At the reporting date, the Council had the following obligations under non-cancellable operating leases for the lease of equipment and land and buildings for use within Council's activities (these obligations are not recognised as liabilities):
Council's leasing profile comprises of largely crown land. Others in the portfolio include freehold or lease commitments. The Council has a varying number of leases varying from monthly over holding to short term to long term. The rental amounts are either fixed term, some are annual CPI reviews or market reviews.
Council has obligations under a defined benefit superannuation scheme that may result in the need to make additional contributions to the scheme to ensure that the liabilities of the fund are covered by the assets of the fund. As a result of the volatility in financial markets the likelihood of making such contributions in future periods exists. At this point in time it is not known if additional contributions will be required, their timing or potential amount.
A Council terminated staff member filed a HR related litigation seeking compensation. Council is not in a position to specify the quantum of potential settlement as no out-of-court settlement reached yet. If a settlement is not forthcoming the matter will to be determined in a Court.
Citywide Service Solutions Pty Ltd has guarantees issued by the Bank in respect of contracts secured of $11,319,000 (2014: $11,562,000).
Citywide Service Solutions Pty Ltd is a defendant from time to time in legal proceedings in respect of claims and court proceedings arising from the conduct of its business. The Group does not consider that the outcome of any current proceedings, for which allowance has not been made in these accounts, is either individually or in aggregate, likely to have a material effect on the operations or financial position of the Group.
There are no contingent assets in this financial year (2014: Nil).