                   0            0
   Creative Networks Fund                                                        0                 0               0               0           7,000             (3,934)        3,066
   Crushed glass in asphalt project                                              0                 0               0               0          40,000                   0       40,000
   CSCP-CCTV                                                                     0                 0               0               0          14,523                   0       14,523
   Department of Communities                                                 1,050             1,000         (1,392)             658           1,000             (1,272)          386
   DoT - Flinders Bay Jetty Extension                                            0                 0               0               0          61,034             (4,000)       57,034
   Dry Season Assistance                                                         0                 0               0               0          20,000             (2,574)       17,426
   FAGGS - Upper Chapman River bridge                                            0                 0               0               0          58,000               (933)       57,067
   Infrastructure Contribution (trf to Reserve)                                  0           262,027               0         262,027               0           (262,027)            0
   Isolated Youth                                                              400                 0           (364)              36               0                   0           36
   John Archibald Drive Contribution (trf to reserve)                            0           260,193               0         260,193               0           (260,193)            0
   Lotterywest Trails - Rabbit Control Funding                                   0                 0               0               0           3,700                   0        3,700
   Margies Culture Fest - Lotterywest                                            0            14,545        (14,420)             125               0                   0          125
   National Blackspot                                                            0            50,000        (42,358)           7,642          20,000             (1,013)       26,629
   Office for Youth - National Youth Week                                        0               848           (742)             106               0                   0          106
   Office of Crime Prevention                                                    0             8,000               0           8,000               0             (3,412)        4,588
   Rammpaage                                                                 3,000             3,000         (3,368)           2,632               0                   0        2,632
   Red Frog Leavers Project                                                      0             4,900         (4,772)             128               0                   0          128
   Regional Local Community Infrastructure Program (RLCIP)                 131,000                 0       (131,000)               0               0                   0            0
   RLCIP - Entrance to Gloucester Park                                           0                 0               0               0          43,000            (31,591)       11,409
   R4R Asphalt overlays                                                          0                 0               0               0         150,000                   0      150,000
   R4R Cowaramup CBD improvements                                                0                 0               0               0          80,000                   0       80,000
   R4R Old Settlement                                                            0                 0               0               0         150,000                   0      150,000
   R4R MR Outdoor Library                                                        0                 0               0               0          40,000                   0       40,000
   R4R Works Cultural Centre                                                     0                 0               0               0         100,000                   0      100,000
   Y Culture - Youth Arts Activity                                               0             5,549         (2,748)           2,801               0             (2,684)          117
   Youth Holiday Program                                                         0             3,750         (2,587)           1,163               0               (164)          999

   Total                                                                   162,616           613,812       (228,583)         547,845         834,710           (613,161)      769,394

   Notes:

   (*) - Grants/contributions recognised as revenue in a previous reporting period which were not expended at the close of the previous reporting period.

   (+) - New grants/contributions which were recognised as revenues during the reporting period and which had not yet been fully expended in the manner specified
        by the contributor.

   (#) - Grants/contributions which had been recognised as revenues in a previous reporting period or received in the current reporting period and which were
        expended in the current reporting period in the manner specified by the contributor.

   All unspent grants/contributions are held in Cash at Bank - Municipal - Restricted.


                                                                                                                Page 21
                            SHIRE OF AUGUSTA-MARGARET RIVER
                    NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                            FOR THE YEAR ENDED 30TH JUNE 2011

                                                                        2011         2010
                                                                          $            $
3. CASH AND CASH EQUIVALENTS

  Unrestricted                                                           1,844,501       56,399
  Restricted                                                             4,038,215    3,431,263
                                                                         5,882,716    3,487,662




  The following restrictions have been imposed by
  regulations or other externally imposed requirements:

  Leave Reserve                                             12             300,000      158,718
  Plant Reserve                                             12             405,000       65,000
  Caravan Park Reserve                                      12             185,000      135,000
  Public Open Space Reserve                                 12              70,500      138,274
  Boranup Pit Rehabilitation Reserve                        12              34,532       34,532
  Cemeteries Reserve                                        12               8,883        8,883
  Interest Free Loan Reserve                                12              22,821       33,481
  Cedarvale Reserve                                         12             179,724      128,993
  Waste Reserve                                             12             200,000            0
  Parking Reserve                                           12             261,542      261,542
  Roadworks Reserve                                         12           1,372,686      752,982
  Gloucester Park Reserve                                   12                   0        4,340
  Margaret River CBD Reserve                                12              66,837       66,837
  Affordable Housing Fund                                   12             136,597      100,000
  LGIS Members Bonus                                        12                   0       14,848
  Unspent Grants                                          2(c)             769,394      547,845
  Unspent Loans                                           22 ( c )          24,699      258,863
                                                                         4,038,215    2,710,138

  Bonds (The remaining balance is included in Note 4)                           0      721,125

  Total                                                                  4,038,215    3,431,263




                                                              Page 22
                               SHIRE OF AUGUSTA-MARGARET RIVER
                       NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                               FOR THE YEAR ENDED 30TH JUNE 2011


                                                                    2011          2010
4. INVESTMENTS                                                        $             $

  Financial assets at
  fair value through profit or loss                                    163,400       412,160

  Financial assets at
  fair value through profit or loss
   At beginning of the year                                            412,160       412,160
   Revaluation to Income Statement                                      39,213             0
   Additions                                                                 0             0
   Disposals                                                         (287,973)             0
   At end of the year                                                  163,400       412,160

  Held for trading
   - FRNs                                                                    0             0
   - CDOs                                                              163,400       412,160
   - Managed Funds                                                           0             0
                                                                       163,400       412,160

  The following restrictions have been imposed by
  regulations or other externally imposed requirements:

  Bonds - Building                                                           0        15,312
  Bonds - Town Planning                                                      0        10,000
  Bonds - Roadworks                                                          0       375,820
  Bonds - Other                                                              0        11,028
                                                                             0       412,160


5. TRADE AND OTHER RECEIVABLES

  Current
  Rates Outstanding                                                    196,896       222,659
  Sundry Debtors                                                       271,181       919,775
  Provision Doubtful Debts                                                   0       (28,000)
  GST Receivable                                                       286,492         67,485
  Loans - Clubs/Institutions                                            17,482         14,675
                                                                       772,051     1,196,594
  Non-Current
  Rates Outstanding - Pensioners                                        34,731        23,734
  Loans - Clubs/Institutions                                            87,491        84,344
                                                                       122,222       108,078

