Urban Land Development Authority - Final Report 1 July 2011

Transcription

Final Report
1 July 2011 – 31 January 2013
Urban Land Development Authority
2011-2012
Annual Report
Final Report 1 July 2011 – 31 January 2013
1
Urban Land Development Authority I Final Report
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ISSN - 1839-4493
2
Contents
Compliance letter........................................................................................................................................................................ 2
About this report........................................................................................................................................................................ 3
Message from the former CEO.................................................................................................................................................... 4
About the ULDA.......................................................................................................................................................................... 5
Planning .................................................................................................................................................................................... 6
Development assessment........................................................................................................................................................... 7
Community engagement............................................................................................................................................................. 7
Residential development............................................................................................................................................................ 8
Urban development................................................................................................................................................................... 11
ULDA Board................................................................................................................................................................................12
Executive Management Team....................................................................................................................................................14
ULDA staffing.............................................................................................................................................................................15
Governance................................................................................................................................................................................16
Financial summary.....................................................................................................................................................................17
Financial statements..................................................................................................................................................................21
Compliance checklist................................................................................................................................................................ 62
1
2
About this report
This is the Final Report of the Urban Land Development Authority (ULDA). As part of machinery-of-government changes
implemented on 1 February 2013, the ULDA was abolished and the ULDA’s functions were transitioned into Economic
Development Queensland, which is a commercialised business unit of the Department of State Development, Infrastructure
and Planning.
This report refers to the activities and performance of the ULDA for the financial year 1 July 2011 to 30 June 2012 and for the
last seven months of the ULDA until 31 January 2013.
The ULDA Final Report has been developed for the Deputy Premier and Minister for State Development, Infrastructure and
Planning, the Honourable Jeff Seeney MP and ULDA stakeholders including builder partners, local government, industry
and the community.
This report contains financial statements and a summary of the ULDA’s financial and non-financial performance for
the reporting period 1 July 2011 – 31 January 2013, in line with the targets and objectives outlined in the Financial and
Performance Management Standard 2009.
It also complies with the ULDA’s legislative reporting requirements under the Financial Accountability Act 2009, the Urban
Land Development Authority Act 2007 and the Queensland Government’s Annual Report Requirements for Queensland
Government Agencies.
3
Message from the former Chief Executive Officer
This is the Final Report of the Urban Land Development Authority (ULDA), encompassing operations for the last 19 months
as a statutory authority.
During this period, the ULDA oversaw the successful implementation of initiatives to provide innovative, affordable and
sustainable housing solutions in communities across Queensland, the continued delivery of quality urban and residential
developments and the completion of a range of planning documents to facilitate these developments.
Initiatives implemented by the ULDA included the My Place program which assisted key workers in competitive housing
markets to buy their own home, the development of innovative housing products such as the zero net emission home at
Fitzgibbon Chase and the design and introduction of small lot affordable housing.
This period also saw the completion of significant planning work including the finalisation of development schemes for
the four greenfield Urban Development Areas (UDA) in Yarrabilba, Greater Flagstone, Ripley Valley and Caloundra South.
These areas are some of the major growth centres in South East Queensland which will ultimately provide housing for up to
340,000 people over the next 30 - 40 years.
A suite of guidelines and practice notes were completed, outlining the standards for development in UDAs and covering
a range of design areas including park planning and design, engineering standards, environmental sustainability and nonresident worker accommodation. These documents have been created to assist development within UDAs, with the aim
to ultimately provide guidance to local government and the broader development industry.
Development continues across 14 UDAs with high rise developments completed in Bowen Hills and Northshore Hamilton,
over 350 homes built in Fitzgibbon Chase, Gladstone and Mackay, and the construction of the first homes in the major
greenfield UDAs, including Caloundra South and Greater Flagstone.
Development in residential projects in the resource communities of Blackwater and Moranbah is well advanced following
the accelerated release of land into these constrained markets to improve land availability and housing affordability.
Development in Roma is also progressing well with the first residents already moved into their new homes.
As part of the government’s commitment to re-empower local government, in 2012 the ULDA worked with Brisbane City
Council to successfully delegate development assessment functions to council in the four Brisbane-based UDAs at Bowen
Hills, Northshore Hamilton, Fitzgibbon and Woolloongabba.
The last six months of the ULDA was a period of change for the authority as it prepared to transition into the Department of
State Development, Infrastructure and Planning.
During this time the ULDA continued to support the government’s objectives for the community including growing a four
pillar economy by undertaking and facilitating development in declared UDAs, lowering the cost of living through the
delivery of sustainable and affordable housing, and delivering better infrastructure and using better planning through the
preparation of development schemes for declared UDAs.
I would like to thank all involved with the ULDA over the five years of its existence. The achievements of the ULDA in that
time are a tribute to the board and employees. In particular Paul Eagles, the Chief Executive Officer until December 2012,
deserves special mention for guiding, directing and inspiring the team.
Chris Mills
Former Chief Executive Officer
4
About the ULDA
The ULDA was established under the Urban Land Development Authority Act 2007 as a statutory authority responsible for
the facilitation of:
• the availability of land for urban purposes
• the provision of a range of housing options to address diverse community needs
• the provision of infrastructure for urban purposes
• planning principles that give effect to ecological sustainability and best practice urban design
• the provision of an ongoing availability of affordable housing options for low to moderate income households.
The ULDA was the plan maker, development assessment authority, and in some cases development manager for 17 declared
Urban Development Areas (UDAs) across Queensland.
During the five years the ULDA was in operation the scope and focus of the organisation expanded from the initial Brisbane
based UDAs that were declared in Bowen Hills, Northshore Hamilton and Fitzgibbon in 2008 and later Woolloongabba, to
include UDAs in:
• regional centres; Gladstone (Clinton, Tannum Sands and Toolooa), Townsville (Oonoonba), Rockhampton
and Mackay (Andergrove)
• resource communities; Moranbah, Blackwater and Roma
• strategic greenfield areas; Ripley Valley, Greater Flagstone, Yarrabilba and Caloundra South.
As plan maker the ULDA prepared development schemes for each of the declared areas which consisted of a land use plan,
infrastructure plan and infrastructure strategy. To provide further direction to stakeholders in relation to how development
might be undertaken in these declared areas, a series of guidelines and practice notes were prepared over time by the
ULDA which cover a range of planning, engineering and environmental matters.
Of the 17 UDAs declared, the ULDA worked in partnership with builders and developers to deliver residential projects in
eight communities in Fitzgibbon, Clinton, Tannum Sands, Oonoonba, Andergrove, Moranbah, Blackwater and Roma.
Through these developments the ULDA has:
• a ssisted in getting housing on the ground in resource areas where pressure has been felt due to the growth in the
mining sector, especially for key workers
• demonstrated innovative housing to improve housing choice and affordability
• implemented best practice ecological sustainability policies.
The ULDA also worked with industry to co-ordinate and provide infrastructure to facilitate the development of a key innerBrisbane riverside precinct at Northshore Hamilton.
Vision
Mission
Values
Vibrant inclusive
communities
Ensure private and government land holdings can be
brought to the market quickly to improve land supply,
housing diversity and employment.
Bold leadership
Collaboration and partnership
Creativity and innovation
Sustainability
Integrity
Creating outstanding new communities all Queenslanders
will be proud of by utilising best practice design
principles to deliver a range of affordable housing
options maximising sustainable outcomes.
5
Planning
During 2011 – 2012 six development schemes and one amended development scheme were finalised and approved by
government before taking effect. This included schemes for four greenfield areas which represent some of the most
significant growth opportunities in South East Queensland, as well as schemes for two major resource communities in
Central Queensland.
Approved development schemes were finalised for the following UDAs:
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------• Blackwater
• Moranbah
• Caloundra South
• Greater Flagstone
• Ripley Valley
• Yarrabilba
The amended scheme for the Fitzgibbon UDA, which included more detailed planning of the Carseldine Urban Village, was
also approved.
Other planning milestones included:
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
• revision, updating and addition to the ULDA guidelines and practice notes which cover a range of design elements
with 19 guidelines and 12 practice notes now publicly available
• fi
nalisation of public engagement for the Tannum Sands UDA Development Scheme and the review of the public
submissions
• fi
nalisation of public engagement for the proposed development schemes for the Central Queensland University
Rockhampton and Toolooa UDAs
• receiving national awards for planning excellence for the ULDA’s Self Certification Manual and for public
engagement associated with the preparation of the Moranbah and Blackwater UDA Development Schemes.
July 2012 to January 2013 was a period of change for the planning team as the Economic Development Bill 2012 progressed
through Parliament and the transition of the ULDA started.
During this period the planning team:
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
• fi
nalised the Tannum Sands UDA Development Scheme which was approved on 19 October 2012 by the State
Government
• p
repared for the transition of the proposed development schemes for Rockhampton and Toolooa which would be
approved under the new Economic Development Act 2012
• advised on drafting issues in relation to planning elements of the new Act
• assisted with the preparation of the Regional and Resource Towns Action Plan focusing on housing and land supply
issues in regional Queensland
• p
repared for the declaration of new Priority Development Areas, including the Commonwealth Games Village site at
Parklands, under the Economic Development Act 2012
• s upported the delegation of development assessment responsibilities for the four Brisbane UDAs to Brisbane City
Council.
6
Development assessment
From 1 July 2011 until 31 January 2013 the development assessment team:
• received 269 properly made applications across 14 UDAs
• approved 213 applications across 14 UDAs of which nine were changes to existing approvals.
In total the approvals allow for the development of over 4,300 residential lots and approximately 153,000m2 of
commercial and retail space.
Major approvals during this period include:
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
• w
hole of site material change of use (MCU) and reconfiguration of a lot (one into 1001 lots) at the northern
end of the Greater Flagstone UDA
• s eparate greenfield reconfigurations within the Ripley Valley UDA by major developers AMEX, Stockland and
Sekisui House delivering 730 lots
• w
hole of site applications at Caloundra South and Yarrabilba by Stockland and Lend Lease respectively
establishing master planning frameworks for future development within these two greenfield sites
• c ompliance assessment approval of the ‘The Green’, representing the first Lend Lease residential
development within the RNA precinct delivering 340 units
• three commercial developments located at Hudd St, Abottsford Road and the Mongolian restaurant site in
Bowen Hills delivering over 100,000m2 of commercial space
• MCU for two residential towers in Bowen Hills totalling 300 units
• two residential towers within the Brookfield ‘Portside Wharf’ development delivering 285 units in
Northshore Hamilton
• e ight buildings as part of the mixed use development by Shayher Developments in Northshore Hamilton
delivering 277 units
• M
CU for business and industry in Northshore Hamilton for the Harvest Property Group totalling 12,500m2
in commercial and retail space.
Community engagement
Community engagement played a significant role in the planning work that the ULDA undertook in declared UDAs.
While the legislative engagement requirements in the Urban Land Development Authority Act 2007 specified a 30
business day public notification period for proposed development schemes, the ULDA always sought to undertake
more detailed engagement.
From 1 July 2011 until 31 January 2013 comprehensive community engagement activities were undertaken for the
preparation of development schemes for three UDAs.
Development scheme prepared
Submission period for proposed scheme
Tannum Sands UDA Development Scheme
4 November – 19 December 2011
CQU Rockhampton UDA Development Scheme
29 June – 13 August 2012
Toolooa UDA Development Scheme
29 June – 13 August 2012
7
Residential development
The residential development team was responsible for developments being undertaken by the ULDA within a number
of UDAs throughout Queensland.
Brisbane
• Fitzgibbon Chase
Regional centres
• Hillclose, Clinton (Gladstone)
• Tannum Blue, Tannum Sands (Gladstone)
• Woodlands, Andergrove (Mackay)
• The Village, Oonoonba (Townsville)
Resource communities
• Blue Ridge, Blackwater
• Bushlark Grove, Moranbah
• Clearview Rise, Roma
Fitzgibbon Chase, Brisbane
• The delivery of over 370 homes in the three and a half years since development started in May 2009.
• O
f those homes delivered, 83 per cent met the ULDA’s affordability target, which is well above the 66
per cent required under the Fitzgibbon UDA Development Scheme.
