1 Goulburn valley water | ANNUAL REPORT 2019| 2020 54 55 60 64 64 65 70 71 72 73 74 74 77 80 88 49 49 52 67 49 54 102 106 110 117 120 132 133 135

Five Year Business Performance Five Year Business Compliance Performance Report 2019–20 Certification of Performance Report for 2019–20 Financial Management Compliance Framework Attestation Report Auditor-General Victorian STATEMENTS FINANCIAL Operating Statement Comprehensive Balance Sheet Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements About this Report Funding Delivery of Our Services The Cost of Delivering Services to Support Output Delivery Key Assets Available Other Assets and Liabilities Our Operations Financed How We Judgements Risks, Contingencies and Valuation Statutory Obligations Other Disclosures Officer Accountable Directors’, and Chief Financial Officer Declaration Report (Financials) Auditor-General Victorian Index Disclosure Customer Service Community Service Obligations Our Community PERFORMANCE BUSINESS CUSTOMERS AND COMMUNITY AND CUSTOMERS 3 4 5 6 7 3 10 11 12 18 20 22 25 27 28 32 34 39 40 40 43 47 48 48 10 47 39 20

28 About Us the Chairman and Managing Director From Profile Organisational Corporate Snapshot 2019–20 Corporate Goals Strategic Priorities and GOVERNANCE AN OVERVIEW CONTENTS Structure Organisational Role of the Board of the Board Directors Executive Management Team CAPABILITY ORGANISATIONAL Data Workforce Health, Safety and Wellbeing Diversity and Inclusion Learning and Development WATER Entitlements Bulk Water Quality Water Consumption Water SUSTAINABILITY ENVIRONMENTAL Management Wastewater Use Sustainable Water Strategies and Policies Carbon Emissions INFRASTRUCTURE AND ASSETS Asset Protection Land Development Asset Management , Goulburn Valley Region Water Region Water , Goulburn Valley Mark Stone AM Stone Mark Chairman Corporation 19 August 2020 RESPONSIBLE BODY DECLARATION BODY RESPONSIBLE Act with the Financial Management In accordance the Goulburn Valley present 1994, I am pleased to Corporation Annual Report for the Region Water 2020. year ending 30 June

2 Goulburn valley water | ANNUAL REPORT 2019| 2020 3 Goulburn valley water | ANNUAL REPORT 2019| 2020 AN OVERVIEW Improved water quality and supply Improved Water quality and resources management quality and resources Water management Environmental Operations and maintenance Planning and building assets Customer service Community engagement Corporate support Best prices for customers Modern and thoughtful customer service outcomes and recreational Environmental Customer Centricity Digital Optimisation Safety Culture Leadership and Diversity Carbon and Climate • • • • • • • • Our Commitment our Price Plan 2018- Delivering our mission through committed to: 23, we are • • • Our Areas of Strategic Focus Our Areas our objectives of strategic focus describe Our areas to transforming the business: in relation • • • • • Business Our Core Business” describes the work that is Our “Core comparatively stable, but nevertheless requires ongoing innovation and resourcing: Our behaviours and actions in pursuing our mission Our behaviours and actions in pursuing our by our values: underpinned and guided are Service Excellence: Delivering an excellent experience to our customers. People: Our being inclusive capacity, Developing our people’s and inviting diversity of thinking to enable innovation and creativity. Safety: and A total commitment to health and safety encouraging life balance. Teamwork: individual respecting together positively, Working the way. contributions and having some fun along Communication:Open Sharing information and knowledge while fostering that encourage honest trusting relationships conversations. Goulburn Valley Water’s mission is to deliver safe, mission is to deliver Water’s Goulburn Valley water and wastewater affordable and reliable services to our customers. Our Values ABOUT US ABOUT Our Mission AN OVERVIEW 4 Goulburn valley water

FROM THE CHAIRMAN AND MANAGING DIRECTOR | ANNUAL REPORT 2019| We are pleased to present the Annual Report for security for and Violet Town will be secure for Goulburn Valley Water for the year ended 30 June years to come. Stage 2 water restrictions were lifted 2020. in both towns in April 2020.