6. INVENTORIES

  Current
  Fuel and Materials                                                   366,286       231,299

  Non-Current
  Land Held for Resale - Cost
    Cost of Acquisition                                                597,000             0

7. PROPERTY, PLANT AND EQUIPMENT

  Land and Buildings - Cost                                         24,851,440    17,445,830
  Less Accumulated Depreciation                                     (5,464,771)   (5,044,256)
                                                                    19,386,669    12,401,574

  Furniture and Equipment - Cost                                       920,496     1,061,084
  Less Accumulated Depreciation                                      (527,586)     (723,677)
                                                                       392,910       337,407

  Plant and Equipment - Cost                                        11,440,077    11,727,066
  Less Accumulated Depreciation                                     (6,234,572)   (6,732,088)
                                                                      5,205,505     4,994,978

                                                                    24,985,084    17,733,959




                                                          Page 23
                                      SHIRE OF AUGUSTA-MARGARET RIVER
                              NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                      FOR THE YEAR ENDED 30TH JUNE 2011


7. PROPERTY, PLANT AND EQUIPMENT (Continued)

  Movements in Carrying Amounts

  The following represents the movement in the carrying amounts of each class of property,
  plant and equipment between the beginning and the end of the current financial year.

                                                     Land               Furniture              Plant
                                                       &                    &                    &
                                                   Buildings            Equipment            Equipment       Total
                                                       $                    $                    $             $

  Balance as at 1July 2010                           12,401,574             337,407             4,994,978    17,733,959

  Additions                                            7,793,438            149,745             1,583,297     9,526,480

  (Disposals)                                           (27,378)                    0           (134,387)     (161,765)

  Impairment - (losses)                                        0                    0                    0            0
           - reversals                                         0                    0                    0            0

  Depreciation (Expense)                               (515,481)            (94,242)           (1,238,383)   (1,848,106)

  Other Movements                                      (265,484)                    0                    0    (265,484)

  Carrying amount as at 30 June 2011                 19,386,669             392,910             5,205,505    24,985,084




                                                                     Page 24
                       SHIRE OF AUGUSTA-MARGARET RIVER
               NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                       FOR THE YEAR ENDED 30TH JUNE 2011

                                                           2011            2010
                                                            $               $
8. INFRASTRUCTURE
   Roads - Cost                                           178,102,952    176,023,946
   Less Accumulated Depreciation                          (43,774,809)   (40,760,034)
                                                          134,328,143    135,263,912

   Footpaths - Cost                                         3,378,158      3,150,374
   Less Accumulated Depreciation                            (791,597)      (736,819)
                                                            2,586,561      2,413,555

   Drainage - Cost                                           6,365,203      6,286,638
   Less Accumulated Depreciation                           (1,988,329)    (1,851,393)
                                                             4,376,874      4,435,245

   Parks & Ovals - Cost                                    12,619,714     12,271,527
   Less Accumulated Depreciation                           (2,201,275)    (2,044,791)
                                                           10,418,439     10,226,736


   Airstrips - Cost                                           657,118        627,359
   Less Accumulated Depreciation                            (109,672)      (102,119)
                                                              547,446        525,240

   Jetties - Cost                                             656,498        647,095
   Less Accumulated Depreciation                            (153,934)      (143,333)
                                                              502,564        503,762

   Carparks - Cost                                          1,279,645        748,265
   Less Accumulated Depreciation                            (112,229)      (103,715)
                                                            1,167,416        644,550

   Public Utilities - at cost                               3,617,065      2,752,768
   Less Accumulated Depreciation                              (66,012)       (60,092)
                                                            3,551,053      2,692,676

   Waste Management - at cost                                 103,292        103,292
   Less Accumulated Depreciation                               (8,163)        (7,601)
                                                               95,129         95,691

                                                          157,573,625    156,801,367




                                                Page 25
                                                                                     SHIRE OF AUGUSTA-MARGARET RIVER
                                                                             NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                                                     FOR THE YEAR ENDED 30TH JUNE 2011


8. INFRASTRUCTURE (Continued)

  Movements in Carrying Amounts

  The following represents the movement in the carrying amounts of each class of infrastructure between the
  beginning and the end of the current financial year.




                                                                                                 Parks                                                          Public            Waste
                                      Roads             Footpaths           Drainage           and Ovals          Airstrips       Jetties       Car Parks       Utilities       Management       Total
                                        $                   $                   $                  $                  $              $              $               $               $              $

  Balance as at 1July 2010            135,263,912          2,413,555          4,435,245          10,226,736          525,240       503,762         644,550       2,692,676            95,691     156,801,367

  Additions                             2,079,006            226,211             78,565              82,855           29,759          9,403        536,249         860,849              0.00       3,902,897

  (Disposals)                                    0                  0                  0                      0               0             0               0               0                0            0

  Impairment - (losses)                          0                  0                  0                      0               0             0               0               0                0            0
              - reversals                        0                  0                  0                      0               0             0               0               0                0            0

  Depreciation (Expense)               (3,014,775)           (54,778)         (136,936)            (156,484)          (7,553)      (10,601)         (8,514)         (5,920)            (562)     (3,396,123)

  Other Movements                                0              1,573                  0            265,332                   0             0       (4,869)           3,448                  0      265,484

  Carrying Amount as at 30
                                      134,328,143          2,586,561          4,376,874          10,418,439          547,446       502,564        1,167,416      3,551,053            95,129     157,573,625
  June 2011




                                                                                                                    Page 26
                             SHIRE OF AUGUSTA-MARGARET RIVER
                     NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                             FOR THE YEAR ENDED 30TH JUNE 2011


                                                                           2011        2010
                                                                            $           $

9. TRADE AND OTHER PAYABLES

    Current
    Sundry Creditors                                                       2,546,457   2,134,891
    Accrued Interest on Debentures                                            66,546      28,307
    Accrued Salaries and Wages                                                27,592           0
    Bonds                                                                          0   1,133,285
                                                                           2,640,595   3,296,483


10. LONG-TERM BORROWINGS

    Current
    Secured by Floating Charge
      Debentures                                                             406,019     580,316
                                                                             406,019     580,316

    Non-Current
    Secured by Floating Charge
      Debentures                                                          10,652,161   4,130,754
                                                                          10,652,161   4,130,754

    Additional detail on borrowings is provided in Note 22.