• Development of a further 127 lots, ready for homes to be built.
• N
ew affordable, small lot freehold product developed with the ULDA’s builder partners, including urban
homes on lots of 54m2 and terrace product under 173m2 and delivered to the market starting at less
than $197,000.
• Innovation in housing with the design of the Small Office, Home Office (SOHO) product providing
flexible floor space opportunities for work from home.
• Completion of zero net energy homes.
• C
ompletion of Lavender Place road extension, providing important vehicle and pedestrian access
between the new development and surrounding suburbs to the Carseldine Railway Station and
proposed busway station.
• C
ontinued rollout of two innovative sustainable water projects FiSH and Potaroo which will see the
harvesting of roof water and stormwater from within the UDA for re-use.
• C
ompletion of the $3.4 million Fitzgibbon Chase Community Centre jointly funded by the ULDA and the
Federal Government.
• Completion and opening to the public of the 2.7km bushland trail network.
8
Regional centres
Gladstone
• C
ompletion and nearly full sell-out of the first four stages within the HillClose development and the
rollout of Stage 6a.
• Opening of the HillClose display village.
• The construction of 76 homes with another 46 under construction.
• 6
6 per cent of house and land packages sold were below Gladstone’s median house price of $457,000
(Dec 2012) exceeding the target of 60 per cent.
• T
he identification and approval of an additional development site at Tannum Sands and
commencement of construction.
• T
he Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to the
Tannum Sands project, Tannum Blue.
Mackay
• T
he completion and nearly full sell-out of two released stages within the Woodlands development and
rollout of the further stages 2, 4 and 5.
• The opening of the display village at Woodlands.
• T
he construction of 42 homes with another 16 under construction, 70 per cent of which are affordable
in the Mackay market.
Townsville
• In collaboration with Townsville City Council, the revision of the draft Ross River Flood Study reducing
the potentially significant impacts on the development of The Village as well as the surrounding
suburbs.
• T
he completion of the first stage of The Village and rollout of the further stages of development in
stages 2 and 3.
• T
he project achieved 48 settlements since development started, with 57 per cent of house and land
packages affordable in the Townsville market, exceeding the target of 50 per cent.
• The construction of 35 homes with another 10 under construction.
During this period the ULDA also delivered training and industry development initiatives for trainees and school children in
each of these UDAs.
Resource communities
Blackwater
• T
he completion of 12 townhouses in Blackwater with six transferred to Central Highlands Regional
Council to provide affordable housing for key workers.
• A
cceleration of release to market within the ULDA’s 126 lot Blue Ridge development and the start of
construction of homes.
• T
he Urban Development Institute of Australia (UDIA) EnviroDevelopment accreditation awarded to
Blue Ridge.
Moranbah
• The commencement of the first two stages of the ULDA’s 151 lot Bushlark Grove residential development.
• The accelerated release to market of lots within Bushlark Grove and the start of construction of homes.
• T
Bushlark Grove.
9
Roma
• T
he completion of the first stage of the ULDA residential development Clearview Rise, with 14
settlements; 70 per cent of which are below the median house price in Roma.
• T
he completion of 12 homes funded by the ULDA and the Sustainable Resources Council (SRC) and the
rollout of Stage 4 of the development.
• T
Clearview Rise.
Reinvestment into ULDA projects
The ULDA has reinvested millions of dollars in its residential development projects to provide affordable housing in resource
communities and develop innovative and sustainable housing solutions. These projects include:
• $1.06 million for zero net energy homes at Fitzgibbon Chase
• $
1 million for construction of four homes in Roma for gifting to Maranoa Regional Council for affordable housing
• $
1 million for the completion of three further houses to be gifted to Maranoa Regional Council for affordable
housing
• $
270,000 for the transfer of lot 11 at Woodlands to Mackay Regional Housing Company to construct a four-unit
development
• $
1.8 million for the construction of demonstration/innovative housing including SOHO, nano and urban product
at Fitzgibbon Chase
• $
850,000 for the construction of four demonstration dwellings at Woodlands including nano product
on 54m2 blocks
• $
2 million to supply land to Isaac Regional Council to develop and manage affordable housing
for the region
• $
2 million to Central Highlands Regional Council to purchase six units in the Aurora Close development, managed
by Central Highlands Housing Company Limited.
Successful launch and rollout of the My Place program
My Place was an initiative instigated by the ULDA and designed for key workers to get their foot in the door of the highly
competitive housing market. Under My Place, key workers were given an opportunity to purchase a home ahead of higher
income earners or investors.
Eligible people with household incomes of between $60,000 and $105,000 were given the chance to enter into a ballot to
buy house and land packages ranging from $250,000 to $360,000 across Queensland. The rollout of My Place continues
under EDQ.
Project
Price Range
Fitzgibbon
$237,000 - $289,500
2
62m2 - 198m2
HillClose
$220,000 - $380,000
21
115m2 - 280m2
Woodlands
$239,000 - $356,000
4
Townhouse and 111m2 - 257m2
Moranbah
$189,000 - $203,200
4
375m2 - 421m2
10
No Sold
Lot Size
Urban development
The urban development team was responsible for the development of land in medium to higher density UDAs. The
development role sometimes extended to the delivery of roads, infrastructure and public realm required to support the sale
of prepared lots to third party developers.
Where the ULDA was not a land owner in these UDAs, the team played a facilitation role for other State Government
agencies that were the land owners.
The urban development team was created in 2010 as part of the restructure of the ULDA in recognition of the growth in the
Authority’s development involvement in urban sites. This included facilitation of development within the Carseldine Urban
Village as well as development of ULDA owned land at Northshore Hamilton.
A major focus of the urban development team was the Northshore Hamilton UDA, where the ULDA owned approximately 60
hectares of land.
The highlights include:
Northshore Hamilton
• T
he completion of a new $5 million CityCat Terminal from which a regular express service to the CBD is
now operational.
• T
he completion of $1.5 million of road works and approximately $1.5 million of riverwalk works around
the Australand development.
• T
he completion of $10 million of trunk sewer works from Macarthur Ave to Violet St north of Kingsford
Smith Drive.
• D
esign for the completion of parks, public realm, roads and infrastructure at the western end of
Northshore Hamilton which is expected to cost approximately $60 million to deliver.
• T
he sale of just over 1 hectare of land on Remora Road for $12 million to The Shayher Group which has
started construction on a mixed-use development comprising 273 units and 5,000m2 of commercial
and retail space.
• A
development agreement with BTP Development Services (and joint venture between Graystone,
Harvest and Alceon) for up to 5 hectares of land to deliver a 50,000m2 Northshore Business and
Innovation Precinct over the next five years which is expected to realise a return of more than $25
million to the State Government.
• T
he construction of over 1,000 dwellings to date with approvals in place or construction underway on
another 500 dwellings.
In late 2012, the urban development team was tasked with facilitating the delivery of the 2018 Gold Coast Commonwealth
GamesTM Village which included the handover of the Commonwealth Games Village business plan from the Department
of Tourism, Major Events, Small Business and the Commonwealth Games and preparation for selection of a development
partner and consultants for early site works. The delivery of the village is being continued by EDQ.
11
ULDA Board
The constitution of the board was specified in section 105 of the Urban Land Development Authority Act 2007. The board
comprised nine members including the Chair and the chief executives or delegates of the departments in which the State
Development and Public Works Organisation Act 1971 and the Financial Administration Act 2009 are administered.
Board members
Appointed
Julie Boyd – Chair – resigned 16 August 2012
Michael Back – resigned 16 August 2012
Michael Kerry – term completed 14 November 2011
John Corbett – resigned 16 August 2012
Renaye Peters – resigned 16 August 2012
Jim Reeves – resigned 26 August 2011
Margaret Strelow – resigned 16 August 2012
Matthew Miller – appointed 9 December 2011 - resigned 16 August 2012
Ex-officio
Jack Noye – until April 2012
Alison Quinn – April 2012 until August 2012
Drew Ellem – until August 2012
Board meetings
Board meetings (12 held
and 1 flying minute)
Board workshops
(1 held)
Audit and Risk Committee
(4 held)
Julie Boyd
12
1
4
Michael Back
9
Michael Kerry
3
John Corbett
12
1
Drew Ellem
12
1
Jack Noye*
4
1
1
3
Renaye Peters
11
Jim Reeves
2
Margaret Strelow
8
1
Matthew Miller
7
1
Alison Quinn
4
Graham Carpenter (ARC Chair)
*Kathy Schaefer represented Jack Noye at 15 September 2011 meeting
*Adrian Jeffreys represented Jack Noye at 20 October 2011 and 15 December 2011 meetings
*Alison Quinn represented Jack Noye at 15 March 2012 meeting.
12
3
4
4
Board functions
The ULDA Board undertook a range of administrative and decision making functions as detailed in the Urban Land
Development Authority Act 2007. The board was responsible for the overall corporate governance of the ULDA and was the
internal approval body for development schemes and development applications.
As part of the transition of the ULDA into the Department of State Development, Infrastructure and Planning, the board
resigned as of 16 August 2012. The Deputy Premier and Minister for State Development, Infrastructure and Planning
assumed many of the responsibilities of the ULDA Board until the abolition of the ULDA on 31 January 2013.
Audit and Risk Management Committee
The Audit and Risk Management Committee oversaw the ULDA’s risk profile and key strategic and operational risks.
The committee members resigned in August 2012 as part of the transition into the Department of State Development,
Infrastructure and Planning. The department assumed many of the responsibilities of the committee until the ULDA was
abolished on 31 January 2013.
The committee met on four occasions during 2011 - 2012, providing advice and support to the CEO and the ULDA Board in
the discharge of their responsibilities under the Financial Administration Act 2009, in particular advising on financial and
governance matters of the ULDA. The committee observed the terms of its charter with due regard to Queensland Treasury’s
Audit Committee Guidelines.
An internal audit function was in place as part of the corporate governance framework by which the Authority maintained
effective systems of accountability and control. The internal audit function reported to the audit and risk committee,
providing independent and objective advice and assurance. The role of internal audit included appraisal of the ULDA’s
financial administration and effectiveness, as well as the provision of value added audit services and advice.
13
Executive Management Team
The Executive Management Team (EMT) within the ULDA consisted of the Chief Executive Officer, Chief Operating Officer
and Directors of the various areas within the organisation. The EMT members met fortnightly to review operations and
performance of key strategies. Members also attended the board meetings.
Paul Eagles: Chief Executive Officer (until 3 December 2012)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Paul has 30 years experience in the development industry with a focus on the planning and delivery of residential
communities providing a diverse mix of housing. He oversaw the successful planning of 17 Urban Development Areas. These
included areas in Brisbane, regional and resource centres, and four new communities in South East Queensland which will
become home to more than 300,000 people.
Paul has held senior positions with national development companies working on large master planned communities in
South East Queensland. Paul also spent 15 years in local government, including positions with Cairns City Council, Logan
City Council and Albert Shire Council.
Chris Mills: Acting Chief Executive Officer (3 December 2012 - 31 January 2013)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Chris joined the ULDA in June 2009 as the Chief Financial Officer, until being appointed Chief Operating Officer with the
organisation in November 2011 and finally the Acting Chief Executive Officer in December 2012.
In his previous role as corporate services manager at Southbank Corporation he managed a range of development, financial,
retail and other operating responsibilities.
Additionally, Chris has extensive tourism and leisure experience gained through senior management roles in Macquarie
Leisure Trust and assets, Dreamworld and d’Albora Marinas, and is a board member of Currumbin Wildlife Sanctuary.
Steve Conner: Director - Planning
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Steve joined the ULDA in May 2008 bringing more than 20 years experience in strategic and statutory planning, urban
design, transit orientated development and development assessment to the Authority.
Steve led the ULDA planning team’s work on 17 UDAs declared over the past five years. He was also instrumental in
the development of different planning guidelines including the Residential 30: Guideline to deliver diversity in new
neighbourhood development.
Previously, Steve led Queensland Transport’s planning team, responsible for development assessment and facilitating transit
orientated development projects.
