Statutory Requirements

Shire of Esperance

Annual Financial Report

For the year ended 30th June 2022

Notes to and forming part of the Financial Report

28. TRUST FUNDS

Funds held at balance date which are required to be held in trust and which are not included in the financial statements are as follows:

Contributions to Public Open Space Other Deposits General Bonds - Interest Bearing

1 July 2021 Amounts Received Amounts Paid 30 June 2022 $ $ $ $

197,113 1,124 39,844 238,081

477 0 10,945 11,422 0 197,590 0 1,124 0 50,789 0 249,503

Shire of Esperance

Annual Financial Report

For the year ended 30th June 2022

Notes to and forming part of the Financial Report

29. MAJOR LAND TRANSACTIONS

Flinders Residential Subdivision

(a) Details

The Council owned, freehold, East Location 18, Lot 3 which is bounded by Ormonde Street and Goldfields Road Esperance. During 2003/2004 the Council created 33 blocks from part of Lot 3. These blocks were sold at auction and profit transferred into a cash reserve established for land Development. The Council developed a further 90 lots as Stage 2 during 2009/2010. 85 lots have been sold with remainder to be progressively sold subject to market demand.

(b) Current year transactions

Other revenue

- Sale proceeds

2022 2022 2021 Actual Budget Actual $ $ $

326,159 350,000 2,334,316

Other expenditure

- Cost of goods sold (24,131) (970,954) (74,344) 302,028 (620,954) 2,259,972

The above operating revenue for the proceeds of land held for resale is reflected in other revenue and operating expenditure for the cost of the disposed land held for resale is reflected in other expenditure.

(c) Expected future cash flows

Cash outflows

- Development costs - Printing, stationery & marketing - Loan repayments - Land Development reserve

Cash inflows

- Sale proceeds - Proceeds from new borrowings - Land Development reserve

2022/23 2023/24 2024/25 2025/26 Total $ $ $ $ $

(2,378,823) (4,551,177) 0 0 (6,930,000) (4,000) (38,300) (96,650) (64,450) (203,400) 0 (416,328) (416,329) (416,330) (1,248,987) (780,000) 0 (1,677,021) (989,220) (3,446,241) (3,162,823) (5,005,805) (2,190,000) (1,470,000) (11,828,628)

780,000 780,000 2,190,000 1,470,000 5,220,000 0 3,500,000 0 0 3,500,000 2,378,823 725,805 0 0 3,104,628 3,158,823 5,005,805 2,190,000 1,470,000 11,824,628

Net cash flows

(d) Assets and liabilities

Land held for resale included within Note 6

Current Inventory

Land held for resale (4,000) 0 0 0 (4,000)

2022 2021 $ $

176,057 176,057

Non Current Inventory

Land held for resale 1,353,324 1,510,122