In a year that was like nothing experienced We continued to deliver on our Price Plan 2018-23 previously, our business has risen to meet ongoing commitments during the year. A highlight was the

2020 and emerging challenges. The defining feature completion of the Kilmore Environmental Offsets of 2019–20 was the emergence of coronavirus Project, the first of its kind for . (COVID-19), which triggered a business-wide Another eight permanent hydration stations response to ensure we could continue delivering were installed in Mooroopna, , , essential services while keeping our staff, customers Murchison, , , Cobram and and communities safe. Katamatite to provide free access to drinking water Despite the challenges, we celebrated many in community spaces and improve liveability across achievements; customer satisfaction remained our service area. high, our financial results were strong, we delivered With COVID-19 restrictions changing the way we significant and innovative infrastructure projects; we interact with our customers, we held the second managed water shortages and we continued to put of our Annual Performance Forums online, asking our customers at the centre, meeting our ongoing customers to engage with key themes and projects Price Plan 2018-23 commitments. in our Price Plan. Instead of meeting face-to-face We performed well in customer satisfaction with our Carbon Customer Advisory Group, we AN OVERVIEW measures – with 95% reporting they’re satisfied phoned members to understand their preferences with our overall service. We continued to see for solutions to reduce carbon emissions. We positive results in satisfaction measures that are at gained valuable insights from our engagement the top end of industry benchmarks. which will help us continue to drive our customer- first approach. COBRAM We delivered a strong financial result with an Picola operating profit of $6.5 million, driven primarily We take this opportunity to thank all our Barmah Numurkah Katamatite Nathalia by an increase in revenue as a result of a very dry employees, executive and the Board for their summer period. We invested $41.7 million on 90 contribution and commitment, ensuring that we Tongala Katandra capital infrastructure projects, including water continue to deliver safe, reliable and affordable Kyabram Congupna Dookie main replacement, sewer relining and remediation water services to our customers. We express Mooroopna and water treatment plant optimisation programs. appreciation to our catchment partners, regulators, CoC rop Tatura More than 4,800 solar panels were installed at 16 consultants and contractors and look forward to Stanhope Toolamba high-energy-consuming sites across our service meeting the challenges that lay ahead. RushworthRus Colbinabbinlb Murchison Violet Town region as part of a $5.4 million commitment to help In accordance with the Financial Management Act reduce energy consumption and greenhouse gas Euroa 1994, we are pleased to attest that the Goulburn Strathbogie emissions. Longwood Valley Region Water Corporation Annual Report is Avenel Stage 2 water restrictions were lifted in November compliant with all statutory reporting requirements Mangalore 2019 for Kilmore, Wandong and Heathcote for the year ending 30 June 2020. SEYMOUR Bonnie Doon Mansfield Junction in response to significant rainfall in the Pyalong Merrijig Sawmill southern part of our service area. Tallarook Settlement Broadford Yea ALEXANDRAA Kilmore Eildon In a great milestone for GVW, completion of new Clonbinane Thornton

storage works at the Abbinga reservoir site, and Wandong much needed autumn rainfall means that water Mark Stone AM Peter Quinn Buxton Chairman Managing Director Marysvilleysvil Woods Point 5 Goulburn valley water

ORGANISATIONAL PROFILE | ANNUAL REPORT 2019| Manner of Establishment and In addition to the Water Act 1989 and the Water Responsible Minister Industry Act 1994, Goulburn Valley Water also meets a range of regulatory obligations under: Goulburn Valley Region Water Corporation (trading as Goulburn Valley Water) is a regional urban • Department of Environment, Land, Water and water corporation and operates under the Water Planning (DELWP), Department of Treasury and

Act 1989 and the Water Industry Act 1994. The Finance (DTF) and Department of Health and 2020 responsible Minister for the 2019–20 reporting Human Services (DHHS) period is the Hon. Lisa Neville MP, Minister for • Safe Drinking Water Act 2003 Water. • Fluoride Act 1973

Obligations, Functions, Powers and • Occupational Health and Safety Act 2004 Duties • Public Health and Wellbeing Act 2008 Goulburn Valley Water provides urban water and wastewater services in accordance with the powers, • Environment Protection Act 1970 functions and duties under the provisions of Part • environmental obligations established by the 8–Water Supply and Part 9–Sewerage, of the Water Environment Protection Authority (EPA) Act 1989. • obligations administered by the Essential

Services Commission (ESC) for pricing, service AN OVERVIEW standards and conduct

• Energy and Water Ombudsman Victoria (EWOV).