Matt Leyshon: Director - Urban Development
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Matt joined the ULDA in October 2009 as Director of Development and led the expansion of the ULDA’s project portfolio
from approximately 1,000 lots at Fitzgibbon Chase to over 3,000 lots across Queensland. With the transfer of approximately
60 hectares of land at Northshore Hamilton from the Port of Brisbane to the ULDA in 2010, a dedicated urban development
team was formed which he led.
Previously, Matt was the Chief Operating Officer with Indigo Group and was also directly responsible for the development
management of Indigo’s multi-residential projects.
Matt has more than 20 years experience in the property and construction industries in Australia, Hong Kong and London. He
holds an MBA from the Australian Business School and a Bachelor of Architecture from University of Queensland.
Peter Smith: Director - Residential Development
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Peter joined the ULDA in November 2009 bringing more than 15 year’s experience in preparing feasibilities, design and
delivery of large and medium scale complexes, master-planned residential developments across communities, commercial
and residential building, civil engineering, subdivisional and infrastructure master planning, construction and contract
administration.
Previously at Brookfield Multiplex Developments, Peter was Senior Development Manager Communities with responsibility
for the proposed development of residential and non-residential land for Echelon Development at Keperra Quarry.
After joining the ULDA he was instrumental in the planning and delivery of all of the ULDA’s residential developments.
14
ULDA staffing
Workforce planning, attraction and retention
During the 2011 – 2012 financial year and until 31 January 2013 staffing levels for the ULDA decreased from 89.5 to 78.9 full
time equivalent employees. All ULDA staff were based in the Brisbane office, except for two staff members and two trainees
who were located on-site at the Fitzgibbon Chase residential land development project.
uring the 2011 – 2012 financial year and until 31 January 2013 the ULDA recorded a permanent staff retention rate of 89
D
per cent and a permanent separation rate of 11 per cent.
Workgroup
FTE
Office of the Chief Executive Officer
6.80
Office of the Chief Operating Officer
3.00
Business Services
12.50
Planning
10.80
Planning – Development Assessment
10.00
Development – Residential
19.96
Development – Sales and Marketing
7.00
Development – Urban
8.80
Grand Total
78.86
Voluntary Early Retirement (VER) and retrenchments
There were no VERs at the ULDA during this period.
There were six redundancies at the ULDA during this period. The ULDA conducted a review of the activities of the
Sustainability and Innovation Unit in May 2012 which highlighted the need for the Authority to focus its resources and
energy in its core business. The review determined to close the Sustainability and Innovation Unit, resulting in four
redundancies.
There were two further redundancies in January 2013, relating to the transition of the ULDA into Economic
Development Queensland.
Chief Executive Officer
Office of
the CEO
Office of
the COO
Business
Services
Planning
Development
15
Governance
Service standards
The ULDA’s performance measures focused on the efficiency and effectiveness of the core work undertaken by the Authority.
In regard to efficiency, this performance measure applied to the decision making period undertaken by the ULDA to assess
a development application upon receipt of all information required to make a determination. Under the Urban Land
Development Authority Act 2007, the ULDA was required to decide applications within 40 business days from receipt of all
necessary information.
The ULDA set a target of under 40 business days to measure its efficiency. This timeframe did not include time taken by
an applicant to respond to information requests from the ULDA as this is outside the control of the ULDA. It also did not
include the public notification period of an application as this is a set statutory period.
In regard to effectiveness, this is a measure of how effectively the ULDA delivered on its purpose to facilitate the provision
of affordable housing for low to moderate income households. The definition of low to moderate household incomes,
affordable housing and the prices at which homes are considered affordable to rent or purchase are outlined in the ULDA’s
Housing Strategy.
2012-13 Target/Est.
2012-13 Est./Actual
31
37
15 per cent
29 per cent
Service standards
Average number of days to process a development
application
Percentage of completed dwellings that are affordable for
households on low to moderate incomes
Public Sector Ethics Act 1994
ULDA’s administrative procedures and management practices had proper regard for the organisation’s Code of Conduct
and the Public Sector Ethics Act 1994. Staff were made aware and trained in the Code of Conduct and the requirements for
ethical behaviour. The Code of Conduct was on the ULDA’s intranet and in the ULDA’s register of documents which relate to
the final report.
Ministerial direction
The Urban Land Development Authority Act 2007 (the Act) provided for a wide range of powers to enable the Authority
to carry out its responsibilities. Under section 130 of the Act the responsible Minister was able to give the ULDA a written
direction about the performance of its functions (a Ministerial direction).
No Ministerial direction was given from 1 July 2011 – 31 January 2013.
Website information
As per the Queensland Government’s requirements, information regarding Right to Information, information privacy,
complaints management, Native Title, overseas travel, Carers (Recognition) Act 2008, shared service agency, information
systems and record keeping, and consultancies has not been included in this document and is instead available on the
Department of State Development, Infrastructure and Planning website at www.dsdip.qld.gov.au
16
Summary of Financial
Performance
For the period 1 July 2011 to 31 January 2013
17
Introduction
On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012. A
new entity called Minister for Economic Development Queensland (MEDQ) was established to replace the former Urban Land
Development Authority (ULDA) and Property Services Group (PSG). The Urban Land Development Authority Act was repealed
and the Urban Land Development Authority abolished effective 31 January 2013.
As a consequence of these changes the services, assets and liabilities of the ULDA were transferred to MEDQ on
1 February 2013.
This is therefore the final financial report of the ULDA.
The summary of the financial performance of the ULDA for the period 1 July 2011 to 31 January 2013 highlights the key
financial results together with associated commentary. Tables and graphs have been used to illustrate comparisons between
financial years. Direct comparisons with 2013 must be made with the knowledge this relates to a 19 month period.
18
Financial Summary
The Authority recorded an operating surplus before revaluations and transferred assets of $2.6 million for the 19 month
period to 31 January 2013. The Authority recorded an operating loss for the period of $101.6 million after accounting for
$67.4 million downwards valuation in assets and $36.8 million in assets already transferred or provided for future transfer.
Key financial results for the past 3 years have been summarised in the table below.
2009-10
$m
2010-11
$m
2011-13
19 months $m
Land sales
9.7
40.2
74.2
Land costs
8.4
29.9
53.8
Development profit
1.3
10.3
20.4
Grants
8.4
7.5
5.9
-
2.8
20.6
2.0
1.1
1.1
User charges
Other revenue
Cost of development management agreements
-
-
11.8
Other expenses
9.7
18.1
33.6
Operating surplus (deficit) before revaluations
and donated assets
2.0
3.6
2.6
-
-
67.4
Downwards revaluation of assets
Assets transferred
Operating result (before tax equivalents)
Tax equivalents
Operating surplus (deficit)
-
-
36.8
2.0
3.6
(101.6)
0
(0.1)
21.0
2.0
3.5
(80.6)
Total revenue for the 19 months to 31 January 2013 was $101.8 million which included $74.2 million in land sales,
$20.6 million in development application and development management sale fees, property rental income and other user
fees. Grants and contributions amounted to $5.9 million and other income $1.1 million.
Total expenses for the 19 months to 31 January 2013 were $203.4 million which included a $67.4 million revaluation
decrement for land and buildings, $53.8 million cost of land sold, $36.8 million in assets already transferred or provided
for future transfer, $14.5 million employee costs, $11.8 million in costs on development management agreements and
$19.1 million in other costs.
ULDA financial overview
100.0
90.0
100.0
Total Revenue
90.0
Total Expenses
80.0
70.0
70.0
60.0
60.0
$ Millions
$ Millions
80.0
Revenue
50.0
40.0
20.0
20.0
10.0
10.0
2008-09
2009-10
2010-11
2011-13
(19 months)
Total revenues and total expenses exclude non cash
revaluations and transferred assets for the past 5 years and
are shown in the graph above.
Grants
Land sales
40.0
30.0
2007-08
User charges
50.0
30.0
0
Other revenue
0
2007-08
2008-09
2009-10
2010-11
2011-13
(19 months)
The sources of revenue for the ULDA over the past
5 years are shown in the graph above.
19
Significant transactions
Assets transferred or earmarked for future transfer
Assets transferred and earmarked for transfer to external authorities over the 19 months amounted to $36.8 million. During
the 19 months to 31 January 2013 the following assets have either been transferred or provided for future transfer. Under
Australian Accounting Standards these amounts have to be recognised as an expense.
Development Area
Assets transferred or earmarked for
future transfer
To
Amount
Northshore Hamilton
Brisbane
Café and parks
Brisbane City Council
$4.6
Northshore Hamilton
Brisbane
Roads
Department of Environment
and Resource Management
$16.9
Other development areas
Various
Various local authorities
$15.3
$m
Total
$36.8
Revaluation of investment property
The ULDA’s investment properties were independently valued by the State Valuation Services using fair value principles. The
values assigned to the land and buildings at Northshore Hamilton were adjusted to reflect their listed Brisbane City Council
zoning (primarily port or industrial use) and do not reflect the potential higher use under the existing development scheme
for this precinct. The revaluation decrement of $67.4 million has been recorded as an expense in the ULDA’s accounts as
required by Australian Accounting Standards.
Assets and liabilities
Total assets and liabilities for the ULDA over the past 5
years are shown in the graph, right.
350.0
Total assets
Total libilities
300.0
$ Millions
The total value of the ULDA’s assets at 31 January 2013
was $328.9 million. Total liabilities were $166.0 million.
The net equity for the ULDA of $162.9 million at 31 January
2013 has been transferred to the newly created Economic
Development Queensland which commenced operations 1
February 2013.
Assets and liabilities
400.0
250.0
200.0
150.0
100.0
50.0
0
June
2008
20
June
2009
June
2010
June
2011
January
2013
Financial Statements
For the financial period ended 31 January 2013
Contents
Statement of Comprehensive Income....................................................................................................................................... 22
Statement of Financial Position................................................................................................................................................ 23
Statement of Changes In Equity............................................................................................................................................... 24
Statement of Cash Flows.......................................................................................................................................................... 25
Notes to and forming part of the Financial Statements........................................................................................................... 27
Management Certificate of the Urban Land Development Authority........................................................................................ 59
Independent Audit Report........................................................................................................................................................ 60
General Information
The Authority is a Queensland Government Statutory Authority established under the Urban Land Development Authority
Act 2007 (ULDA Act).
The Authority is controlled by the State of Queensland which is the ultimate parent.
The head office and principal place of business of the Authority is Level 4, 229 Elizabeth Street Brisbane QLD 4000.
A description of the nature of the Authority’s operations and its principal activities is included in the notes to and forming
part of the financial statements.
On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012.
A new entity called Minister for Economic Development Queensland (MEDQ), a corporation sole, was established to replace
the former Urban Land Development Authority (ULDA) and Property Services Group (PSG). The ULDA Act was repealed and
the ULDA abolished effective 31 January 2013.
For information in relation to the Authority’s financial statements please call 13 QGOV, email info@dsdip.qld.gov.au or visit
www.dsdip.qldgov.au.
21
STATEMENT OF COMPREHENSIVE INCOME
for the period commenced 1 July 2011 and ended 31 January 2013
Restated*
Notes
2013
2011
$000
$000
Income from continuing operations
Sale of land
3
74,226
40,279
User charges
4
20,579
2,848
Grants and other contributions
5
5,898
7,555
Other income
6
1,134
1,065
101,837
51,747
53,829
29,971
11,769
-
Total income from continuing operations
Expenses from continuing operations
Cost of land sold
3
Cost of development on development management agreements
Selling and marketing expenses
7
8,957
1,966
Employee expenses
8
14,482
6,416
Supplies and services
9
7,009
7,919
Depreciation
10
960
796
Revaluation decrement – Investment property
18,19
74,145
-
Revaluation increment – Property, plant and equipment
18,19
(6,795)
-
Other expenses
11
Total expenses from continuing operations
Operating result from continuing operations before
income tax equivalent
39,068
1,051
203,424
48,119
(101,587)
3,628
Current income tax equivalent expense/(revenue)
12
3,164
(101)
Deferred income tax equivalent expense/(revenue)
12
(24,152)
244
(80,599)
3,485
-
-
(80,599)
3,485
Operating result from continuing operations after
income tax equivalent
Other comprehensive income
Total comprehensive income
The accompanying notes form part of these statements.