11. PROVISIONS

    Current


    Provision for FBT                                                          7,098       8,856
    Provision for Annual Leave                                               717,038     629,545
    Provision for Long Service Leave                                         342,786     547,566
                                                                           1,066,922   1,185,967
    Non-Current
    Provision for Long Service Leave                                         293,117     247,330
                                                                             293,117     247,330




                                                              2011         2011        2010
                                                               $          Budget        $
                                                                            $
12. RESERVES - CASH BACKED

(a) Leave Reserve
    Opening Balance                                             158,718      158,718     158,718
    Amount Set Aside / Transfer to Reserve                      141,282            0           0
    Amount Used / Transfer from Reserve                               0            0           0
                                                                300,000      158,718     158,718

(b) Public Open Space Reserve
    Opening Balance                                            138,274       138,274           0
    Amount Set Aside / Transfer to Reserve                            0            0     138,274
    Amount Used / Transfer from Reserve                        (67,774)            0           0
                                                                 70,500      138,274     138,274

(c) Caravan Park Reserve
    Opening Balance                                            135,000      160,000       85,000
    Amount Set Aside / Transfer to Reserve                     100,000      100,000     100,000
    Amount Used / Transfer from Reserve                        (50,000)     (50,000)    (50,000)
                                                               185,000      210,000     135,000




                                                                Page 27
                             SHIRE OF AUGUSTA-MARGARET RIVER
                     NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                             FOR THE YEAR ENDED 30TH JUNE 2011

                                                    2011            2011          2010
                                                     $             Budget          $
                                                                     $
12. RESERVES - CASH BACKED (Continued)

(d) Boranup Pit Rehabilitation Reserve
    Opening Balance                                    34,532            34,532      34,532
    Amount Set Aside / Transfer to Reserve                  0                 0           0
    Amount Used / Transfer from Reserve                     0                 0           0
                                                       34,532            34,532      34,532

(e) Cemeteries Reserve
    Opening Balance                                        8,883          8,883          8,883
    Amount Set Aside / Transfer to Reserve                     0              0              0
    Amount Used / Transfer from Reserve                        0              0              0
                                                           8,883          8,883          8,883

 (f) Interest Free Loan Reserve
     Opening Balance                                   33,481            33,481      33,481
     Amount Set Aside / Transfer to Reserve             4,340                 0           0
     Amount Used / Transfer from Reserve             (15,000)                 0           0
                                                       22,821            33,481      33,481

(g) Cedarvale Reserve
    Opening Balance                                   128,993         128,993       120,596
    Amount Set Aside / Transfer to Reserve             50,731               0         8,397
    Amount Used / Transfer from Reserve                     0               0             0
                                                      179,724         128,993       128,993

(h) Waste Reserve
    Opening Balance                                         0                0              0
    Amount Set Aside / Transfer to Reserve            200,000                0              0
    Amount Used / Transfer from Reserve                     0                0              0
                                                      200,000                0              0

 (i) Parking Reserve
     Opening Balance                                 261,542         261,542        237,402
     Amount Set Aside / Transfer to Reserve            76,000               0        24,140
     Amount Used / Transfer from Reserve             (76,000)        (76,000)             0
                                                     261,542         185,542        261,542

 (j) Roadworks Reserve
     Opening Balance                                  752,982       1,013,177       797,077
     Amount Set Aside / Transfer to Reserve           630,175         120,000       111,905
     Amount Used / Transfer from Reserve              (10,471)      (122,500)     (156,000)
                                                    1,372,686       1,010,677       752,982


(k) Gloucester Park Reserve
    Opening Balance                                     4,340             4,340          4,340
    Amount Set Aside / Transfer to Reserve                  0                 0              0
    Amount Used / Transfer from Reserve               (4,340)                 0              0
                                                            0             4,340          4,340

 (l) Margaret River CBD Reserve
     Opening Balance                                   66,837            66,837      66,837
     Amount Set Aside / Transfer to Reserve                 0                 0           0
     Amount Used / Transfer from Reserve                    0                 0           0
                                                       66,837            66,837      66,837

(m) Plant Reserve
    Opening Balance                                    65,000         210,000        60,000
    Amount Set Aside / Transfer to Reserve            340,000         150,000       105,000
    Amount Used / Transfer from Reserve                     0               0     (100,000)
                                                      405,000         360,000        65,000




                                                      Page 28
                             SHIRE OF AUGUSTA-MARGARET RIVER
                     NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                             FOR THE YEAR ENDED 30TH JUNE 2011

                                                                 2011                2011               2010
                                                                  $                 Budget               $
                                                                                      $
12. RESERVES - CASH BACKED (Continued)

(n) Affordable Housing Fund
    Opening Balance                                                100,000                90,000           20,000
    Amount Set Aside / Transfer to Reserve                           80,000                    0           80,000
    Amount Used / Transfer from Reserve                            (43,403)                    0                0
                                                                   136,597                90,000          100,000

(o) LGIS Members Bonus
    Opening Balance                                                  14,848                    0           15,607
    Amount Set Aside / Transfer to Reserve                            1,000                    0                0
    Amount Used / Transfer from Reserve                            (15,848)                    0            (759)
                                                                          0                    0           14,848

    TOTAL CASH BACKED RESERVES                                   3,244,122             2,430,277        1,903,430


    All of the cash backed reserve accounts are supported by money held in financial institutions
    and match the amounts shown as restricted cash in Note 3.

    In accordance with council resolutions in relation to each reserve account, the purpose for which
    the reserves are set aside are as follows:

    Leave Reserve
      - to be used to fund annual and long service leave requirements
    Administration Building Reserve
      - to be used for the construction of a new administration centre
    Debt Reduction Reserve.
      - to be used for the reduction of Council Debt.
    Public Open Space Reserve.
      - to be used to fund future public open space requirements.
    Caravan Park Reserve.
      - to be used for major maintenance and upgrading of caravan parks and camping grounds.
    Boranup Pit Rehabilitation Reserve.
      - Funds for the rehabilitation of the Boranup Limesand Pit
    Cemeteries Reserve.
      - to be used for the upgrade of cemeteries.
    Interest Free Loans Reserve.
      - Funding for eligible groups involved with sporting and cultural activities.
    Cedarvale Reserve.
      - Funds allocated to meet Council's obligations in respect of the agreement with Cedarvale
        for the Gnarabup site and future foreshore rehabilitation required at Prevelly and Gnarabup.
    Waste Reserve.
      - to be used to fund future waste facility and plant requirements.
    Parking Reserve.
      - to be used to fund future car parking requirements.
    Roadworks Reserve.
      - to be used to fund future road and drainage maintenance and construction requirements.
    Youth Reserve.
      - to be used to fund the provision of youth facilities.
    Computer Reserve.
      - to be used to purchase computer equipment.
    Gloucester Park Reserve.
      - to be used to fund future requirements at Gloucester Park.
    Boiodiversity Reserve.
      - to be used for the funding of Biodiversity Initiatives.
    Building Reserve
      - to be used for the construction and maintenance of Council buildings.
    Margaret River CBD Reserve
      - to be used for the development and maintenance of the Margaret River Business District.
    Plant Reserve.
      - to be used for the purchase of plant, vehicles and equipment.
    Affordable Housing Fund
    -Expenditure on capital and improvements of infrastructure within the Cowaramup Townsite
    and the area covered by the West Cowaramup Townsite Strategy as determined by the Shire
    LGIS Members Bonus
    - Managing Risk within the organisation.



