Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 20. Commitments for Expenditure (continued)
Notes
2017
$'000
2016
$'000
(c) Contractual commitments
Contractual commitments at end of financial year but not recognised in the
financial statements are as follows:
Other
63,999
48,400
63,999 48,400
23,647
40,352
- 12,503
35,897
-
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
63,999
48,400
Note 21. Contingent Liabilities
Council
Details and estimates of maximum amounts of contingent liabilities are as follows:
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 2017 the financial statements reported an accumulated surplus and it is not anticipated any liability
will arise.
Local Government Workcare
The Council is a member of the Queensland local government worker's compensation self-insurance scheme,
Local Government Workcare. Under this scheme the Council has provided an indemnity towards a bank
guarantee to cover bad debts which may remain should the self insurance licence be cancelled and there was
insufficient funds available to cover outstanding liabilities. Only the Queensland Government’s workers
compensation authority may call on any part of the guarantee should the above circumstances arise. The
Council's maximum exposure to the bank guarantee is $1,634,258.41.
Other Contingent Liabilities
Notes
2017
$'000 2016
$'000
452 2,385
Details and estimates of maximum amounts of contingent liabilities are as follows:
Various claims are pending against Council. In the opinion of Council's
solicitors the potential loss on all claims should not exceed:
The Council has disclaimed liability and no provision has been made in the financial
statements pertaining to these claims.
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TOOWOOMBA REGIONAL COUNCIL I Annual Report 2016 - 2017