* See note 2 for details regarding the restatement as a result of errors in the prior periods.
22
STATEMENT OF FINANCIAL POSITION
as at 31 January 2013
Notes
Restated
Restated*
2013
2011*
1 July 2010
$000
$000
$000
Current assets
Cash and cash equivalent
13
-
21,879
10,283
Other financial assets
14
-
6,163
-
Trade and other receivables
15
-
589
203
Inventories
16
-
75,665
97,310
Other current assets
17
-
267
146
-
104,563
107,942
-
59,000
-
Total current assets
Non current assets
Inventories
16
Property, plant and equipment
18
-
31,834
24,556
Investment property
19
-
186,536
194,466
Deferred tax asset
12
-
6,258
6,958
Total non current assets
-
283,628
225,980
Total assets
-
388,191
333,922
-
37,964
17,058
Current liabilities
Trade and other payables
20
Other financial liabilities
21
-
33,624
17,284
Accrued employee benefits
22
-
716
389
Provisions
23
-
5,861
4,623
-
78,165
39,354
Total current liabilities
Non current liabilities
21
-
30,494
28,201
20
-
11,543
5,929
Deferred tax
12
-
51,971
52,528
Total non current liabilities
-
94,008
86,658
Total liabilities
-
172,173
126,012
Net assets
-
216,018
207,910
Contributed equity
-
301,256
296,633
Retained surplus
-
(85,238)
(88,723)
Total equity
-
216,018
207,910
Equity
23
STATEMENT OF CHANGES IN EQUITY
Accumulated
Surplus
Contributed
Equity
TOTAL
2013
2013
2013
$000
$000
$000
Balance as at 1 July 2011
(85,238)
301,256
216,018
Profit for the year after income tax
(80,599)
-
(80,599)
Other comprehensive income
Transactions with owners in their capacity as owners
-
-
-
Equity contributions from Queensland Treasury
-
15,000
15,000
Notes
Other equity adjustments
23
-
12,474
12,474
Transfer to Economic Development Queensland
32
165,837
(328,730)
(162,893)
-
-
-
Accumulated
Surplus
Contributed
Equity
TOTAL
Balance as at 31 January 2013
2011
Balance as at 1 July 2010
Adjustment on correction of errors (net of tax)
2
Restated total equity at the beginning
of the financial year
Profit for the year after income tax as
reported in the 2011 financial statements
Adjustment on correction of errors (net of tax)
2
Restated profit for the year
Transactions with owners in their capacity as owners
Equity contributions
Balance as at 30 June 2011
24
23
2011
2011
$000
$000
(88,227)
296,633
208,406
(496)
-
(496)
(88,723)
296,633
207,910
3,619
(134)
-
3,619
(134)
3,485
-
3,485
-
4,623
4,623
(85,238)
301,256
216,018
STATEMENT OF CHANGES IN CASH FLOWS
Restated*
Notes
2013
2011
$000
$000
66,872
38,434
Cash flows from operating activities
Inflows:
Sale of land
User charges
8,763
5,715
5,898
7,555
GST collected from customers
10,071
2,909
GST input tax credits from ATO
11,828
6,087
1,199
1,011
(126,677)
(48,788)
GST paid to suppliers
(13,277)
(6,420)
GST remitted to ATO
(7,568)
(2,968)
(42,891)
3,535
Infrastructure contributions received
7,938
8,957
Payment received for capital project
-
11,000
Interest receipts
Outflows:
Payments to suppliers and employees
Net cash provided by/(used in) operating activities
25
Cash flows from investing activities
Inflows:
Outflows:
(10,582)
-
Payments for / proceeds from term deposits
Infrastructure contributions paid
6,163
(6,163)
Payments for property, plant and equipment
(8,556)
(10,983)
-
(2,793)
(5,037)
18
Proceeds from borrowing
98,118
39,429
Contributed equity
15,000
-
(77,253)
(31,386)
Payments for infrastructure
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Inflows:
Outflows:
Borrowing redemptions
Return of advance for construction of busway
(8,090)
Net cash provided by/(used in) financing activities
27,775
Net increase in cash and cash equivalents held
Cash and cash equivalents at beginning of financial year
Transfer of cash to Economic Development Queensland
Cash and cash equivalents at end of financial year
13
8,043
(20,153)
11,596
21,879
10,283
(1,726)
-
-
21,879
25
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 2011 - 2013
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
26
Note title
1:
2:
3:
4:
5:
6:
7:
8:
9:
10:
11:
12:
13:
14:
15:
16:
17:
18:
19:
20:
21:
22:
23:
24:
25:
26:
27:
28:
29:
30:
31:
32:
Objectives and principal activities of the Authority
Summary of significant accounting policies
Prior period adjustments
Land sales
User charges
Other revenue
Employee expenses
Depreciation
Other expenses
Income tax equivalent
Cash and cash equivalents
Receivables
Inventories
Investment property
Payables
Provisions
Key executive management personnel and remuneration
Reconciliation of operating surplus/(deficit) to net cash from operating activities
Non-cash financing and investing activities
Commitments for expenditure
Joint venture
Events occurring after balance date
Contingencies
Financial instruments
Transfer of net assets to Economic Development Queensland
Abolishment of the Urban Land Development Authority
The Urban Land Development Authority which was established under the Urban Land Development Authority Act 2007 as a
not for profit entity, worked with local and State Government, community, local landholders and the development industry
to help deliver commercially viable developments that included diverse, affordable, sustainable housing using best practice
urban design.
On 1 February 2013 a Proclamation was made giving effect to the commencement of the Economic Development Act 2012.
A new entity called Minister for Economic Development Queensland (MEDQ), a corporation sole, was established to replace
the former Urban Land Development Authority (ULDA) and Property Services Group (PSG). The Urban Land Development
Authority Act was repealed and the ULDA abolished effective 31 January 2013.
MEDQ through Economic Development Queensland (EDQ) will facilitate economic development and development for
community purposes in the State. EDQ will continue the current planning and development activities of the former ULDA
and PSG and identify new residential, urban and industrial projects.
As a consequence of these changes the services, assets and liabilities of the ULDA were transferred to MEDQ on 31 January
2013, through equity withdrawal.
This is therefore the final financial statements of the ULDA.
Basis of preparation
As a consequence of the above, the financial statements have been prepared on a liquidation basis.
References to 2013 throughout the financial statements and notes relate to the 19 month period from 1 July 2011 to 31
January 2013. Therefore amounts disclosed are not entirely comparable.
1.
Summary of significant accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
(a) Statement of compliance
The Authority has prepared these financial statements in compliance with section 43 of the Financial and
Performance Management Standard 2009.
These financial statements are general purpose financial statements and have been prepared in accordance
with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board.
In addition, the financial statements comply with Queensland Treasury’s Minimum Reporting Requirements, to
the extent relevant, for the period ended 31 January 2013 and other authoritative pronouncements.
With respect to compliance with Australian Accounting Standards and Interpretations, the Authority has applied
those minimum requirements applicable to not-for-profit entities. Except where stated, the historical cost
convention is used.
(b) The reporting entity
The financial statements include the value of all revenues, expenses, assets, liabilities and equity of the
Authority. The Authority does not have any controlled entities.
(c) Income recognition
Income is measured at the fair value of the consideration or contribution received or receivable. Amounts
disclosed are net of returns, allowances, rebates and amounts collected on behalf of third parties.
27
1.
Summary of significant accounting policies (continued)
(c) Income recognition (continued)
(i)Revenue from the sale of land is recognised at the time of settlement when the risks and rewards of
ownership have passed to the buyer and the Authority retains neither continuing managerial involvement
to the degree usually associated with ownership nor effective control over the units sold.
(ii)Interest is recognised as interest accrues using the effective interest method.
(iii)Government grants, that are non-reciprocal in nature, are recognised as revenue in the year in which
the Authority obtains control over it. Where grants are received that are reciprocal in nature, revenue is
recognised as the obligations under the funding arrangements are satisfied.
(iv) Rental income is recognised evenly over the term of the lease.
(v) Development application fees are recognised as they are received.
(d) Cash and cash equivalent
For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include
all cash and cheques receipted but not banked at the end of the period as well as deposits at call with
financial institutions.
(e) Trade and other receivables
Trade debtors are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment at the amounts due at the time of sale or service
delivery. Settlement of these amounts is required within 30 days from invoice date. They are presented as
current assets unless collection is not expected for more than 12 months after reporting date.
The collectability of receivables is assessed periodically with provision being made for impairment where
required. The impairment loss is recognised in the Statement of Comprehensive Income.
(f)
Inventories
Inventories, being land held for sale, are valued at the lower of cost and net realisable value. The Authority
charges all direct expenditure on development work to the relevant project. Costs include acquisition,
development and capitalised overheads and borrowing costs during development. When development is
completed borrowing costs and other holding charges are expensed as incurred.
Borrowing costs included in the cost of land held for resale are those costs that would have been avoided
if the expenditure on acquisition and development of the land has not been made. Borrowing costs incurred
while active development is interrupted for extended periods are recognised as expenses.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion, marketing and selling costs.
(g) Acquisitions of assets
Actual cost is used for the initial recording of all non-current physical asset acquisitions. Cost is determined as
the value given as consideration plus costs incidental to the acquisition, including all other costs incurred in
getting the assets ready for use, including architect’s fees and engineering design fees. However, any training
costs are expensed as incurred.
Where assets are received free of charge from a Queensland Government entity (whether as a result of a
machinery-of-government or other involuntary transfer), the acquisition cost is recognised as the gross carrying
amount in the books of the transferor immediately prior to the transfer together with any accumulated
depreciation.
Assets acquired at no cost or for nominal consideration, other than from an involuntary transfer from another
Queensland Government entity, are recognised at their fair value at date of acquisition in accordance with
AASB116 Property, Plant and Equipment.
28
1.
(h) Property, plant and equipment
Items of property, plant and equipment with a cost or other value equal to or in excess of the following
thresholds are recognised for financial reporting purposes in the year of acquisition.
Land
Plant and equipment
Buildings
Infrastructure
$1
$5,000
$10,000
$10,000
Items with a lesser value are expensed in the year of acquisition.
Capital works in progress are measured at cost.
(i)
Measurement of non-current physical assets
Land, buildings and infrastructure are measured at fair value in accordance with AASB 116 Property, Plant and
Equipment, and Queensland Treasury’s Non-Current Asset Policies for the Queensland Public Sector. In respect
of these asset classes, the cost of items acquired during the financial year has been judged by management of
the Authority to materially represent their fair value at the end of the reporting period.
On revaluation, accumulated depreciation is restated proportionately with the change in the carrying amount of
the asset and any change in the estimate of remaining useful life.
Non-current physical assets measured at fair value are comprehensively revalued at least once every five years
with interim valuations, using appropriate indices, being otherwise performed on an annual basis where there
has been a material variation in the index.
Any revaluation increment arising on the revaluation of an asset is recognised, net of tax, in other
comprehensive income and to the asset revaluation surplus of the appropriate class in equity. To the extent it
reverses a revaluation decrement for the class recognised in profit or loss. A decrease in the carrying amount
on previously recognised in profit or loss, the increase is first valuation charged as an expense, to the extent it
exceeds the balance, if any, in the revaluation surplus relating to that class.
Plant and equipment is measured at historical cost less depreciation in accordance with Treasury’s Non-Current
Asset Policies. Historical cost includes expenditure that is directly attributable to the acquisition of these items.
Separately identified components of assets are measured on the same basis as the assets to which they
relate.
(j)
Depreciation of property, plant and equipment
Land is not depreciated as it has an unlimited useful life.
Plant and equipment is depreciated on a straight-line basis so as to allocate the net cost or revalued amount
of each asset, less its estimated residual value, progressively over its estimated residual life to the Authority.
Assets under construction (work-in-progress) are not depreciated until they reach practical completion.