                                                                   Page 29
                             SHIRE OF AUGUSTA-MARGARET RIVER
                     NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                             FOR THE YEAR ENDED 30TH JUNE 2011


13. RESERVES - ASSET REVALUATION                                                  2011                  2010
                                                                                   $                     $
    Asset revaluation reserves have arisen on revaluation
    of the following classes of assets:

(a) Land and Buildings
    Balance as at 1 July 2010                                                     11,780,000            11,780,000
    Revaluation Increment                                                                  0                     0
    Revaluation Decrement                                                                  0                     0
    Balance as at 30 June 2011                                                    11,780,000            11,780,000

(b) Roads
    Balance as at 1 July 2010                                                     60,042,469            60,042,469
    Revaluation Increment                                                                  0                     0
    Revaluation Decrement                                                                  0                     0
    Balance as at 30 June 2011                                                    60,042,469            60,042,469

    TOTAL ASSET REVALUATION RESERVES                                              71,822,469            71,822,469




14. NOTES TO THE STATEMENT OF CASH FLOWS

(a) Reconciliation of Cash

    For the purposes of the statement of cash flows, cash includes cash on hand and cash equivalents,
    net of outstanding bank overdrafts. Cash at the end of the reporting period is reconciled to the
    related items in the statement of financial position as follows:

                                                              2011                2011                  2010
                                                               $                 Budget                  $
                                                                                   $

    Cash and Cash Equivalents                                  5,882,716           3,190,118             3,487,662

(b) Reconciliation of Net Cash Provided By
    Operating Activities to Net Result

    Net Result                                                 4,873,301           3,706,606             2,342,796

    Depreciation                                               5,244,229           5,912,456             5,183,571
    Impairment (Loss)/Reversal                                          0          (122,473)                     0
    (Profit)/Loss on Sale of Asset                             (835,060)             154,937             (252,134)
    (Profit)/Loss on Sale of Investments                         (39,213)                   0                    0
    (Increase)/Decrease in Receivables                           420,278             (20,824)              575,368
    Increase/(Decrease) in Inventories                         (134,987)                    0               43,716
    (Increase)/Decrease in Prepayments                                  0          (286,962)                     0
    Increase/(Decrease) in Payables                              435,233           (721,334)               434,369
    (Increase)/Decrease in Employee Provisions                   (73,258)            (61,726)              208,635
    Increase/(Decrease) in Accrued Interest                        38,239                   0                7,689
    Grants/Contributions for
      the Development of Assets                              (4,499,647)         (5,644,192)            (3,068,106)
    Net Cash from Operating Activities                         5,429,115           2,916,488              5,475,904


(c) Undrawn Borrowing Facilities
    Credit Standby Arrangements
    Bank Overdraft limit                                               0                                          0
    Bank Overdraft at Balance Date                                     0                                          0
    Credit Card limit                                            34,000                                     34,000
    Credit Card Balance at Balance Date                          (8,427)                                    (7,021)
    Total Amount of Credit Unused                                25,573                                     26,979

    Loan Facilities
    Loan Facilities - Current                                 7,333,445                                    580,316
    Loan Facilities - Non-Current                             3,724,735                                  4,130,754
    Total Facilities in Use at Balance Date                  11,058,180                                  4,711,070

    Unused Loan Facilities at Balance Date                             0                                         0


                                                                 Page 30
                             SHIRE OF AUGUSTA-MARGARET RIVER
                     NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                             FOR THE YEAR ENDED 30TH JUNE 2011




15. CONTINGENT LIABILITIES
    Nil.



16. CAPITAL AND LEASING COMMITMENTS

(a) Finance Lease Commitments
    Nil.


(b) Operating Lease Commitments                                                     2011                2010
                                                                                     $                   $
   Non-cancellable operating leases
   contracted for but not capitalised in
   the accounts.

   Payable:
   - not later than one year                                                           555,892             530,390
   - later than one year but not later than five years                               1,211,147           1,086,255
   - later than five years                                                              48,008             135,120
                                                                                     1,815,047           1,751,765

(c) Capital Expenditure Commitments

   Contracted for:
   - capital expenditure projects                                                    3,615,587                  0

   Payable:
   - not later than one year                                                         3,615,587                  0

   The capital expenditure project outstanding at the end of the current reporting period represents
   Construction of New Administration Building

17. JOINT VENTURE
    Nil.




18. TOTAL ASSETS CLASSIFIED BY FUNCTION AND ACTIVITY                                2011                2010
                                                                                     $                   $

   Governance                                                                       3,311,208            1,202,213
   General Purpose Funding                                                          6,068,400            6,317,160
   Law, Order, Public Safety                                                        2,304,012            2,215,111
   Health                                                                              28,946               40,476
   Education and Welfare                                                            1,209,406            1,161,293
   Housing                                                                             95,866               95,866
   Community Amenities                                                              9,682,924            1,750,061
   Recreation and Culture                                                           7,413,583            7,984,486
   Transport                                                                      156,699,518          156,625,053
   Economic Services                                                                1,036,869              303,610
   Other Property and Services                                                      2,590,202            2,254,340
   Unallocated                                                                         21,450               21,450
                                                                                  190,462,384          179,971,119




                                                                  Page 31
                            SHIRE OF AUGUSTA-MARGARET RIVER
                    NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                            FOR THE YEAR ENDED 30TH JUNE 2011


                                                   2011                  2010                  2009
19. FINANCIAL RATIOS

   Current Ratio                                   0.83                  0.40                  0.31
   Untied Cash to Unpaid Trade Creditors Ratio     0.72                  0.03                  0.01
   Debt Ratio                                      0.08                  0.05                  0.05
   Debt Service Ratio                              0.04                  0.08                  0.04
   Gross Debt to Revenue Ratio                     0.47                  0.22                  0.27
   Gross Debt to
    Economically Realisable Assets Ratio           0.34                  0.20                  0.24
   Rate Coverage Ratio                             0.50                  0.54                  0.52
   Outstanding Rates Ratio                         0.01                  0.02                  0.03




