Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 22. Superannuation
The Council contributes to the Local Government Superannuation Scheme (Qld) (the scheme). The scheme is a
Multi-employer Plan as defined in the Australian Accounting Standard AASB119 Employee Benefits .
The Queensland Local Government Superannuation Board, the trustee of the scheme, advised that the local
government superannuation scheme was a complying superannuation scheme for the purpose of the
Commonwealth Superannuation Industry (Supervision) legislation.
The Scheme has three elements referred to as:
- The City Defined Benefits Fund (CDBF) which covers former members of the City Super Defined Benefits Fund
- The Regional Defined Benefits Fund (Regional DBF) which covers defined benefit fund members working for
regional local governments; and
- The Accumulation Benefits Fund (ABF)
The ABF is a defined contribution Scheme as defined in AASB 119. Council has no liability to or interest in the
ABF other than the payment of the statutory contributions as required by the Local Government Act 2009 .
Council does not have any employees who are members of the CDBF and, therefore, is not exposed to the
obligations, assets or costs associated with this fund.
The Regional DBF is a defined benefit plan as defined in AASB119. The Council is not able to account for the
Regional DBF as a defined benefit plan in accordance with AASB119 because the scheme is unable to account
to the Council for its proportionate share of the defined benefit obligation, plan assets and costs. The funding
policy adopted in respect of the Regional DBF is directed at ensuring that the benefits accruing to members and
beneficiaries are fully funded as they fall due.
To ensure the ongoing solvency of the Regional DBF, the scheme's trustee can vary the rate of contributions from
relevant local government employers subject to advice from the scheme's actuary. As at the reporting date, no
changes had been made to prescribed employer contributions which remain at 12% of employee assets and there
are no known requirements to change the rate of contributions.
page 39
Annual Report 2016 - 2017 I TOOWOOMBA REGIONAL COUNCIL
77