Any expenditure that increases the originally assessed capacity or service potential of an asset is capitalised
and the new depreciable amount is depreciated over the remaining useful life of the asset. All other repairs
and maintenance are charged to profit and loss during the reporting period in which they are incurred.
29
1.
(j) Depreciation of property, plant and equipment (continued)
For each class of depreciable asset the following depreciation and amortisation rates are used:
Class
Rate %
Plant and equipment:
Office equipment
10 - 20
Leasehold improvements 20 - 40
Buildings
2.5-20
Infrastructure
2.5
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
(k) Impairment of non-current assets
All non-current physical assets are assessed for indicators of impairment on an annual basis. If an indicator of
possible impairment exists, the Authority determines the asset’s recoverable amount. Any amount by which the
asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.
The asset’s recoverable amount is determined as the higher of the asset’s fair value less costs to sell and
depreciated replacement cost.
An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is
carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset
against the asset revaluation surplus of the relevant class to the extent available.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised for the asset in prior years.
A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in
which case the reversal of the impairment loss is treated as a revaluation increase.
(l)
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially
recognised at cost including transaction costs. Where investment property is acquired at no or nominal cost it
is recognised at fair value and is subsequently carried at fair value, being revalued as at each reporting date.
Fair value is based on selling prices in an active property market adjusted, if necessary, to reflect the nature,
location or condition of the specific investment property.
Gains or losses arising from changes in the fair value of investment property are included in the Statement of
Comprehensive Income for the period in which they arise as part of other income. Investment property is not
depreciated. Rental revenue from investment property is recognised as income on a periodic straight line basis
over the lease term.
(m) Unincorporated joint venture operations
The Authority’s interest in unincorporated joint ventures (classified as jointly controlled operations) is brought
to account by recognising in its financial statements the assets it controls, the liabilities that it incurs, the
expenses it incurs and its share of income that it earns from the sale of land by the joint venture.
30
1.
(n) Trade and other payables
Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the nominal
amount i.e. agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing
are generally unsecured and are generally settled on 30 day terms. Amounts payable for the acquisition of
land are recognised at the time of settlement, and are payable in accordance with contract terms. They are
presented as current liabilities unless payment is not due within 12 months from the reporting date.
(o) Financial instruments
Recognition
Financial assets and liabilities are classified depending on the purpose for which they were acquired at initial
recognition and the designation re-evaluated at the end of each reporting date. Financial assets acquired
principally for the purpose of selling in the short term are classified as financial assets at fair value through
the profit or loss.
Financial assets and liabilities are recognised in the Statement of Financial Position on trade date, the date the
Authority becomes party to the contractual provisions of the financial instrument.
Classification
Financial instruments are classified and measured as follows:
• Cash and cash equivalents - held at fair value through profit or loss
• Receivables - held at amortised cost
• Payables - held at amortised cost
• Borrowings - held at amortised cost
Measurement
Borrowings are initially recognised at fair value, plus any transaction costs directly attributable to borrowings,
then subsequently held at amortised cost using the effective interest method. The effective interest rate is the
rate that exactly discounts estimated future cash payments or receipts through the expected life of a financial
instrument (or, where appropriate, a shorter period) to the net carrying amount of that instrument.
Any borrowing costs are added to the carrying amount of the borrowing to the extent they are not settled
in the period in which they arise. Borrowings are classified as non-current liabilities to the extent that the
Authority has an unconditional right to defer settlement until at least 12 months after the reporting date.
The Authority does not enter into transactions for speculative or hedging purposes. Apart from cash and cash
equivalent, the Authority holds no financial assets classified at fair value through profit or loss.
All disclosures relating to the measurement basis and financial risk management of other financial instruments
held by the Authority are included in the notes.
Impairment
The Authority assesses at the end of each reporting period whether there is objective evidence that a financial
asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and
impairment losses are incurred only if there is objective evidence of impairment as a result of one or more
events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events)
has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be
reliably estimated.
31
1.
(p) Employee benefits
Employer superannuation contributions, annual leave and long service leave levies are regarded as employee
benefits.
Payroll tax and workers’ compensation insurance are a consequence of employing employees, but are not
counted in an employee’s total remuneration package. They are not employee benefits and are recognised
separately as employee related expenses.
Short-term obligations
Wages and salaries due but unpaid at reporting date are recognised in the Statement of Financial Position at
the current salary rates.
For unpaid entitlements expected to be paid within 12 months, the liabilities are recognised at their
undiscounted values. Entitlements not expected to be paid within 12 months are classified as non-current
liabilities and recognised at their present value, calculated using yields on fixed rate Commonwealth
Government bonds of similar maturity, after projecting the remuneration rates expected to apply at the time of
likely settlement.
The Authority is excluded from the Queensland Government’s Annual Leave Central Scheme (ALCS), so
recreation leave is shown on the Statement of Financial Position. The liability for employee benefits is
recognised in accrued employee expenses (note 22).
Prior history indicates that on average, sick leave taken in each reporting period is less than the entitlement
accrued. This is expected to recur in future periods. Accordingly, it is unlikely that existing accumulated
entitlements will be used by employees and no liability for unused sick leave entitlements is recognised.
As sick leave is non-vesting, an expense is recognised for this leave as it is taken.
Long-term employee benefit obligations
Under the Queensland Government’s long service leave scheme, a levy is made on the Authority to cover the
cost of employees’ long service leave.
The levies are expensed in the period in which they are payable. Amounts paid to employees for long service
leave are claimed from the scheme quarterly in arrears.
No provision for long service leave is recognised in the financial statements, the liability being held on a
whole-of-government basis and reported in the financial report prepared pursuant to AASB 1049 Whole of
Government and General Government Sector Financial Reporting.
Retirement benefit obligations
Employer superannuation contributions are paid to QSuper, the superannuation plan for Queensland
Government employees, at rates determined by the Treasurer on the advice of the State Actuary. Contributions
are expensed in the period in which they are paid or payable. The Authority’s obligation is limited to its
contribution to QSuper.
Therefore, no liability is recognised for accruing superannuation benefits in these financial statements, the
liability being held on a whole-of-government basis and reported in the financial report prepared pursuant to
AASB 1049 Whole of Government and General Government Sector Financial Reporting.
Executive remuneration
Key executive management personnel and remuneration disclosures are made in accordance with Financial
Reporting Requirements for Queensland Government Agencies issued by Queensland Treasury.
32
1.
(q) Provisions
Provisions are recorded when the Authority has a present obligation, either legal or constructive, as a result
of a past event, it is probable that an outflow of resources will be required to settle the obligation and the
amount has been reliably measured. They are recognised at the amount expected at reporting date at which
the obligation will be settled in a future period.
As the Authority is a government body, it is exempt from certain fees and taxes (rates, stamp duty, land tax)
that would otherwise be payable in the private sector in relation to development projects. To ensure that the
Authority does not have a competitive advantage over private sector competitors, provision is made for the
equivalent costs of all exempt fees and taxes. These funds are required by the Queensland government to be
directed to the delivery of affordable housing outcomes.
(r)
Infrastructure contributions liability
The Authority charges and collects infrastructure contributions from developers. These contributions are:
1. applied to the construction of infrastructure, which is subsequently transferred to the relevant authority; or
2. transferred to the relevant authority; or
3. transferred to the relevant authority to fund the provision of infrastructure.
As such the contributions received are disclosed in the statement of cash flows but are not revenue. The
liability for amounts received but not yet utilised is recognised in trade and other payables (note 20).
(s) Finance/borrowing costs
Finance costs are recognised as an expense in the period in which they are incurred, other than finance costs
associated with land development which are capitalised to land inventories.
Finance costs include:
• Interest on bank overdrafts and short-term and long-term borrowings; and
• Ancillary administration charges.
(t) Insurance
The Authority’s non-current physical assets and other risks are insured through the Queensland Government
Insurance Fund, with premiums being paid on a risk assessment basis. In addition, the Authority pays
premiums to Workcover Queensland in respect of its obligations for employee compensation and has a
contractual obligation to pay for environmental insurance over specified land at Northshore Hamilton.
(u) Contributed equity
Non-reciprocal transfers of assets and liabilities between wholly-owned Queensland State Public Sector entities
as a result of machinery-of-government changes or other involuntary transfers are adjusted to Contributed
Equity in accordance with Interpretation 1038 Contributions to Owners Made to Wholly Owned Public Sector
Entities. Equity contributions are similarly adjusted against equity.
(v) Taxation
The Authority is exempt from commonwealth taxation with the exception of Fringe Benefits Tax (FBT) and
Goods and Services Tax (GST). As such, FBT and GST receivable from and payable to the Australian Taxation
Office are recognised. Revenue, expenses and assets are recognised net of associated GST, unless GST incurred
is not recoverable. In this case it is recognised as part of the asset cost or as an expense.
The Authority is subject to the provisions of the National Tax Equivalent Regime (NTER), an administrative
arrangement where commonwealth taxation laws are notionally applied to the Authority. In accordance with the
requirements of the NTER, the Authority would pay an income tax equivalent to Queensland Treasury. Currently
33
1.
(v) Taxation (continued)
an arrangement exists between the Authority and Queensland Treasury whereby the tax equivalent expense can
be retained by the Authority and directed to the delivery of affordable housing. This is via an equity injection
on 1 July each year.
The charge for current income tax equivalent expense is based on the profit for the year adjusted for any nonassessable or disallowed items. It is calculated on the basis of tax laws enacted or substantively enacted at 31
January 2013.
Deferred tax equivalents are accounted for using the liability method in respect of temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
No deferred income tax equivalent will be recognised from the initial recognition of an asset or liability in a
transaction, excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax equivalents are calculated at the tax rates and laws that have been enacted or substantively
enacted at 31 January 2013 and are expected to apply to the period when the asset is realised or liability
is settled. Deferred tax equivalents are credited in the Statement of Comprehensive Income except where it
relates to items that may be credited directly to equity, in which case the deferred tax equivalent is adjusted
directly against equity.
Deferred income tax equivalent assets are recognised for deductible temporary differences and unused tax
losses only if it is probable that future tax profits will be available to utilise those temporary differences and
losses.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income tax legislation and the anticipation that the Authority will derive
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of
deductibility imposed by the law.
(w) Issuance of financial statements
The financial statements are authorised for issue by the former Chief Executive Officer of the Authority at the
date of signing the Management Certificate.
(x) Judgements and assumptions
The preparation of financial statements necessarily requires the determination and use of certain critical
accounting estimates, assumptions, and management judgements that have the potential to cause a material
adjustment to the carrying amounts of assets and liabilities within the next financial year. Such estimates,
judgements and underlying assumptions are reviewed on an on going basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in future periods as relevant.
Estimates and assumptions that have a potential significant effect are outlined in the following financial
statement notes:
Valuation of Property, Plant and Equipment – Note 18
Provisions – Note 23
Contingencies – Note 30
Impairment of non-current assets – Note 1(k)
Recovery of deferred tax assets – Note 1(v)
(y) Rounding and comparatives
Amounts included in the financial statements have been rounded to the nearest $1,000 or, where that amount
is $500 or less, to zero, unless disclosure of the full amount is specifically required. Sub-totals and totals may
not add due to rounding, but the overall discrepancy is no greater than two.
34
2.
Prior period adjustments During the 2011-13 financial period the following errors were discovered relating to the prior financial periods.
(a) Selling and marketing costs
Selling and marketing costs have been incorrectly capitalised as project costs and included in inventory and
the cost of land sold for each of the development areas. These costs should have been excluded from the cost
of inventory and expensed as incurred in the relevant financial period.
This prior period adjustment has the following impacts on the financial statements:
• Increases in expenses of $708,000 for 2009-10 and $1.966 million for 2010-11;
• Decrease in cost of land sold of $420,000 for 2010-11;
• Decreases in inventories of $708,000 for 2009-10 and $2.254 million for 2010-11;
• Increases in deferred tax asset of $212,000 for 2009-10 and $676,000 in 2010-11;
• Decreases in the closing balance of retained surplus of $496,000 for 2009-10 and $1.578 million for 2010-11;
• Decreases in deferred tax expense of $212,000 in 2009-10 and $464,000 in 2010-11.
