Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2016
Note 19. Commitments for Expenditure (continued)
Notes
2016
$'000
2015
$'000
1,391
4,087
911
1,352
3,967
761
(b) Operating leases (Non Cancellable)
a. Minimum lease payments in relation to non-cancellable operating
leases are as follows:
Within one year
One to five years
Later than five years
6,389
6,080
b. Non Cancellable Operating Leases include the following assets:
These expenses are generally fixed, but with inflation clauses on which future
rentals are determined. The amounts stated are exclusive of GST.
Conditions relating to Finance and Operating Leases:
- All Finance and Operating Lease Agreements are secured only against the Leased Asset.
- No Lease Agreements impose any financial restrictions on Council regarding future debt etc.
(c) Contractual commitments
Contractual commitments at end of financial year but not recognised in the
financial statements are as follows:
Other
48,400
83,930
48,400
83,930
12,503
35,897
-
13,904
60,709
9,317
These expenditures are payable as follows:
Within the next year
Later than one year and not later than 5 years
Later than 5 years
Total Payable
48,400
83,930
Note 20. Contingent Liabilities
Details and estimates of maximum amounts of contingent liabilities are as follows:
Council
Local Government Mutual
The Council is a member of the local government mutual liability self-insurance pool, LGM Queensland. In the
event of the pool being wound up or it is unable to meet its debts as they fall due, the trust deed and rules
provide that any accumulated deficit will be met by the individual pool members in the same proportion as their
contribution is to the total pool contributions in respect to any year that a deficit arises.
As at 30 June 2015 the financial statements reported an accumulated surplus and it is not anticipated any liability
will arise.
page 37
TOOWOOMBA REGIONAL COUNCIL Annual Report 2015 - 2016
Financial report CHAPTER 6
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