To promote the efficient carrying out of municipal government throughout



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including the conduct of bi-monthly Committee Meetings. Other than this there were no material related party transactions during the year.

J. Warburton (independent chairperson)

A. Murphy (independent)

G. Lake (MAV President, resigned September 2006)

Cr. R. Gross (MAV President, appointed November 2006)

A. Garcia (LGAT representative)

R. Farrell (independent)

A. Nye (independent)

Dr. M. Kennedy (CEO, Mornington Peninsula Shire Council)

R. Spence (MAV Chief Executive Officer)

Cr. R. Fyffe (MAV representative)

Key management personnel remuneration



COMBINED

CIVIC MUTUAL PLUS

MUNICIPAL OFFICERS’

FIDELITY GUARANTEE FUND



2007

$

2006



$

2007


$

2006


$

2007


$

2006


$

Independent committee members



receive remuneration for meeting

fees. Chairperson receives $750

per committee meeting and other

independent committee members

receive $500 per committee

meeting plus $1,030 per annum

for claims and technical committee

and other meetings.

Short-term remuneration of key

management personnel

108,095


90,950

108,095


90,950

-

-



Loans to committee members



No loans were made to or are payable by committee members.

Other transactions



There were no other material transactions with committee members.

Insurance



The activities of the MAV Insurance Committee members are covered by the MAV directors’ and officers’ indemnity insurance policy, effected by

the Municipal Association of Victoria.

106


MAV INSURANCE FINANCIAL REPORT 2006/07

STATEMENT BY COMMITTEE OF MANAGEMENT



In accordance with a resolution of the MAV Insurance Committee, we state that:



In the opinion of the members of The MAV Insurance Committee:

(a) the financial statements and notes of the combined entity are drawn up so as to give a true and fair view of the results of Civic Mutual Plus and

the Municipal Officers’ Fidelity Guarantee Fund for the year ended 30 June 2007;

(b) the accompanying statement of financial position is drawn up so as to give a true and fair view of the state of affairs of Civic Mutual Plus and

the Municipal Officers’ Fidelity Guarantee Fund as at that date;

(c) at the date of this statement there are reasonable grounds to believe that Civic Mutual Plus and the Municipal Officers’ Fidelity Guarantee Fund

will be able to pay its debts as and when they fall due; and,

The financial statements have been made out in accordance with applicable accounting standards and other mandatory professional reporting

requirements.

On behalf of the MAV Insurance Committee

John Warburton

Rob Spence


MAV Insurance Committee Chairman

MAV Chief Executive Officer


Melbourne



26 September 2007

STATEMENT BY DIRECTORS

In accordance with a resolution of the directors of the Municipal Association of Victoria, we state that:



In the opinion of the Directors:

(d) the accompanying Statements of Financial Performance is drawn up so as to give a true and fair view of the results of Civic Mutual Plus and the

Municipal Officers’ Fidelity Guarantee Fund for the year ended 30 June 2007;

(e) the accompanying Statement of Financial Position is drawn up so as to give a true and fair view of the state of affairs of Civic Mutual Plus and

the Municipal Officers’ Fidelity Guarantee Fund as at that date;

(f) at the date of this statement there are reasonable grounds to believe that Civic Mutual Plus and the Municipal Officers’ Fidelity Guarantee Fund

will be able to pay their debts as and when they fall due; and

The financial statements have been made out in accordance with applicable Accounting Standards and other mandatory professional reporting

requirements.

Signed in accordance with the resolution of Directors.

Richard Gross


Geoff Gough



President

Director

Melbourne


26 September 2007

MAV INSURANCE FINANCIAL REPORT 2006/07



107













COMBINED FINANCIAL STATEMENTS

INDEPENDENT AUDIT REPORT


INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LOCAL GOVERNMENT MUTUAL LIABILITY INSURANCE SCHEME

AND MUNICIPAL OFFICERS FIDELITY GUARANTEE FUND

We have audited the accompanying general purpose financial report of MAV Insurance, incorporating the Local Government Liability Insurance

Scheme (“the Scheme”) and the Municipal Officers Fidelity Guarantee Fund (“the Fund”), which comprises the balance sheet as at 30 June

2007, and the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of

significant accounting policies, other explanatory notes and the directors’ declaration in relation to the scheme and the fund.

Directors’ Responsibility for the Financial Report



The directors of the Municipal Association of Victoria are responsible for the preparation and fair presentation of the financial report and have

determined that the accounting policies described in Note 1 to the financial statements, which form part of the financial report, are appropriate

to meet the financial reporting requirements of the Trust Deed and are appropriate to the needs of the members. This responsibility includes

establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material

misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are

reasonable in the circumstances. In Note 1, the directors also state that the financial report, comprising the financial statements and notes

comply with International Financial Reporting Standards.

Auditor’s Responsibility



Our responsibility is to express an opinion on the financial report based on our audit. No opinion is expressed as to whether the accounting

policies used are appropriate to the needs of the members.

We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical

requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free

from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures

selected depend on our judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or

error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial

report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

The financial report has been prepared for distribution to the members for the purpose of fulfilling the directors’ financial reporting requirements

under the Trust Deed. We disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to

any person other than the members, or for any purpose other than that for which it was prepared.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence



In conducting our audit we have met the independence requirements of the Australian professional accounting bodies.

Auditor’s Opinion



In our opinion:

1. the financial report presents fairly, in all material respects, the financial position of MAV Insurance and of its financial performance and its cash

flows for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements.

2. the financial statements and notes or financial report also comply with International Financial Reporting Standards as disclosed in Note 1.



Ernst & Young

T.M. Dring Partner


Melbourne



26 September 2007

108 MAV INSURANCE FINANCIAL REPORT 2006/07







OTHER INFORMATION



Legal form



MAV Insurance is the insurance division of the Municipal Association of Victoria. The Municipal Association of Victoria is an Association

incorporated by the Municipal Association of Victoria Act 1907.

Domicile:



Melbourne, Australia

Address of registered office:



Level 12, 60 Collins Street, Melbourne, 3000, Victoria, Australia

Principal place of business



Level 1, 468 St. Kilda Road, Melbourne 3004, Victoria, Australia

Nature of the operation and principal activities:



The Municipal Association of Victoria has the power provided to it by the Municipal Association of Victoria Act 1907 to establish Civic Mutual

Plus and the Municipal Officers’ Fidelity Guarantee Fund in order to provide public liability, professional indemnity and fidelity insurance to local

government and water authorities.

Number of employees



Nil

MAV INSURANCE FINANCIAL REPORT 2006/07



109


110 MAV INSURANCE FINANCIAL REPORT 2006/07

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