(b) Deferred land payments
The liability in relation to land purchased under deferred payment contractual arrangements has not been
discounted to reflect the time value of money. The liability should have been initially recorded at the
discounted value with the notional interest being recognised over the period of the repayment.
• Decreases in payables of $1.245 million for 2009-10 and $3.002 million for 2010-11;
• Decreases in inventories of $1.245 million for 2009-10 and $3.002 million for 2010-11.
(c) Infrastructure contributions provision
The liability in relation to infrastructure contributions has been incorrectly classified as a provision in the
Statement of Financial Position. The balance should have been disclosed as a liability as the amount to be
repaid is known and does not meet the definition of a provision.
• Decreases in provisions of $2.751 million for 2009-10 and $10.867 million for 2010-11;
• Increases in payables of $2.751 million for 2009-10 and $10.867 million for 2010-11.
(d) Project management cost recovery
Project management fees have been incorrectly classified as user charges revenue in the Statement of
Comprehensive Income. These fees are an internal recovery of wages and should be disclosed as part of
employee benefit expenses.
• Decreases in user charges revenue of $1.375 million for 2009-10 and $3.046 million for 2010-11;
• Decreases in employee benefit expenses of $1.375 million for 2009-10 and $3.046 million for 2010-11.
(e) Employee entitlements
Accrued employee benefits have been incorrectly split between current and non-current portions. These
benefits relate to annual leave and should be classified in full as a current liability as this leave could be taken
at any point within the next financial year.
• Decrease in accrued employee benefits (non-current) of $53,000 for 2009-10 and $129,000 for 2010-11;
• Increase in accrued employee benefits (current) of $53,000 for 2009-10 and $129,000 for 2010-11.
35
(f)
Term deposits with a term in excess of three months have previously been included in cash and cash
equivalents. These should be classified as short term financial assets on initial recognition.
• Decrease in cash and cash equivalents of $6,163,000 for 2010-11;
• Increase in other financial assets of $6,163,000 for 2010-11.
The errors have been corrected by restating each of the affected financial statement line items for the prior
periods as follows:
30 June
2011
Increase/
(Decrease)
$000
$000
30 June
2011
(Restated)
$000
30 June
2010
Increase/
(Decrease)
$000
$000
30 June
2010
(Restated)
$000
Statement of Financial Position
28,042
(6,163)
21,879
10,823
Inventories
138,471
(5,256)
133,215
99,263
(1,953)
97,310
5,582
-
676
6,163
6,258
6,163
6,746
-
212
-
6,958
-
(27,097)
(10,867)
(37,964)
(14,307)
(2,751)
(17,058)
Current accrued employee
benefits
(587)
(129)
(716)
(336)
(53)
(389)
(16,728)
10,867
(5,861)
(7,374)
2,751
(4,623)
(129)
129
-
(53)
53
-
Non current trade and other
payables
(14,545)
3,002
(11,543)
(7,174)
1,245
(5,929)
Deferred tax liability
(52,919)
948
(51,971)
(52,528)
_
(52,528)
Net assets
216,648
(630)
216,018
208,406
(496)
207,910
Retained surplus
(84,608)
(630)
85,238
(88,227)
(496)
88,723
(216,648)
(630)
216,018
208,406
(496)
207,910
2011
Profit
Increase/
(Decrease)
2011
(Restated)
$000
$000
$000
Deferred tax asset
Provisions
Non current accrued
employee benefits
Total equity
10,283
Statement of Comprehensive Income
User charges income
Cost of land sold
Selling and marketing costs
Employee expenses
Operating result from continuing operations
before income tax equivelants
Current income tax equivelant (expense)/revenue
Deferred income tax equivelant (expense)/revenue
Operating result from continuing operations
after income tax equivelants
36
5,894
(3,046)
2,848
(30,391)
420
(29,971)
-
(1,966)
(1,966)
(9,462)
3,046
(6,416)
5,174
(1,546)
3,628
101
_
101
(1,656)
1,412
(244)
3,619
(134)
3,485
Restated*
3.
Cost of land sold
Development profit
Development management sales
Development management cost of goods sold
Investment property rent
Other user charges
7.
8.
$000
74,226
40,279
(53,829)
(29,971)
20,397
10,308
5,631
1,676
12,466
-
(11,769)
-
2,228
1,025
254
147
20,579
2,848
Grants - State Government recurrent
221
5,290
Grants - Commonwealth Government
4,677
2,265
Capital contribution
1,000
-
Total
5,898
7,555
Interest
1,134
1,065
Total
1,134
1,065
Selling expenses
1,959
531
Marketing expenses
6,998
1,435
Total
8,957
1,966
14,668
6,577
Employer superannuation contributions
1,734
792
Annual leave expenses
1,356
745
Long service leave levy
320
150
Payroll tax and fringe benefits
1,105
508
Other employee expenses
1,091
690
Less: Project management and DA fees revenue
(5,792)
(3,046)
Total
14,482
6,416
79
89
Total
6.
$000
User charges
Development application fees
5.
2011
Land sales
Sale of land
4.
2013
Other revenue
Employee expenses
Employee benefits
Wages and salaries
Employee related expenses
Number of employees
37
Remuneration of board members and board sub-committee members was as follows:
Board remuneration
1 Jul 2011 –
31 Jan2013
2011
$000
$000
8.
Employee expenses (continued)
#
Boyd J (Chair)
(resigned 16 August 2012)
24
14
#
Back M
4
4
#
**
Keniger M
(term expired 14 Nov 2010)
-
2
Kerry M
(term completed 14 Nov 2011 )
2
3
Gleeson B
(resigned 14 November 2010)
-
2
Peters R
6
5
Strelow M
4
5
Reeves J
2
3
Corbett J
5
3
Miller M
2
-
Carpenter G
2
2
51
43
Total remuneration paid to all members :
Each board member resigned their positions during the financial period as a consequence of the
abolishment of the ULDA as referred to in note 1.
#
Members of the board's Audit and Risk Committee.
**
Mr G Carpenter is not a board member, but is Chair of the Audit and Risk Committee.
A sitting fee is paid to members of the Urban Land Development Authority Board
and to the members of the Audit and Risk Committee. These have been included as board
remuneration for the purposes of this note.
Restated*
9.
2011
$000
$000
4,559
5,209
38
111
775
249
Consultants and contractors
Corporate services charges
Legal fees
Travel
234
415
Other
1,403
1,935
Total
7,009
7,919
38
2013
Restated*
10.
2013
2011
$000
$000
120
88
Depreciation and amortisation
Depreciation was incurred in respect of:
Plant and equipment depreciation
Buildings depreciation
187
168
Leasehold improvements
446
100
Infrastructure
207
440
960
796
Assets donated
23,512
-
Impairment of assets to be donated
13,312
-
Property lease and rental
2,099
870
Total
11.
Other expenses
Special payments – Compensation claims
-
10
45
48
34
100
89
39,068
1,051
Operating result before income tax equivalent
(101,587)
3,628
Prima facie tax at 30 per cent
(30,476)
1,088
6
3
Special payments – Ex-gratia payments
Internal audit fees
External audit fees
Total
Total external audit fees relating to the 2011-13 financial period are
estimated to be $155,188.
12.
Income tax equivalent
Income tax equivalent expense
Add tax effect of permanent differences:
Non-deductible entertainment
Exempt tax loss on disposal
Adjustment to deferred tax equivalent liability
Income tax equivalent expense/(revenue)
9,482
-
-
(948)
(20,988)
143
3,164
(101)
(24,152)
244
(20,988)
143
Income tax equivalent expense/(revenue) comprises
Current
Deferred
39
Restated*
12.
2013
2011
$000
$000
51,971
52,528
Current year's income tax equivalent expense/(revenue) on profit
from ordinary activities
(21,903)
(557)
(30,068)
-
-
51,971
Balance at the beginning of the year
6,258
6,958
Current year's income tax equivalent (expense)/revenue on profit
from ordinary activities
2,250
(700)
Transferred to Economic Development Queensland
8,508
-
-
6,258
185
182
5
16
Accrued expenses
65
3
Accrued audit fees
16
12
5
14
Property plant and equipment
5,031
5,254
Deferred fee income
3,201
777
(8,508)
-
-
6,258
5
25
Inventories
8,868
9,211
Investment, property plant and equipment
21,195
42,065
-
670
(30,068)
-
-
51,971
Income tax equivalent (continued)
Deferred tax equivalent liability
Balance at the beginning of the year
Balance at the end of the year
Deferred tax equivalent asset
Balance at the end of the year
Deferred tax assets comprise temporary differences attributable to:
Annual leave
Leave loading
Long service leave payable
Balance at 30 June
Deferred tax liabilities comprise temporary differences attributable to:
Accrued income
Infrastructure
Balance at 30 June
40
Restated*
13.
2013
2011
$000
$000
Cash at bank and on hand
-
21,879
Total
-
21,879
Interest earned on cash held with the Commonwealth Bank of Australia earned
between 3.4 per cent and 5.50 per cent in 2013. (2011: 4.35 per cent to 5.5 per cent).
14.
15.
Deposits
-
6,163
Total
-
6,163
Receivables
Current
16.
Trade debtors
-
335
GST receivable
-
660
Less: GST payable
-
(499)
-
496
Interest receivable
-
82
Long service leave reimbursements
-
3
Interest in land
-
1,450
Other
-
8
Total
-
589
Cost of acquisition
-
71,742
Transfers
-
7,930
Development costs
-
51,543
Other capitalised costs
-
3,450
-
134,665
-
75,665
59,000
-
134,665
Inventories
Land held for sale:
Total
Current
Non Current
Total
17.
Pre payments
-
267
Total
-
267
41
Restated*
18.
2013
2011
$000
$000
At cost
-
1,589
Less: Accumulated depreciation
-
(415)
-
1,174
-
7,730
At fair value
-
2,908
Less: accumulated depreciation buildings
-
(331)
-
2,577
At fair value
-
17,601
Less: accumulated depreciation buildings
-
(440)
-
17,161
-
3,192
-
31,834
Plant and equipment:
Work in progress:
At cost
Buildings:
Infrastructure:
Land:
At fair value
Total
Land and buildings were independently valued as at 30 June 2012 by the State Valuation Service using fair value principles.
The revaluation increment of $6.795 million has been taken to the Statement of Comprehensive Income.
State Valuation Service has recently provided a one page summary dated 31 January 2013 detailing no movement to the
value since 30 June 2012.
42
43
-
(412)
Transfer to Economic
Development Queensland
Carrying amount at 30 June
(566)
Depreciation for period
-
Transfers from WIP to PPE
(93)
Assets transferred
-
-
Revaluation increment/
(decrement)
(113)
Assets impairment
10
-
1,174
1,174
-
(188)
-
-
-
-
-
798
-
564
$000
$000
Transfers/Disposals
Acquisitions
Reclassification of WIP
to inventory
Carrying amount at 1 July
2011
2013
Plant & equipment
-
(1,024)
-
(4,852)
-
-
(13,312)
(9,695)
21,153
-
7,730
$000
2013
7,730
-
-
-
-
-
-
-
7,276
-
454
$000
2011
Work in progress
-
(164)
(187)
-
(46)
(2,180)
-
-
-
-
2,577
$000
2013
Buildings
2,577
-
(168)
-
-
-
-
-
-
-
2,745
$000
2011
-
-
(207)
4,600
-
(21,554)
-
-
-
-
17,161
$000
2013
17,161
-
(440)
-
-
-
-
-
-
-
17,601
$000
2011
Infrastructure
-
(7,691)
-
252
6,841
(2,594)
-
-
-
-
3,192
$000
2013
Land
Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current reporting
period are provided below.
Reconciliation
Property, plant and equipment (continued)
The Authority has no plant and equipment with a written down value of zero still being used in the provision of services.
18.
3,192-
-
-
-
-
-
-
-
-
-
3,192
$000
2011
-
(9,291)
(960)
-
6,795
(26,421)
(13,312)
(9,808)
21,163
-
31,834
$000
2013
Total
31,834-
-
(796)
-
-
-
-
-
8,074
-
24,556
$000
2011
Restated*
19.