COBRAM Katunga Nature and Range of Services Picola Barmah Numurkah Katamatite Provided Nathalia Wunghnu Goulburn Valley Water provides water and Tongala Katandra Tallygaroopna wastewater services to a population of over Kyabram Congupna Dookie 130,200 in cities and towns from the outskirts of Mooroopna SHEPPARTON Melbourne in the south to the in CoC rop Tatura Stanhope Toolamba the north. The geographic area comprises all of

RushworthRus Greater Shepparton City Council and Strathbogie

Colbinabbinlb Murchison Violet Town Shire Council, and parts of the Shires of Campaspe, Mansfield, Mitchell, Moira and Murrindindi. Euroa Nagambie Strathbogie Longwood

Avenel Mangalore SEYMOUR Bonnie Doon Mansfield Pyalong Merrijig Sawmill Tallarook Settlement Broadford Yea ALEXANDRAA Kilmore Eildon Clonbinane Thornton

Wandong Buxton

Marysvilleysvil Woods Point 37 26 136 348 88% 6,421 228.17 53,638 1,338 km 1,338 1,884 km 25,546 ML community education regarding sustainable sustainable community education regarding water management. harvest and treatment of raw water of raw harvest and treatment of headworks planning and management water to customers of treated reticulation of wastewater, collection and transportation including trade waste water recycled of re-use beneficial and treatment recycling of wastewater by-products beneficial including biosolids and biogas development and implementation of programs water for the conservation and efficient use of water planning with communities for their future and wastewater services • • • • • • • • • The main activities undertaken by Goulburn Valley by Goulburn Valley undertaken The main activities include: Water CORPORATE SNAPSHOT 2019–20 CORPORATE Number of Full Time Equivalent employees Residential customers customers Non-residential consumption Water Recycled water reused plants treatment Water management facilities Wastewater mains Water and gravity sewers Pressure Pumping stations and reservoirs Tanks Bulk water supply is principally sourced from from sourced supply is principally Bulk water Steavenson, and Broken, the Goulburn, Murray, and several smaller local Delatite River systems Mile and Sevens, Nine Sunday, including streams Creeks. Mollison’s

6 Goulburn valley water | ANNUAL REPORT 2019| 2020 AN OVERVIEW 7 Goulburn valley water | ANNUAL REPORT 2019| 2020 AN OVERVIEW Progress is delayed and at risk of not Progress being completed within timeframe Partially completed and on track for Partially completed and completion within timeframe Not completed

Customers at Annual Performance Forum were Customers at Annual Performance Forum were ideas at one site and engaged about recreational ongoing stakeholder engagement planned for 2020-21 Eight hydration stations were installed in towns Eight hydration stations were - ongoing Price Plan 2018-23 area service across commitment This work will begin with Intelligent Metering out in 2020-21 roll project Online Annual Performance Forum delivered in Online Annual Performance Forum delivered 2019 Forum 2020, with design adapted from Modelling completed and project assessing cost Modelling completed and project in 2020-21 benefit to be delivered ParticipateGVW platform built and available to ParticipateGVW platform built and available engagement to improve customer groups commenced in one of the program Improvement six non-potable water towns An ongoing Price Plan 2018-23 commitment COMMENT 20 staff were trained in journey mapping trained in journey were 20 staff in leak adjustment identification Improvements and non-residential Portals built for residential in 2019-20 increased customers and registrations users 2000+ - currently to take part in of customers volunteered A group surveyed annually about behaviours trial and are of the project and attitudes to inform the future found in identified towns No systemic issues were complete considered - project Deferred Completed

