Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 22. Superannuation (continued)
Any amount by which either fund is over or under funded would only affect future benefits and contributions to the
Regional DBF, and is not an asset or liability of the Council. Accordingly there is no recognition in the financial
statements of any over or under funding of the scheme.
As at the reporting date, the assets of the scheme are sufficient to meet the vested benefits.
The most recent actuarial assessment of the scheme was undertaken as at 1 July 2015. The actuary indicated
that "At the valuation date of 1 July 2015, the net assets of the scheme exceeded the vested benefits and the
scheme was in a satisfactory financial position as at the valuation date."
In the 2015 actuarial report the actuary has recommended no change to the employer contribution levels at this
time.
Under the Local Government Act 2009 , the trustee of the scheme has the power to levy additional contributions
on Councils which have employees in the Regional DBF when the actuary advises such additional contributions
are payable - normally when the assets of the DBF are insufficient to meet members' benefits.
There are currently 69 entities contributing to the Regional DBF plan and any changes in contribution rates would
apply equally to all 69 entities. Toowoomba Regional Council made 4.92% of the total contributions to the plan
for the 2016/17 financial year.
The next actuarial investigation will be made as at 1 July 2018.
Notes
The amount of Superannuation Contributions paid by Council to the Scheme
in this Period for the benefit of employees was:
6
2017
$'000 2016
$'000
12,868 12,175
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TOOWOOMBA REGIONAL COUNCIL I Annual Report 2016 - 2017