2013
2011
$000
$000
Investment property
Land and buildings
-
186,536
Total
-
186,536
The investment properties were independently valued as at 30 June 2012 by State Valuation Services using fair value
principles. The values assigned to the land and buildings at Northshore Hamilton were based on their listed Brisbane
City Council zoning (primarily port or industrial use) and does not reflect the potential higher use under the existing
development scheme for this precinct. The revaluation decrement of $74.21 million has been taken to the Statement
of Comprehensive Income. State Valuation Service has recently provided an update to that period dated 31 January
2013 indicating no movement to the value.
No contingent rentals were recognised during the current or prior reporting periods.
The future minimum lease payments receivable under non-cancellable operating leases classified as investment
property are:
Not later than one year
927
781
Later than one year and not later than five years
691
403
1,618
1,184
Total
Investment property reconciliation
Land
Carrying amount at 1 July
Transfer to inventory
Revaluation increment/(decrement)
Carrying amount at 31 January 2013
Buildings
2013
2011
2013
2011
$000
$000
$000
$000
182,450
190,380
4,086
4,086
-
(7,930)
-
-
(74,210)
-
65
-
(108,240)
-
(4,151)
-
-
182,450
-
4,086
Rental income recognised in the operating surplus from investment property is $2,228,209 (2011: $1,025,133).
Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income for the
period were $918,774 (2011:$203,137). Direct operating expenses primarily for repairs and maintenance on property that
did generate rental income for the period were $121,705 (2011: $402).
There are no restrictions on the realisability of investment property or remittance of income and proceeds of disposal.
The Authority does not have any contractual obligations to purchase, construct or develop investment property or for
repairs, maintenance or enhancements.
44
Restated*
20.
2013
2011
$000
$000
Trade creditors
-
2,608
Accrued expenses
-
7,806
Retentions
-
138
Deferred land payment
-
16,351
Infrastructure contributions
-
10,867
GST Payable and other expenses
-
194
Total
-
37,964
Deferred land payment
-
11,543
Total
-
11,543
Payables
Current
Non Current
The deferred land payments represent amounts owing for the purchase of land at Fitzgibbon, Brisbane and
Oonoonba, Townsville. There is a first ranking mortgage over the Fitzgibbon land, in favour of State of Queensland
(represented by Department of Communities). The Oonoonba land is secured by a first ranking registered mortgage,
in favour of State of Queensland (represented by Department of State Development, Infrastructure and Planning).
2013
The payments are due as follows:
Oonoonba
1 – 5 years
-
-
-
-
2011
The payments are due as follows in relation to the prior period:
< 1 year
1 – 5 years
Oonoonba
7,727
11,543
Andergrove
1,450
-
Fitzgibbon
21.
< 1 year
7,174
-
16,351
11,543
Other advances
-
8,090
QTC borrowings current
-
25,534
-
33,624
Other advances
-
-
QTC borrowings current
-
30,494
-
30,494
Current
Non-current
45
21.
Other financial liabilities (continued)
All borrowings are Australian denominated amounts and are carried at amortised cost with interest being capitalised
as it accrues. Repayment dates vary based on the timing of receipts from land sales. There have been no defaults or
breaches of the loan agreement during the period.
The outstanding loan value (book value) is split between current and non-current based on the portion of the
loan that is expected to be settled in the next twelve months. QTC use client loan repayment schedules to calculate
the portion of principle at reporting period for this information.
The total of approved facilities is $278.8 million (2011: $121.8 million). As at 31 January 2013, $204.4 million
(2011: $65.8 million) remains undrawn.
Approved
amount
$000
Balance at 31
January 2013
$000
Undrawn
amount
$000
Fitzgibbon
52,400
42,638
9,762
Oonoonba
24,600
17,282
7,318
Moranbah
9,000
3,383
5,617
Andergrove *
3,500
1,288
2,212
Clinton
2,500
-
2,500
Roma
2,400
-
2,400
Approved facility
Blackwater
4,000
2
3,998
Northshore
15,500
101
15,399
Tannum Sands
18,500
4,100
14,400
Working capital
30,000
5,500
24,500
Catalyst infrastructure
115,000
43
114,957
Total
278,800
74,337
204,463
* Andergrove loan figures represent 100 per cent of the current debt arrangements
Interest rates on borrowings range from 2.93 per cent to 6.40 per cent (2011: 5.21 per cent to 5.72 per cent).
There were no fair value adjustments made to the carrying amount of the borrowings. The Authority is currently
reviewing its loan facilities to reduce the potential for fair value adjustments on early settlement of the loans.
46
Restated*
22.
2013
2011
$000
$000
Recreation leave
-
660
Long service leave levy payable
-
47
Wages outstanding
-
9
Total
-
716
Competitive neutrality
-
5,861
Total
-
5,861
5,861
4,457
Current
23.
Provisions
Movements in provisions
Competitive neutrality
Balance as at 1 July
Additional provision recognised
9,204
5,861
Transferred to contributed equity
(11,690)
(4,457)
(3,375)
-
-
5,861
Balance as at 30 June
National Tax Equivalent Regime
Balance as at 1 July
Additional provision recognised
Transferred to contributed equity
Balance as at 30 June
24.
-
166
3,164
-
(784)
(166)
(2,380)
-
-
-
Key executive management personnel and remuneration
(a) Key executive management personnel
The following details for key executive management personnel include those positions that had authority
and responsibility for planning, directing and controlling the activities of the Authority during 2011-13.
Further information on these positions can be found in the body of the final report under the section
relating to executive management.
47
24.
Key executive management personnel and remuneration (continued)
(a) Key executive management personnel (continued)
Position
Responsibilities
Incumbents as at 31 January 2013
Contract classification and
appointment authority
Date appointed to
position (Date
resigned from position)
Chief Executive
Officer
The Chief Executive Officer was responsible
for the efficient, effective and economic
administration of the Authority.
s122 contract Public
Service Act 2008;
SES4
Appointed
3 December 2012*
Chief Financial
Officer
The Chief Financial Officer is responsible for
corporate services including the financial
administration of the Authority.
Service Act 2008;
SES2
Appointed
2 August 2012*
Director Urban
Development
The Director Urban Development was
responsible for overseeing the Authority’s
development activities in UDAs including
Northshore Hamilton.
Service Act 2008;
SES3
Appointed
1 August 2010
Director
Residential
Development
The Director Residential Development was
responsible for overseeing a development
portfolio of substantial residential projects
to deliver on the government’s and the
Authority’s objectives to the benefit of
Queensland communities.
Service Act 2008;
SES3
Appointed
4 January 2011
Director
Planning
The Director Planning was responsible
for overseeing of the Authority’s planning
functions including the preparation of
development schemes and development
assessment.
Service Act 2008;
SES3
Appointed
19 April 2010
Service Act 2008;
SES4
Ceased
2 December 2012
s 112(1) appointment
Public Service Act 2008;
SES2
Accepted voluntary
redundancy
27 July 2012
Chief Operating The Chief Operating Officer was responsible
Officer
for the overseeing of the operations and
functions of the Authority.
Director
Sustainability
and Innovation
The Director Sustainability and Innovation
was responsible for strategies that support
sustainable infrastructure, social planning,
housing affordability and economic services.
* Two different employees held this position during the financial period.
48
24.
(b) Remuneration
Remuneration policy for the Authority’s key executive management personnel is set by the Queensland Public
Service Commission as provided for under the Public Service Act 2008. The remuneration and other terms of
employment for the key executive management personnel are specified in employment contracts. The
contracts provide for the provision of benefits including motor vehicles.
On 1 July 2011 remuneration of key executive management personnel increased by 2.5 per cent in accordance
with government policy.
Remuneration packages for key executive management personnel comprise the following components:
• Short term employee benefits which include:
o Base – consisting of base salary, allowances and leave entitlements paid and provided for the entire
year or for that part of the year during which the employee occupied the specified position. Amounts
disclosed equal the amount expensed in the Statement of Comprehensive Income.
o Non-monetary benefits – consisting of provision of vehicle together with fringe benefits tax applicable to
the benefit.
• Long term employee benefits including long service leave accrued.
• Post employment benefits including superannuation contributions.
• Redundancy payments are not provided for within individual contracts of employment. Contracts of
employment provide only for notice periods or payments in lieu of notice on termination, regardless of the
reason for termination.
Total fixed remuneration is calculated on a ‘total cost’ basis and includes the base and non-monetary benefits,
long term employee benefits and post employment benefits.
49
50
24.
183
204
195
193
153
Chief Financial Officer
Director Urban Development
Director Residential development
Director Planning
Director Sustainability
& Innovation
356
209
194
162
193
107
1,221
Chief Financial Officer
Director Urban Development
Director Residential development
Director Planning
Director Sustainability
& Innovation
Total Remuneration
Base
$’000
Position
1 July 2010 – 30 June 2011
13
4
-
-
-
2
3
4
1/7/11 to
30/6/12
9
1
-
-
-
4
4
3
-
-
-
-
-
2
1
1/7/12 to
31/1/13
Non-monetary benefits
$’000
Short term employee
benefits
881
141
113
120
120
108
89
190
1/7/12 to
31/1/13
Non-monetary benefits
$’000
Short term employee
benefits
* Due to the release of long service leave provision
1,420
132
Chief Operating Officer
Total Remuneration
360
1/7/11 to
30/6/12
Base
$’000
Position
1 July 2011 – 31 January 2013
(60)
(32)*
36
3
10
4
5
6
8
$’000
2
2
2
-
2
(36)*
1/7/12 to
31/1/13
Long term employee
benefits
35
4
4
6
5
4
3
9
1/7/11 to
30/6/12
$’000
Long term employee
benefits
116
10
18
16
20
22
30
$’000
73
3
12
13
10
9
9
17
1/7/12 to
31/1/13
Post employment
benefits
142
16
21
23
18
20
14
31
1/7/11 to
30/6/12
$’000
Post employment
benefits
897
112
127
135
132
117
102
172
1/7/12 to–
31/1/13
1,383
121
221
182
219
241
399
$’000
Total remuneration
1,610
177
218
224
227
209
152
404
1/7/11 to
30/6/12
$’000
Total remuneration
Restated*
25.
2013
2011
$000
$000
(80,599)
3,485
960
796
Reconciliation of operating result to net cash from operating activities
Operating result from continuing operations after income tax equivalent
Depreciation expense
Transferred assets written off
23,512
-
Impairment of assets
13,312
-
Revaluation decrement
67,350
-
Changes in assets and liabilities:
(Increase)/decrease in net receivables
(19,096)
(1,948)
(Increase)/decrease in inventory
(40,181)
(39,209)
(Increase)/decrease in deferred tax asset
(2,249)
1,164
66
(127)
(9,286)
20,344
(Increase)/decrease in prepayments
Increase/(decrease) in payables
Increase in accrued employee benefits
Increase/(decrease) in provisions
Increase/(decrease) in deferred tax liability
Increase/(decrease) in unearned revenue
Net cash provided by/(used in) operating activities
26.
152
328
12,368
18,311
(21,904)
391
12,704
-
(42,891)
3,535
Non-cash financing and investing activities
The following assets were transferred by the ULDA to local councils/authorities and have been recognised as expenses
in the Statement of Comprehensive Income.
4,613
-
16,955
-
252
-
1,692
-
Impairment of works in progress assets earmarked for future donation including
PotaRoo, Roma CNF, community centre and artwork, SRC projects
13,312
-
Total
36,824
-
Northshore Hamilton, Brisbane – cafe and parks
(transferred to Brisbane City Council)
Northshore Hamilton, Brisbane – roads
(transferred to Department of Environment and Resource Management)
Andergrove, Mackay – housing product
(transferred to Mackay Regional Council)
Blackwater – housing product
(transferred to Central Highlands Regional Council)
27.
Commitments for expenditure
(a)
Non-cancellable operating lease
Commitments under operating leases at reporting date are inclusive of anticipated GST and are payable as follows:
Total
-
1,068
-
1,979
-
3,047
51
Restated*
27.