   The above ratios are calculated as follows:


   Current Ratio                                   current assets minus restricted current assets
                                                    current liabilities minus liabilities associated
                                                                with restricted assets


   Untied Cash to Unpaid Trade Creditors Ratio                     untied cash
                                                               unpaid trade creditors


   Debt Ratio                                                       total liabilities
                                                                     total assets


   Debt Service Ratio                                             debt service cost
                                                            available operating revenue


   Gross Debt to Revenue Ratio                                       gross debt
                                                                    total revenue


   Gross Debt to                                                   gross debt
    Economically Realisable Assets Ratio                   economically realisable assets



   Rate Coverage Ratio                                            net rate revenue
                                                                 operating revenue


   Outstanding Rates Ratio                                        rates outstanding
                                                                   rates collectable




                                                     Page 32
                                         SHIRE OF AUGUSTA-MARGARET RIVER
                                 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                         FOR THE YEAR ENDED 30TH JUNE 2011


20. TRUST FUNDS

   Funds held at balance date over which the District has no control and which are not included in
   the financial statements are as follows:

                                                    Balance       Amounts        Amounts          Balance
                                                    1-Jul-10      Received        Paid           30-Jun-11
                                                       $             $             ($)               $

   Unclaimed Monies                                      7,518             0                0            7,518
   Fire Protection                                         640             0                0              640
   BCTIF Levy                                           14,532        40,257         (47,181)            7,608
   DPI Licensing                                        28,353        66,349         (66,851)           27,851
   BRB Levy                                              1,680         1,702          (1,640)            1,742
   ESL Levy                                              3,790       557,343        (554,345)            6,788
   Public Open Space                                    70,500        67,774                0          138,274
   Bonds                                                     0       886,897                0          886,897
                                                       127,013                                       1,077,318


21. DISPOSALS OF ASSETS - 2010/11 FINANCIAL YEAR

   The following assets were disposed of during the year.


                                         Net Book Value                  Sale Price                    Profit (Loss)
                                       Actual     Budget           Actual        Budget              Actual       Budget
                                         $           $               $              $                  $              $
   Governance                            15,140      10,527          27,873          20,909             12,732       10,382
   Law, Order, Public Safety                  0      18,056          37,521          25,454             37,521        7,398
   Health                                     0            0               0              0                   0           0
   Education and Welfare                  4,761            0         10,498               0              5,738            0
   Housing                                    0            0               0              0                   0           0
   Community Amenities                        0      15,365            8,788         18,182              8,788        2,817
   Recreation and Culture                 3,942        8,438           9,234         12,727              5,292        4,289
   Transport                            104,615      79,730         293,140         176,364            188,525       96,634
   Economic Services                      5,929      10,411            9,771         11,364              3,842          953
   Other Property and Services           27,378            0        600,000               0            572,622            0
                                        161,765     142,527         996,825         265,000            835,060     122,473




                                                       Page 33
                                                                           SHIRE OF AUGUSTA-MARGARET RIVER
                                                                   NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                                           FOR THE YEAR ENDED 30TH JUNE 2011

22. INFORMATION ON BORROWINGS

(a) Debenture Repayments                               Principal         New              Principal                 Principal               Interest
                                                       1-Jul-10         Loans            Repayments                30-Jun-11              Repayments
                                                           $              $           Actual       Budget     Actual       Budget      Actual      Budget
   Particulars                                                                          $            $          $             $          $           $

   Education and Welfare
   Loan 173 Rural Transaction Ctr. - Augusta              610,198                0         28,385    28,385    581,814       581,812     38,117     38,225
                                                          610,198                0         28,385    28,385    581,814       581,812     38,117     38,225
   Community Amenities
   Loan 183 Augusta Bowling Club*                          34,692                0          3,307     3,307     31,385        34,490      2,100      2,155
   Loan 184 Augusta Town Centre Toilets                    83,034                0          7,354     7,355     75,679        82,645      4,368      4,435
   Loan 186 Margaret River Memorial Toilets               166,411                0         14,419    14,419    151,992       151,992      9,649      9,717
   Loan 188 Augusta Lighthouse Toilets                     88,352                0          6,848     6,848     81,504        81,502      5,285      5,303
                                                          372,489                0         31,928    31,929    340,560       350,629     21,402     21,610
   Recreation & Culture
   Loan 164 Aquatic Centre (Renegotiated)                 726,761                0         50,250    50,250     676,513      676,699     49,178     49,928
   Loan 171 Toilet Block - Caravan Parks                   35,863                0          8,771     8,771      27,092       27,092      1,969      2,019
   Loan 172 Toilet Block - Cowaramup                       35,863                0          8,771     8,771      27,092       27,092      1,969      2,019
   Loan 174 Cowaramup Recreation Centre                   404,549                0         19,077    19,077     385,471      385,471     25,167     25,280
   Loan 179 Gnarabup Café                                 327,496                0         14,998    14,998     312,498      312,498     20,551     20,572
   Loan 181 Gnarabup Café                                 177,013                0          6,690     6,690     170,323      170,323     10,940     10,977
   Loan 185 Solar Power for Recreation Centre              64,582                0          5,720     5,720      58,862       58,862      3,397      3,449
   Loan 187 Recreation Centre                             457,284                0         20,496    20,496     436,788      419,398     30,262     30,321
   Loan 189 Recreation Centre Stage 2                     582,136                0         45,119    45,119     537,017      537,017     34,817     34,938
                                                        2,811,547                0        179,892   179,892   2,631,656    2,614,452    178,250    179,503
   Economic Services
   Loan 154 Undergrounding of Power                         26,270               0         26,269    26,269          0             0        917       1,074
   Loan 180 Community Resource Centre*                      41,477               0          1,868     1,868     39,608        39,609      2,442       2,475
                                                            67,747               0         28,137    28,137     39,608        39,609      3,359       3,549
   Transport
   Loan 158 Purchase of Motor Vehicles                    239,672                0         33,526    33,526    206,145       206,145     15,244     15,455
   Loan 170 Various Plant (Engineering)                    60,431                0         60,431    60,431          0             0      1,517      1,859
   Loan 175 Mowen Road                                    134,484                0         32,890    32,890    101,594       101,594      7,383      7,571
   Loan 176 Road Works                                    186,126                0         45,520    45,520    140,606       140,606     10,218     10,478
   Loan 182 Various Plant                                 112,458                0        112,458   112,458          0             0      3,956      4,595
                                                          733,171                0        284,825   284,825    448,345       448,345     38,318     39,958
   Governance
   Loan 178 Administration Office                         115,918               0          27,148    27,148      88,771       88,770      6,430      6,514
   Loan 191 New Admin Building                                  0       6,927,426               0         0   6,927,426   10,580,000     83,633    335,626
                                                          115,918       6,927,426          27,148    27,148   7,016,197   10,668,770     90,063    342,140

                                                        4,711,070       6,927,426         580,315   580,316 11,058,180    14,703,617    369,509    624,985

    (*) Self supporting loan financed by payments from third parties.