Monitor On Track  O æ Output performance in 2019–20 has been reported in 2019–20 has been reported Output performance using the following key:     Monitor Monitor Monitor On Track On Track On Track On Track On Track PROGRESS Recognise recreational values Recognise recreational Build resilient and liveable cities and towns Build resilient Improved understanding of customer decision Improved making and behaviour with water usage Improve customer engagement processes Improve Develop and implement research into our Develop and implement research customers’ behaviours and values, including trial tariff further expansion of the proposed outlined in our Price Plan 2018-23 for identified water pressure Improve communities Understand and improve customer experience Understand and improve customer journey mapping through Continue the development of the capabilities Continue the development of the capabilities customer of the digital portal and increase utilisation Develop a digital platform for a single and consolidated view of our customers’ feedback and experience water taste for communities with Improve systemic issues of water for non-potable standard Improve towns ACTION at Further develop and embed our “customer culture the centre” We will understand what our customers value, use this information to inform our decisions and enable our staff and enable our staff understand what our customers value, use this information to inform our decisions will We with an excellent experience. our customers with the skills and tools to provide Customer Centricity The Goulburn Valley Water Corporate Plan 2019–20 Water The Goulburn Valley for the business, outlined plans and budgets related of strategic focus and identifying five areas mission the Corporation’s outputs that align with and values. of strategic focus included outputs These areas Letter of Expectations and the Minister’s from Price Plan 2018-23, as Water’s Goulburn Valley indicated by shading in the tables below. STRATEGIC PRIORITIES AND CORPORATE GOALS AND CORPORATE PRIORITIES STRATEGIC of Strategic Focus Areas The COVID-19 pandemic led to redirection of The COVID-19 pandemic led to redirection - which slowed planning progress resources PAW delivery in 2020-21 for rescheduled Succession plans were developed for key Succession plans were positions See internally delivered training details on page See internally delivered 24 of this report A Diversity and Inclusion Committee was formed, discussions continued and a the Mapping Project Framework was developed Social Procurement COMMENT COMMENT Division reviews and restructures were completed were and restructures Division reviews The Capability Framework was developed The COVID-19 pandemic led to the redirection led to the redirection The COVID-19 pandemic was and the program of Safety resources for 2020-21 delivery rescheduled of led to redirection The COVID-19 pandemic commenced but The project Safety resources. for 2020-21 delivery was rescheduled Safety System Program The In Vehicle and full commenced with a vendor selected. Trial implementation to commence in 2020-21. O   æ æ Monitor On Track On Track On Track PROGRESS PROGRESS Develop an Aboriginal Victorians Inclusion Plan Develop an Aboriginal Victorians Investigate and implement enhancements in Investigate and implement enhancements in digital utilisation and capability for safety Continue developing and implementing succession plans for management and key positions in the business Finalise and implement the new capability framework integrating Leadership and Inclusion, Centric and Climate Digital, Customer Safety, and implement these into Change for all roles position descriptions Continue implementing diversity and inclusion for Family actions including education programs and Mapping Project Indigenous Violence, LGBTI participation project Consolidate and standardise hazard hazard Consolidate and standardise into assessment approach identification and risk culture Water the Goulburn Valley safety training Continue to implement more to ensure delivered internally that are programs performance of Goulburn Valley standardised Water ACTION structure Implement and align organisational under new General Managers and roles Develop and implement the Safety Field Develop and implement Leadership Program ACTION People, Leadership and Inclusion of at the centre we place customers where develop our people to lead now and into the future, will We that and have a culture innovative are our customers. We value to our decision making and enjoy providing embraces diversity and inclusion. Safety Culture mindset and culture of behaviour to enable a safety-first and standards processes will develop our systems, We business. the across

