Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 27. Transactions with Related Parties (continued)
2016
$'000
$'000
(g) Loans and Gurarantees to/from Related Parties
Council does not make loans to or receive loans from related parties. No guarantees have been provided.
(h) Commitments to/from Other Related Parties
Existing commitments as recorded in the financial statements relate to invoices which are still current as at
30 June 2017 and were settled in the ordinary course of business.
(i) Transactions with Related Parties that have not been disclosed
Most of the entities and people that are related parties of Council live and operate within the Toowoomba Region.
Therefore, on a regular basis ordinary citizen transactions occur between Council and its related parties. Examples
include:
- Payment of rates and utility charges
- Fees and charges included in Council's Register of Fees and Charges
- Fines and Penalties included in Council's Register of Local Laws and Subordinate Local Laws
- Attendance at Council functions which are open to the General public
- Visiting Council facilities which are open to the general public
- Transactions whose total dollar value is deemed immaterial
Council has not included these types of transactions in its disclosure, where they are made on the same terms
and conditions available to the general public.
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TOOWOOMBA REGIONAL COUNCIL I Annual Report 2016 - 2017