   All other loan repayments were financed by general purpose revenue.




                                                                                Page 34
                                                                            SHIRE OF AUGUSTA-MARGARET RIVER
                                                                    NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                                            FOR THE YEAR ENDED 30TH JUNE 2011

 22. INFORMATION ON BORROWINGS (Continued)

 (b) New Debentures - 2010/11                              Amount Borrowed             Institution      Loan         Term            Total         Interest        Amount Used            Balance
                                                                                                        Type        (Years)       Interest &         Rate                                 Unspent
                                                          Actual          Budget                                                   Charges            %         Actual      Budget           $
     Particulars/Purpose                                    $               $                                                          $                          $           $

                                                                                                      Short-Term
                                                                          10,580,000    WATC                                                                                10,580,000
     Loan 191 - 1 New Admin Building                      4,500,000                                   (Revolving)    0.50          64,403           5.31%       4,500,000                           0
     Loan 191 - 2 New Admin Building                      2,427,426                                     Facility     0.75          160,693          5.32%       2,427,426                           0
                                                          6,927,426       10,580,000                                               225,096                      6,927,426   10,580,000              0


 (c) Unspent Debentures

                                                                           Date         Balance       Borrowed Expended            Balance
                                                                         Borrowed       1-Jul-10       During   During            30-Jun-11
                                                                                           $            Year     Year                 $
     Particulars                                                                                          $       $
     Loan 184 Augusta Town Toilets                                         1/05/2009         23,699           0        0               23,699
     Loan 188 Augusta Lighthouse Toilets                                  22/01/2010          1,000           0        0                1,000
     Loan 189 Recreation Centre Stage 2                                   22/01/2010        234,164           0  234,164                    0
                                                                                            258,863           0  234,164               24,699

 (d) Overdraft

     The Shire has no overdraft facility as at 30 June 2011.

 23. RATING INFORMATION - 2010/11 FINANCIAL YEAR

                                                          Rate in         Number       Rateable         Rate        Interim         Back            Total        Budget     Budget        Budget        Budget
                                                            ¢                of         Value          Revenue       Rates          Rates          Revenue        Rate      Interim        Back          Total
                                                                         Properties       $               $            $              $               $         Revenue       Rate         Rate         Revenue
RATE TYPE                                                                                                                                                          $           $            $              $
Differential General Rate
      General GRV (inc. vacant land)                            9.2735     3,881        59,727,018     5,538,788      99,032                201     5,638,021 5,454,352       147,853        10,000      5,612,205
      Special Rural GRV (inc vacant land)                       9.5184      669         12,080,936     1,149,912           0                  0     1,149,912 1,104,073             0             0      1,104,073
      Industrial                                               10.0919      159          3,794,638       382,951           0                  0       382,951    385,726            0             0        385,726
      Commercial                                               10.0919      455         17,855,598     1,801,969           0                  0     1,801,969 1,803,483             0             0      1,803,483
      Rural Farming UV                                          0.2822      955        849,000,000     2,395,878           0                  0     2,395,878 2,397,749             0             0      2,397,749
      Strata Title Vineyard                                     0.5644      37           4,249,995        23,987           0                  0        23,987     23,987            0             0         23,987
        Sub-Totals                                                         6,156       946,708,185    11,293,485      99,032                201    11,392,718 11,169,370      147,853        10,000     11,327,223
                                                        Minimum
Minimum Rates                                               $
     General GRV (inc. vacant land)                            961         1,909         16,240,361     1,834,549             0                0    1,834,549   1,858,574             0             0    1,858,574
     Special Rural GRV (inc vacant land)                      1169          219           2,408,442       256,011             0                0      256,011     253,673             0             0      253,673
     Industrial                                               1032          44              340,480        45,408             0                0       45,408      45,408             0             0       45,408
     Commercial                                               1032          159           1,121,778       164,088             0                0      164,088     156,864             0             0      156,864
     Rural Farming UV                                         1079          165          44,290,048       178,035             0                0      178,035     176,956             0             0      176,956
     Strata Title Vineyard                                     648           0                    0             0             0                0            0           0             0             0            0
       Sub-Totals                                                          2,496         64,401,109     2,478,091             0                0    2,478,091   2,491,475             0             0    2,491,475
                                                                                                                                                   13,870,809                                           13,818,698
Ex-Gratia Rates                                                                                                                                             0                                                    0
Specified Area Rate (refer note 24)                                                                                                                         0                                                    0
                                                                                                                                                   13,870,809                                           13,818,698
Movement in Excess Rates                                                                                                                               22,306                                                    0
     Totals                                                                                                                                        13,893,115                                           13,818,698


                                                                                                        Page 35
                                       SHIRE OF AUGUSTA-MARGARET RIVER
                               NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                       FOR THE YEAR ENDED 30TH JUNE 2011



24. SPECIFIED AREA RATE - 2010/11 FINANCIAL YEAR

   Council did not levy a specified area rate in 2010/2011.


25. SERVICE CHARGES - 2010/11 FINANCIAL YEAR

                                    Amount      Revenue        Budget       Applied         Budget
                                      of         Raised       Revenue         to            Applied
                                    Charge         $             $          Service           to
                                      $                                      Costs           Costs
                                                                               $               $
                                       178          14,062      14,062           14,062         14,062
                                                    14,062      14,062           14,062         14,062

   The service charge is to recover 50% of the debt servicing cost (principal and interest)
   for the life of loan No.154 drawn down to fund the installation of underground power project
   through to the period ended 30th June 2011.

   The Underground Electricity charge is $178 for every business assessment in the
   Bussell Highway area between the intersection of Tunbridge/Churchill and Forrest/Wallcliffe.