8 Goulburn valley water | ANNUAL REPORT 2019| 2020 AN OVERVIEW 9 Goulburn valley water | ANNUAL REPORT 2019| 2020 AN OVERVIEW Climate Change Mitigation Strategy to be updated in 2020-21 which will determine future agreement a power purchase on direction Recommendations adopted where possible and Recommendations adopted where studies commenced into other recommendation 2019–20 emissions were above target which is above target 2019–20 emissions were attributed to industrial customer growth largely achievable still considered but 2024-25 target The COVID-19 pandemic led to redirection of The COVID-19 pandemic led to redirection and reset a review which required IT resources of timelines. The strategy is expected to be completed August 2020 2019–20 actions carried out. Some actions 2019–20 actions carried due to external to be pushed out required beyond our control circumstances including activities delivered, engagement Two member preferences survey to understand group for asset v market-based options to reduce emissions and user pay systems for carbon and non-residential Portals built for residential customers is moving into the implementation The project phase in 2020-21 COMMENT COMMENT SMS processes developed to deliver messages SMS processes against Price Plan 2018-23 and track progress commitment Project timelines were redefined following redefined were timelines Project engagement of a new vendor The framework was implemented with the data analytics platform development to begin in 2020- 21 of The COVID-19 pandemic has led to redirection and reset a review which has required IT resources of timelines Works commenced at all sites and completed at commenced Works 15 of 16 sites at Tatura completed Aeration upgrade projects and Kyabram was project Offsets Environmental The Kilmore completed      æ æ Monitor Monitor On Track On Track On Track On Track On Track On Track PROGRESS PROGRESS Implement environmental offsets projects offsets Implement environmental Progress the procurement of a power purchase of a power purchase the procurement Progress agreement Develop SMS messaging processes Implement the findings from the independent Implement the findings from of our emissions calculation methodology review achievement of towards Demonstrate progress pledge emission reduction Implement data governance and reporting for a data analytics frameworks in preparation platform of requirements the from Priority projects Data Security Framework Protective Victorian achieved Continue development of the customer portal Continue implementation of the Asset Management Information System Project Develop an Information Security Strategy for the 2019-22 period embedding the five pillars technology, process, of cyber security (policy, into the organisation people and culture) Continue implementation of Energy of Energy Continue implementation Performance Projects the updated from Schedule additional actions Climate Change Mitigation Strategy Participate in the choice and design of carbon the carbon-neutrality emission solutions through customer group ACTION Complete the implementation of the new finance system Commence construction of Stage 1 of the Commence construction Renewables Program ACTION We will position Goulburn Valley Water to make appropriate use of technology, increase overall productivity, overall productivity, increase use of technology, to make appropriate Water position Goulburn Valley will We and stakeholder expectations. high quality service that meets customer to provide and enable the organisation Digital Optimisation Carbon and Climate Carbon use and efficient energy of resources, the sustainable management through prosperity will support regional We gas emissions. of greenhouse the continuous reduction Denis Flett People and Culture Committee Fiona Merrylees Audit and Risk Committee People and Culture Committee Safety, Service Safety, and Standards Environment Committee Tammy Atkins Tyson Fehring Tyson Audit and Risk Committee Service Safety, and Standards Environment Committee Audit and Risk Committee Matthew Burns Audit and Risk Committee People and Culture Committee Haydn Pound People and Culture Committee Service Safety, and Standards Environment Committee Jenny Wilson Audit and Risk Committee Christine Cussen Audit and Risk Committee People and Culture Committee Haydn Pound BOARD OF DIRECTORS (At 1 July 2019) BOARD OF DIRECTORS (At 1 July STATE GOVERNMENT OF VICTORIA GOVERNMENT STATE BOARD OF DIRECTORS (At 1 April 2020) Linda Nieuwenhuizen Safety, Service Safety, and Standards Environment Committee Audit and Risk Committee Christine Cussen Deputy Chair David Heeps Audit and Risk Committee People and Culture Committee Service Safety, and Standards Environment Committee Safety, Service Safety, and Standards Environment Committee Deputy Chair Linda Nieuwenhuizen Audit and Risk Committee People and Culture Committee Service Safety, and Standards Environment Committee Chair Catherine Scott Audit and Risk Committee People and Culture Committee Service Safety, and Standards Environment Committee Chairman Mark Stone AM ORGANISATIONAL STRUCTURE ORGANISATIONAL GOVERNANCE

Goulburn valley water ANNUAL REPORT 2019| 2020 10 | GOVERNANCE Goulburn valley water ANNUAL REPORT 2019| 2020 11 | GOVERNANCE Digital Programs Digital Operations Business Intelligence Executive Manager Digital and Innovation Wulff Tony • • • Risk and Integrated Systems Knowledge Management Compliance Legal and Property Executive Manager Governance and Quality Systems Danny Hogan • • • • ector Ensuring risk management systems are in place Ensuring risk management systems are and operational to mitigate environmental, financial risks Appointing, establishing objectives of, and the Managing the performance of reviewing Dir has policies Water Ensuring that Goulburn Valley to satisfy its legal and ethical and procedures responsibilities Reporting to and communicating with the Government and other stakeholders Victorian on the financial and operational performance of Water. Goulburn Valley • • • • Communications and Engagement Customer Accounts and Services People and Wellbeing Safety General Manager People and Customers Christina Bassani • • • • Peter Quinn Managing Director* EXECUTIVE MANAGEMENT STRUCTURE Digital and Innovation Finance Governance and Quality Systems General Manager Digital, Governance and Finance (CFO) Sarah Thomson • • • Asset Monitoring and Maintenance Asset and Project Delivery Planning and Climate Resilience Strategic Asset Management Customer Technical Service General Manager Planning and Assets Daniel Hughes • • • • • Monitoring operational and financial performance Adoption and monitoring of Goulburn Valley Price Plan and Corporate Plan, Water’s Statement of Obligations The Managing Director is a member of the Board The Managing Director is a member of the Operations – Distribution, Farming, Treatment, Wastewater/Recycling Operational Systems and Analysis Quality Water

