Financial Statements

Murray-Darling Basin Commission

Schedule of Commitments

for the year ended 30 June 2005

    Note 2005   2004
      $'000     $'000
BY TYPE        
Capital commitments        
  Infrastructure, property, plant and equipment (a) -   -
Total capital commitments   -   -
           
Other commitments        
  Operating leases   1,469   2,384
  Other commitments   10,077   5,513
Total other commitments   11,546   7,897
           
Commitments receivable   (1,155)   (718)
           
Net commitments by type   10,391   7,179
           
BY MATURITY      
Operating lease commitments      
  One year or less   964 836
  From one to five years   505 1,548
  Over five years   - -
Total operating lease commitments   1,469 2,384
   
Capital commitments
  One year or less   - -
Total capital commitments   - -
   
Other commitments
  One year or less   5,074 3,624
  From one to five years   5,003 1,889
  Over five years   - -
Total other commitments   10,077 5,513
   
Commitments receivable   (1,155) (718)
Net commitments by maturity   10,391 7,179

 

All commitments are stated inclusive of Goods and Service Tax where relevant.

(a) The Commission does not have contracts with the State Construction Authorities who carry out work on their behalf. All construction contracts are between the construction authorities and the various contractors that they engage to complete the work.

Operating leases are effectively non-cancellable and comprise:

Leases for office accommodation

Lease payments are subject to annual increases in accordance with upwards movements in the Consumer Price Index and may be renewed for up to five years at MDBC's option, following a once-off adjustment of rentals to current market levels.

Lease for office accommodation fit-out

An additional rent is paid on the office accommodation for the fit-out of the office premises. Fit-out rent is a set amount each year for the continuing term of the lease.

Lease for computer equipment

Lease payments are made for the supply of office computer equipment for a period of three years. Computer equipment rent is a set amount each year for the term of the lease. All leased equipment will remain the property of the lessor.

The above statement should be read in conjunction with the accompanying notes.

 

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