   No transfer to or from reserve accounts has occurred.



26. DISCOUNTS, INCENTIVES, CONCESSIONS, & WRITE-OFFS
    - 2010/11 FINANCIAL YEAR

                                                  Type        Disc %         Total          Budget
                                                                             Cost/           Cost/
                                                                             Value           Value
                                                                               $               $
   General Rates                                Discount        N/A            0               0
   Incentive                                    Incentive       N/A          1,000           1,000
   Rate Assessment                              Write-Off       N/A           906            3,000


   Incentives
   Ratepayers were provided with a rate incentive prize for payments received by the due date.

   Some photocopy charges and booking fees may be waived for community groups such as
   the elderly, certain school groups and Volunteer Bush Fire Brigades. Council consideres
   support of these groups necessary for the overall benefit of the community.




                                                           Page 36
                                       SHIRE OF AUGUSTA-MARGARET RIVER
                               NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                       FOR THE YEAR ENDED 30TH JUNE 2011




27. INTEREST CHARGES AND INSTALMENTS - 2010/11 FINANCIAL YEAR


                                                Interest      Admin.       Actual          Budget
                                                  Rate        Charge      Revenue         Revenue
                                                   %             $           $               $
   Interest on Unpaid Rates                     11.00%          35             62,897         25,254
   Interest on Deferred Rates                    5.36%         N/A              1,271          1,000
   Interest on Instalments Plan                  5.50%         N/A             89,610         70,000
   Charges on Instalment Plan                     N/A            6             57,222         50,000
                                                                             211,000         146,254

   Ratepayers had the option of paying rates in four equal instalments, due on 19 August 2010,
   21 October 2010, 23 December 2010 and 24 February 2011. Administration charges and
   interest applied for the final three instalments.



                                                                            2011                            2010
28. FEES & CHARGES                                                            $                               $

   Governance                                                                 462,801                         363,239
   General Purpose Funding                                                    181,883                         142,066
   Law, Order, Public Safety                                                  106,277                          91,412
   Health                                                                      92,092                          82,654
   Education and Welfare                                                      156,650                         109,751
   Community Amenities                                                      2,923,908                       2,727,625
   Recreation and Culture                                                     713,994                         601,855
   Transport                                                                   78,129                         226,562
   Economic Services                                                        1,719,158                       1,574,096
                                                                            6,434,892                       5,919,260

   There were no changes during the year to the amount of the fees or charges detailed in the original budget.




                                                           Page 37
                                       SHIRE OF AUGUSTA-MARGARET RIVER
                               NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                       FOR THE YEAR ENDED 30TH JUNE 2011

29. GRANT REVENUE                                                              2011                             2010
                                                                                 $                                $
   By Nature and Type:
   Operating Grants, Subsidies and Contributions                               1,682,582                        1,477,772
   Non-Operating Grants, Subsidies and Contributions                           4,499,647                        3,068,106
                                                                               6,182,229                        4,545,878
   By Program:
   Governance                                                                  1,348,478                          392,351
   General Purpose Funding                                                     1,227,009                        1,148,444
   Law, Order, Public Safety                                                     709,847                          450,498
   Community Amenities                                                           141,888                          172,947
   Recreation and Culture                                                        733,331                          165,906
   Transport                                                                   1,992,246                        2,159,144
   Economic Services                                                               5,362                                0
   Other Property and Services                                                    24,068                           56,588
                                                                               6,182,229                        4,545,878

                                                                               2011           2011             2010
30. COUNCILLORS’ REMUNERATION                                                   $            Budget              $
                                                                                                $
   The following fees, expenses and allowances were
   paid to council members and/or the president.

   Meeting Fees                                                                   55,980          56,000           54,814
   President’s Allowance                                                          35,004          35,000           35,004
   Deputy President’s Allowance                                                    8,748           8,750            8,748
   Travelling Expenses                                                             3,719          18,000           19,868
   Information Technology Allowance                                                6,972           7,000            7,099
   Telecommunications Allowance                                                   15,515          14,400           13,583
                                                                                 125,938         139,150          139,116

31. EMPLOYEE NUMBERS                                                           2011                             2010

   The number of full-time equivalent
   employees at balance date                                                          155                              141


32. MAJOR LAND TRANSACTIONS
    Nil.

33. TRADING UNDERTAKINGS AND MAJOR TRADING UNDERTAKINGS
    Nil.

34. SALE OF ADMINISTRATION BUILDING

   A contract of sale has been signed in relation to the sale of the Shire's administration building site (being 49 Town
   View Terrace Margaret River ) to fund the constrcution of the new Civic and Administration Building loacted at
   Gloucester Park, Wallcliffe Road Margaret River

   The sale is subject to the completion of the new Civic and Administration Building and it is ready for occupation by

   The contract sale amount is $5,782,000 plus GST.




                                                          Page 38
                          SHIRE OF AUGUSTA-MARGARET RIVER
                  NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                          FOR THE YEAR ENDED 30TH JUNE 2011

35. FINANCIAL RISK MANAGEMENT


   Council’s activities expose it to a variety of financial risks including price risk, credit risk, liquidity risk and
   interest rate risk. The Council’s overall risk management focuses on the unpredictability of financial markets
   and seeks to minimise potential adverse effects on the financial performance of the Council.

   Council does not engage in transactions expressed in foreign currencies and is therefore not subject to foreign
   currency risk.

   Financial risk management is carried out by the finance area under policies approved by the Council.

   The Council held the following financial instruments at balance date:

                                                     Carrying Value                               Fair Value
                                                  2011            2010                     2011                2010
                                                   $                $                       $                   $
  Financial Assets
  Cash and cash equivalents                       5,882,716          3,487,662             5,882,716           3,487,662
  Receivables                                       894,274          1,304,672               894,274           1,304,672
  Financial assets at fair value
  through profit or loss (Investments)              163,400            412,160               163,400             412,160
                                                  6,940,390          5,204,494             6,940,390           5,204,494

  Financial Liabilities
  Payables                                        2,640,595          3,296,483            2,640,595            3,296,483
  Borrowings                                     11,058,180          4,711,070           10,107,346            4,313,893
                                                 13,698,775          8,007,553           12,747,941            7,610,376


  Fair value is determined as follows:

  • Cash and Cash Equivalents, Receivables, Payables – estimated to the carrying value
    which approximates net market value.                                    9 to 44

  • Investments – based on quoted market prices at the reporting date or independent valuation.
                                                                              44 & 45

  • Borrowings – estimated future cash flows discounted by the current market interest rates
   applicable to assets and liabilities with similar risk profiles.