General Manager Service Delivery Daniel Flanagan • • • • • The Directors of the Board operate under of the Board The Directors Act 1989 and are of the Water the provisions The Board for corporate governance. responsible for setting strategic direction, is responsible establishing goals and objectives for executive on management and monitoring the business Government. behalf of customers and the Victorian include: Key responsibilities ROLE OF THE BOARD * November 2019) November – David Heeps Deputy Chair (October – November 2019) 2017 Acting Chair (December – February 2019 2020) of Mr David Heeps was appointed a Director in October 2017. Water Goulburn Valley He is a senior associate consultant at Aither and also consults as a sole trader. as the Chief Executive Officer Mr Heeps retired of the Essential Services Commission in 2016, a position he held for six years. He has previously Water held senior executive positions at City West for 11 years, the former Department of Natural for seven years and and Environment Resources of Board with the then Metropolitan earlier roles Works. and past President Mr Heeps has been a Director Administration, has served of the Institute of Water Water of the Victorian two terms as a Director Chairs and currently Industry Association Board Customer and Corporation’s South East Water Community Advisory Council. Catherine Scott Chair (October 2015 and appointed a Director Ms Catherine Scott was in October 2015. Water Chair of Goulburn Valley Chairperson and Ms Scott is a highly experienced who has held directorships Non-Executive Director in transport, a portfolio of organisations across education and natural resources. water, Scott held Ms career, In her prior professional and senior positions in the investment banking Director finance industries. She is a Non-Executive for and Chair of the Audit and Risk Committee Board the Office of National Rail Safety Regulator, and of VicWater Director member of GOTAFE, at a member of the Sustainability Committee Edmund Rice Education . Bachelor Ms Scott has a Bachelor of Science (Hons), and is a Fellow at the Australian of Commerce Institute of Company Directors. 2019. 30 November effective Ms Scott resigned Mr Mark Stone AM was appointed Chairman of Mr Mark Stone AM was in April 2020. Water Goulburn Valley advisory company and Mr Stone runs a business Mr Stone is a Non-Executive Director/Chairman. Chamber was Chief Executive of the Victorian and Industry for over eight years, of Commerce During the peak body for business in Victoria. as a leader this time, he developed a reputation was in the Australian business community and advice and consulted for business-related regularly commentary. Mr Stone was Chief Executive of Previously, for 12 years. During this period, he Parks Victoria large-scale identified, negotiated and secured tourism development opportunities for Victoria, at the as well as highly successful major events, of the natural same time ensuring the protection Mr Stone led and developed Parks environment. and state-focused entity a state-based from Victoria to one with national and international stature. The complexity and diversity of this organisation and management of leadership strong required including 800 professional multi-disciplinary staff, He has extensive knowledge of bush firefighters. issues, having lived and worked in many regional parts of the state. of a Member of the Order Mr Stone was awarded Australia (AM) in 2016 for “significant service to leadership roles, and industry through commerce and tourism sectors, and to the to the environment community.” included Member of the Premier’s His other roles Jobs and Investment Panel, Co-Chair of the Board Aboriginal Economic Board, Victorian Member of the Australian Chamber of Commerce Tourism Chief Executive Officer of and Industry, Australia. Member of Tourism and Board Victoria Chairman SCT Logistics, a Mr Stone is currently Special Advisory Council member of the Premier’s Victoria and an Advisory Recovery for Bushfire North (Australia). Member of Delaware Board DIRECTORS OF THE BOARD DIRECTORS Mark Stone AM Chairman