2013
2011
$000
$000
Commitments for expenditure (continued)
(a)
Non-cancellable operating lease (continued)
Operating leases are entered into as a means of acquiring access to office accommodation, motor vehicle and car
parking. Lease payments are generally fixed rental. The lease of 4/229 Elizabeth Street has an escalation clause of 5
per cent renewable in November of each year. No renewal or purchase options exist in relation to operating leases
and no operating leases contain restrictions on financing or other leasing activities.
(b)
Capital expenditure commitments
Land acquisitions and improvements, and other capital commitments, inclusive of anticipated GST, contracted for at
reporting date but not recognised in the accounts are payable as follows:
-
49,943
-
6,543
Later than five years
Total
28.
-
-
-
56,486
Joint venture
The Authority holds a 50 per cent interest in a joint venture with the Mackay Regional Council (classified as a jointly
controlled operation) to develop residential land within the Andergrove Urban Development Area. The Authority’s
interests in assets in the joint venture are included in the balance sheet under the following classifications:
29.
Cash
-
-
Receivables
-
-
Receivables (Interest in land)
-
-
Inventories
-
2,870
Payables
-
(2,040)
QTC borrowings
-
(830)
Net assets
-
-
Events occurring after balance date
Refer to notes 1 and 32 regarding the abolishment of the ULDA at 31 January 2013. These will be the final financial
statements of the ULDA. There were no other significant events occurring after balance date.
30.
Contingencies
(a)
Litigation in progress
As at 31 January 2013, no material legal action has been undertaken by, or brought against the Authority.
(b)
Native title claims
As at 31 January 2013, native title claims have been made on land owned by the Authority, but as yet no claims
have been determined by the National Native Title Tribunal.
52
Restated*
Notes
30.
2013
2011
$000
$000
Contingencies (continued)
(c)
Contract performance guarantees
Financial guarantees of $2,479,947 (2011: $968,558) were provided to Ergon Energy Corporation Ltd and Brisbane
City Council to provide security for the performance of obligations under contracts for electrical works in Oonoonba,
Townsville, Andergrove, Mackay and Clinton, Gladstone.
31.
(a)
Categorisation of financial instruments
The Authority has the following categories of financial assets and financial liabilities:
Financial assets
13
-
21,879
14
-
6,163
Receivables
15
-
589
-
28,631
Total
Financial liabilities
Payables
20
-
49,507
21
-
64,118
-
113,625
Total
(b)
Financial risk management
The Authority’s activities expose it to a variety of financial risks - credit risk, liquidity risk and market risk.
Financial risk management is implemented pursuant to government and board policy. These policies focus on the
unpredictability of financial markets and seek to minimise potential adverse effects on the financial performance
of the Authority.
All financial risk is managed by Executive Management under policies approved by the board. The board provides
written principles for overall risk management, as well as policies covering specific areas.
Risk exposure
Measurement method
Credit Risk
Ageing analysis, earnings at risk
Liquidity Risk
Sensitivity analysis
Market Risk
Interest rate sensitivity analysis
53
Restated*
Notes
31.
2013
2011
Financial instruments (continued)
(c)
Credit risk exposure
The maximum exposure to credit risk at balance date in relation to each class of recognised financial assets is the
gross carrying amount of those assets inclusive of any provisions for impairment.
The following table represents the Authority’s maximum exposure to credit risk based on contractual amounts net of
any allowances:
Maximum exposure to credit risk
Cash & cash equivalents
13
14
Receivables
15
Total
-
21,879
6,163
-
589
-
28,631
No collateral is held as security and no credit enhancements relate to financial assets held by the Authority.
The Authority manages credit risk through the use of management reports. This strategy aims to reduce the exposure
to credit default by ensuring that the Authority invests in secure assets and monitors all funds owed on a timely
basis. Exposure to credit risk is monitored on an ongoing basis.
The method for calculating any provisional impairment for risk is based on past experience, current and expected
changes in economic conditions and changes in client credit ratings. These economic changes form part of the
Authority’s documented risk analysis assessment in conjunction with historic experience and associated industry data.
Financial assets have not had their terms renegotiated so as to prevent them from being past due or impaired, and
are stated at the carrying amounts as indicated.
Ageing of past due but not impaired as well as impaired financial assets is disclosed in the following tables:
54
31.
(c)
Credit risk exposure (continued)
2013 Financial assets past due but not impaired
Contractual repricing/maturity date:
Overdue
Note
Not
overdue
Less than
30 days
30-60
days
61-90
days
More than
90 days
Total financial
assets
$000
$000
$000
$000
$000
$000
-
-
-
-
-
-
-
-
-
-
-
-
Financial assets
Receivables
15
Total
2011 Financial assets past due but not impaired
Contractual repricing/maturity date:
Overdue
Note
Not overdue
Less than
30 days
30-60
days
61-90
days
More than
90 days
Total financial
assets
$000
$000
$000
$000
$000
$000
559
3
2
25
-
589
559
3
2
25
-
589
Financial assets
Receivables
Total
(d)
15
Liquidity risk
Liquidity risk refers to the situation where the Authority may encounter difficulty in meeting obligations associated
with financial liabilities.
The Authority is exposed to liquidity risk in respect of its payables and borrowings from Queensland Treasury
Corporation. The borrowings are based on the Queensland Government’s gazetted floating rate.
The Authority manages liquidity risk through the use of management reports. This strategy aims to reduce the
exposure to liquidity risk by ensuring the Authority has sufficient funds available to meet employee and supplier
obligations at all times. This is achieved by ensuring that minimum levels of cash are held within the various bank
accounts so as to match the expected duration of the various employee and supplier liabilities.
The following table sets out the liquidity risk of financial liabilities held by the Authority. It represents the
contractual maturity of financial liabilities, calculated based on cash flows relating to the repayment of the principal
amount outstanding at reporting date.
55
31.
(d)
Liquidity risk (continued)
Note
2013 payable in
1-5 years
>5 years
$000
$000
<1 year
$000
Total
$000
Payables
20
-
-
-
-
QTC borrowing
21
-
-
-
-
-
-
-
-
Note
2011 payable in
1-5 years
>5 years
$000
$000
<1 year
$000
Total
$000
Payables
20
37,964
8,090
Other advances
QTC borrowing
20
Total
(e)
11,543
-
49,507
-
8,090
25,534
30,494
-
56,028
71,588
42,037
-
113,625
Market risk
The Authority does not trade in foreign currency and is not materially exposed to commodity price changes.
The Authority is exposed to interest rate risk through its cash deposits in interest bearing accounts and its
borrowings from QTC. The Authority does not undertake any hedging in relation to interest rate risk.
Interest rate sensitivity analysis
The following interest rate sensitivity analysis is based on a report similar to that which would be provided
to management, depicting the outcome to profit and loss if interest rates would change by +/- 1 per cent from the
year-end rates applicable to the Authority’s financial assets and liabilities.
Carrying amount
$’000
2013 Interest rate risk
-1%
Profit
Cash
-
QTC borrowing
-
Equity
-
Overall effect on profit and equity
Carrying amount
$’000
21,879
QTC borrowing
56,028
Overall effect on profit and equity
56
Profit
-
Equity
-
-
-
-
-
-
-
-
-
-
2011 Interest rate risk
-1%
Profit
Cash
+1%
(280)
+1%
Equity
(280)
Profit
280
Equity
280
560
560
(560)
(560)
280
280
(280)
(280)
31.
(f)
Fair value
The Authority does not designate any financial assets or financial liabilities as fair value through profit and loss.
The fair value of trade receivables and payables is assumed to approximate the value of the original transaction, less
any provision for impairment.
The Authority has not offset any assets and liabilities.
The fair value of borrowings is notified by Queensland Treasury Corporation. It is calculated using discounted cash
flow analysis and the effective interest rate (refer note 21) and is disclosed below:
Maximum exposure to credit risk
Cash & cash equivalents
2013
Carrying
amount
$000
2011
Fair value
Carrying
amount
$000
$000
Fair value
$000
32.
Borrowings
-
-
56,028
56,784
Total
-
-
56,028
56,784
Transfer of net assets to Economic Development Queensland
As referred to in note 1 the Urban Land Development Authority was abolished on 31 January 2013. Net assets
were transferred for nil consideration to the Minister for Economic Development Queensland. Prior to making any
accounting adjustments relating to the transfer, the book values of the net assets transferred were recorded in the
Urban Land Development Authority as follows:
57
32.
Restated
Restated*
2013
2011*
1 July 2010
$000
$000
$’000
1,726
21,879
10,283
-
6,163
-
Transfer of Net Assets to Economic Development Queensland (continued)
Current assets
Trade and other receivables
20,601
589
203
Inventories
64,280
75,665
97,310
Total current assets
197
267
146
86,804
104,563
107,942
111,906
59,000
-
Non current assets
Inventories
Investment property
Deferred tax asset
9,291
31,834
24,556
112,391
186,536
194,466
8,508
6,258
6,958
Total non current assets
242,096
283,628
225,980
Total assets
328,900
388,191
333,922
Current liabilities
46,622
37,964
17,058
9,520
33,624
17,284
882
716
389
Provisions
5,755
5,861
4,623
62,779
78,165
39,354
67,375
30,494
28,201
5,785
11,543
5,929
Total current liabilities
Non current liabilities
30,068
51,971
52,528
Total non current liabilities
Deferred tax
103,228
94,008
86,658
Total liabilities
166,007
172,173
126,012
Net assets
162,893
216,018
207,910
328,730
301,256
296,633
(165,837)
(85,238)
(88,723)
162,893
16,018
207,910
Equity
Contributed equity
Retained surplus
Total equity
58
59
60
61
Compliance Checklist
FAA Financial Accountability Act 2009
FPMS Financial and Performance Management Standard 2009
ARRs Annual report requirements for Queensland Government agencies
Summary of requirement
Accessibility
Basis for requirement
Final report
reference
¡ Table of contents
ARRs – section 8.1
1
¡ Public availability
Inside front
cover
¡ Interpreter service statement
Queensland Government
Language Services Policy
Inside front
cover
¡ Copyright notice
Copyright Act 1968
¡ Government Information Licensing
Framework (GILF) Licence
Government Information
Licensing Framework (GILF)
QGEA Policy
Inside front
cover
Inside front
cover
Letter of compliance
¡ A letter of compliance from the
accountable officer or statutory body to
the relevant Minister(s)
ARRs – section 9
2
General Information
¡ Introductory Information
3
¡ Message from the Chief Executive
Officer
¡ Agency role and main functions
5
¡ Operating environment
6-11
¡ External scrutiny
13
¡ Machinery of government changes
¡ Review of proposed forward operations
¡ Government objectives for the
community
3,28,33
N/A
4
¡ Agency objectives and performance
indicators
5,16
¡ Agency service areas, service standards
and other measures
16
¡ Summary of financial performance
19-20
¡ Chief Finance Officer (CFO) statement
18
¡ Organisational structure
15
¡ Executive management
14
¡ Boards and committees
12,13
¡ Public Sector Ethics Act 1994
Public Sector Ethics Act
1994 (section 23 and
Schedule)
Non-financial
performance
Financial performance
Governance –
management and
structure
62
4
16
Summary of requirement
Basis for requirement
Final report
reference
Governance – risk
management and
accountability
¡ Risk management
16
¡ Audit committee
13
¡ Internal audit
13
Governance – human
resources
¡ Workforce planning, attraction and
retention
15
¡ Early retirement, redundancy and
retrenchment
Directive No.17/09 Early
Retirement, Redundancy
and Retrenchment
15
Financial Statements
¡ Voluntary Separation Program
15
¡ Certification of financial statements
FAA – section 62
59
FPMS – sections 42, 43
and 50
¡ Independent Auditors Report
FAA – section 62
60
FPMS – section 50
¡ Remuneration disclosures
Financial Reporting
Requirements for
Queensland Government
Agencies
47-50
Disclosure of additional
information
¡ Additional information to be reported
online
ARRs – section 17
Available at
dsdip.qld.gov.au
63
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64
65
2011-2012
Annual Report
66

Urban Land Development Authority - Final Report 1 July 2011

Transcription

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