                                                         Page 39
                          SHIRE OF AUGUSTA-MARGARET RIVER
                  NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                          FOR THE YEAR ENDED 30TH JUNE 2011

35. FINANCIAL RISK MANAGEMENT (Continued)
(a) Cash and Cash Equivalents

   Council’s objective is to maximise its return on cash and investments whilst maintaining an adequate level of
   liquidity and preserving capital. The finance area manages the cash and investments portfolio with the
   assistance of independent advisers (where applicable). Council has an investment policy and the policy is
   subject to review by Council. An Investment Report is provided to Council on a monthly basis setting out the
   make-up and performance of the portfolio.

   The major risk associated with investments is price risk – the risk that the capital value of investments may
   fluctuate due to changes in market prices, whether these changes are caused by factors specific to individual
   financial instruments of their issuers or factors affecting similar instruments traded in a market.

   Cash and investments are also subject to interest rate risk – the risk that movements in interest rates could
   affect returns.

   Another risk associated with cash and investments is credit risk – the risk that a contracting entity will not
   complete its obligations under a financial instrument resulting in a financial loss to Council.

   Council manages these risks by diversifying its portfolio and only purchasing investments with high credit
   ratings or capital guarantees. Council also seeks advice from independent advisers (where applicable) before
   placing any cash and investments.



                                                                  30-Jun-11           30-Jun-10
                                                                      $                   $
   Impact of a 10% (*) movement in price of investments:

   - Equity                                                             28,778              41,216
   - Income Statement                                                   28,778 (+)          41,216 (+)

   Impact of a 1% (*) movement in interest rates on cash
   and investments:

   - Equity                                                             70,146              55,236
   - Income Statement                                                   70,146              55,236

   Notes:

   (*) Sensitivity percentages based on management’s expectation of future possible market movements.

   Recent market volatility has seen large market movements for certain types of investments.




                                                        Page 40
                          SHIRE OF AUGUSTA-MARGARET RIVER
                  NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                          FOR THE YEAR ENDED 30TH JUNE 2011

35. FINANCIAL RISK MANAGEMENT (Continued)
(b) Receivables


   Council’s objective is to maximise its return on cash and investments whilst maintaining an adequate level of
   liquidity and preserving capital. The finance area manages the cash and investments portfolio with the
   assistance of independent advisers (where applicable). Council has an investment policy and the policy is
   subject to review by Council. An Investment Report is provided to Council on a monthly basis setting out the
   make-up and performance of the portfolio.

   The major risk associated with investments is price risk – the risk that the capital value of investments may
   fluctuate due to changes in market prices, whether these changes are caused by factors specific to individual
   financial instruments of their issuers or factors affecting similar instruments traded in a market.

   Cash and investments are also subject to interest rate risk – the risk that movements in interest rates could
   affect returns.

   Another risk associated with cash and investments is credit risk – the risk that a contracting entity will not
   complete its obligations under a financial instrument resulting in a financial loss to Council.

   Council manages these risks by diversifying its portfolio and only purchasing investments with high credit
   ratings or capital guarantees. Council also seeks advice from independent advisers (where applicable) before

                                                                  30-Jun-11           30-Jun-10

   Percentage of Rates and Annual Charges

   - Current                                                        0.00%               0.00%
   - Overdue                                                       100.00%             100.00%

   Percentage of Other Receivables

   - Current                                                        93.68%              75.85%
   - Overdue                                                        6.32%               24.15%




                                                        Page 41
                                                              SHIRE OF AUGUSTA-MARGARET RIVER
                                                      NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                              FOR THE YEAR ENDED 30TH JUNE 2011

35. FINANCIAL RISK MANAGEMENT (Continued)
(c) Payables
    Borrowings

   Payables and borrowings are both subject to liquidity risk – that is the risk that insufficient funds may be on hand to meet payment obligations as and when they
   fall due. Council manages this risk by monitoring its cash flow requirements and liquidity levels and maintaining an adequate cash buffer. Payment terms can be
   extended and overdraft facilities drawn upon if required.

   The contractual undiscounted cash flows of Council’s Payables and Borrowings are set out in the Liquidity Sensitivity Table below:

                                   Due             Due                Due              Total            Carrying
                                  within        between              after          contractual          values
                                  1 year       1 & 5 years          5 years         cash flows
                                     $              $                  $                 $                  $
             2011

   Payables                      2,640,595                 0                  0         2,640,595         2,640,595
   Borrowings                    1,072,453         9,243,091          2,691,563        13,007,107        11,058,180
                                 3,713,048         9,243,091          2,691,563        15,647,702        13,698,775

             2010

   Payables                      3,296,483                 0                  0         3,296,483         3,296,483
   Borrowings                      869,675         2,467,366          3,202,848         6,539,889         4,711,070
                                 4,166,158         2,467,366          3,202,848         9,836,372         8,007,553




                                                                                       Page42
                                                                SHIRE OF AUGUSTA-MARGARET RIVER
                                                        NOTES TO AND FORMING PART OF THE FINANCIAL REPORT
                                                                FOR THE YEAR ENDED 30TH JUNE 2011

35. FINANCIAL RISK MANAGEMENT (Continued)

(c) Borrowings (Continued)

   Borrowings are also subject to interest rate risk – the risk that movements in interest rates could adversely affect funding costs. Council
                                                                   44 rate
   manages this risk by borrowing long term and fixing the interest & 45to the situation considered the most advantageous at the time of
   negotiation.

   The following tables set out the carrying amount, by maturity, of the financial instruments exposed to interest rate risk:                              Weighted
                                                                                                                                                            Average
                                                                                                                                                           Effective
                                  <1 year        >1<2 years         >2<3 years         >3<4 years          >4<5 years           >5 years      Total      Interest Rate
                                     $               $                  $                  $                   $                    $          $               %
  Year Ended 30 June 2011

   Borrowings

   Fixed Rate
   Debentures                               0        6,927,426                   0            385,154           206,146         3,539,454   11,058,180           5.67%
   Weighted Average
   Effective Interest Rate                               5.22%                                  6.19%             6.80%            6.43%

  Year Ended 30 June 2010

   Borrowings

   Fixed Rate
   Debentures                       199,158                   0                  0            508,255                   0       4,003,657    4,711,070           6.41%
   Weighted Average
   Effective Interest Rate            6.16%                                                     6.19%                              6.45%




                                                                                          Page43

				
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