Goulburn valley water ANNUAL REPORT 2019| 2020 12 | GOVERNANCE Goulburn valley water ANNUAL REPORT 2019| 2020 13 | GOVERNANCE Christine Cussen of was appointed a Director Ms Christine Cussen in October 2017. Water Goulburn Valley and Board Ms Cussen brings over a decade of Chair a diverse range of industries of experience across for profit ASX listed, private, government and not water, aged care, sectors including healthcare, education, and environment. infrastructure, and She has extensive chief executive officer hands on operational experience within the having worked as Managing corporate sector, Officer in both global and Chief Executive Director start- pharmaceutical, an ASX listed biotechnology in up and in the industrial and innovation sectors and Asia. Australia, North America, Europe portfolio of activities includes current Ms Cussen’s School Camberwell Girls Grammar as Chair, her role Medical Technologies and as a Business Adviser, part of and Pharmaceuticals with the Ai Group, Program. Entrepreneurs the Federal Government’s with Prior to that she worked as a Business Adviser Deloitte. She has business and science qualifications from Monash University and Swinburne University is a Graduate Member of the of Technology, and Australian Institute of Company Director completed the Senior Executive MBA at recently Melbourne University. include Non-Executive roles board Previous and Institute of Technical of Gordon Director Fisheries Authority, Further Education, Victorian Musculoskeletal Australia and Health Group, Ward of ASX listed biotechnology Managing Director Limited. Technologies company Eiffel Mr Pound is a Certified Practicing Accountant, a is a Certified Practicing Mr Pound the Australian Institute of Graduate member of a Master of Business and holds Company Directors Business School and the Administration (Melbourne University of Chicago). Mr Haydn Pound was appointed a Director of Mr Haydn Pound was appointed a Director in October 2017. Water Goulburn Valley Mr Pound is a management consultant with performance management expertise in strategy, effectiveness. and organisational and control, with his consulting activities, he also Concurrent teaches into MBA, EMBA and executive education at the London Business School and other programs world-leading institutions in Asia, the Middle East of strategy and managerial in the areas and Europe accounting. he worked for The Boston Consulting Previously In 2008 and PriceWaterhouseCoopers. Group Pty Ltd, a provider he founded Advant Group of financial services technology and marketing solutions, sold in 2014. Haydn Pound Linda Nieuwenhuizen Linda Nieuwenhuizen Acting Deputy Chair, Chair (March 2020) was appointed a Director Ms Linda Nieuwenhuizen 2016. in November Water of Goulburn Valley Head of Ms Nieuwenhuizen is currently Communications at Apple and Pear Australia Limited. include the Manager, roles Her previous Governance and Communications at Moira Relations at Council, Manager Stakeholder Shire and Marketing Manager at Goulburn Murray Water South East Water. of Ms Nieuwenhuizen has a sound knowledge Ms local issues and understanding of our business. Nieuwenhuizen also has a good, demonstrated and understanding of public sector governance finance. Ms Nieuwenhuizen has a Bachelor of Commerce (Economics), Graduate Diploma Agribusiness and Management, Graduate Diploma Corporations of the Securities Law and is a Graduate Member Australian Institute of Company Directors. He holds a Graduate Diploma of Applied Corporate of Applied Corporate Graduate Diploma He holds a of Engineering Science and a Governance, a Master (Agricultural). Bachelor of Engineering 29 February 2020. effective Mr Heeps resigned Denis Flett of Mr Denis Flett was appointed a Director in April 2020. Water Goulburn Valley Mr Flett has four and a half decades of experience water sector spanning engineering, in the Victorian management, leadership, governance and consulting. He helped formulate and implement advice as a and provided many lasting reforms groups. member and leader of independent review Mr Flett was the foundation Chief Executive of Commissioner a Victorian Goulburn-Murray Water, on the Murray-Darling Basin Commission, a Director Deputy Chair of North Water, of Goulburn Valley a consultant with Sinclair Knight Merz, East Water, a principal of DG Consulting, and the foundation Water Environmental Chairperson of the Victorian Holder. Fellow of Australian Institute of Mr Flett is a retired and of Institution of Engineers Company Directors Australia. Tammy Atkins Tammy of Atkins was appointed a Director Ms Tammy in April 2020. Water Goulburn Valley consultant with a Ms Atkins is a business policy and economic in regional interest career development. tiers of with all three She has experience working in a diverse range of government and is involved of Ms Atkins is a Director community organisations. served on the and has previously TAFE Wodonga of the North East Catchment Management boards Committee of Authority and Winton Wetlands for Management. She is a former elected Councillor the Rural City of Wangaratta. Rural Ms Atkins is a graduate of the Australian the Australian Institute of Leadership Program, and Curtin University. Company Directors, Jenny Wilson of Ms Jenny Wilson was appointed a Director in October 2019. Water Goulburn Valley Executive Officer the Chief Ms Wilson is currently of Murray Dairy and a member of the National Dairy Industry People Development Council. worked for many years as She has previously a senior manager in agricultural and natural for the Victorian management programs resource Government. Ms. Wilson has Victoria, Passionate about regional working with farmers led a number of programs communities to adopt new science and regional and innovation. She has an extensive government in leadership, project and industry background management, strategic planning, community response training and development, emergency management. Ms Wilson is a and organisational with GOTAFE. Director Charles Sturt Ms Wilson is a graduate from University having completed a Bachelor of Science, holds an Advanced Environmental Certificate in Sustainability and a Diploma of Project Management and is a graduate member of the Australian Institute of Company Directors. Matthew Burns Matthew of appointed a Director Mr Matthew Burns was in October 2019. Water Goulburn Valley Certificate in Financial Mr Burns holds a Graduate in the finance Services, several specialisations in finance, background sector and brings a strong consultation skills. audit and risk, and advocacy he has Taungurung, Owner from As a Traditional water sector through deep knowledge of the his associations with catchment management authorities and other water corporation boards. with position holds a Board Mr Burns currently Owner Traditional the Federation of Victorian sub- Corporations and sits on the Governance committee.

Goulburn valley water ANNUAL REPORT 2019| 2020 14 | GOVERNANCE Goulburn valley water ANNUAL REPORT 2019| 2020 15 | GOVERNANCE Matthew Burns (appointed 1 October 2019) Atkins (appointed 1 April 2020) Tammy Denis Flett (appointed 1 April 2020) Fehring (1 July 2019 – 30 September Tyson 2019) Fiona Merrylees (1 July 2019 – 30 September 2019) Mark Stone AM (Chairman, appointed 1 April Mark Stone AM (Chairman, 2020) 1 July – 30 November Catherine Scott (Chair 2019) David Heeps (Deputy Chair 1 July – 30 2019 November 2019, Acting Chair 1 December – 29 February 2020) 1 July 2019 – 29 Linda Nieuwenhuizen (Director 2020, February 2020, Acting Chair 1 – 31 March Deputy Chair 1 April – 30 June 2020) Haydn Pound Christine Cussen Jenny Wilson (appointed 1 October 2019) • • • • • Board Composition Board directors comprises eight non-executive The Board and Managing Director. appointed by the Minister to 30 June 2020, non- In the period 1 July 2019 were: of the Board executive directors • • • • • • • Board and Committee meetings are scheduled for scheduled and Committee meetings are Board Wednesday of each month except January, the first Additional September and November. July, March, arise. convened as circumstances meetings are and General Managers The Managing Director meetings and the Executive Manager attend Board Governance and Quality Systems is the nominated has three The Board Corporate Secretary. functions committees to assist in carrying out Board The Chairman convenes the and responsibilities. Committee and is an ex-officio People and Culture member of the other committees. The Managing attends committee meetings, together Director and minutes with senior executives as required, to the full presented of committee meetings are Board. Ms Fiona Merrylees was appointed a Director of Ms Fiona Merrylees was appointed a Director in October 2017. Water Goulburn Valley Lawyer for SMR and Ms Merrylees is a Director Legal. Chair of and Deputy a Director She is currently Union and also Director Goulburn Murray Credit Grammar and Deputy Chair of Goulburn Valley School. Ms Merrylees has a Bachelor of Arts, a Bachelor of a Barrister and Solicitor in and is admitted as Law, and the Australian Courts in Victoria the Supreme in the High Court. and Capital Territory Fiona Merrylees 2019) September – (October 2017 Tyson Fehring Tyson 2019) September – (October 2015 of Fehring was appointed a Director Mr Tyson in October 2015. Water Goulburn Valley working for engineer, Mr Fehring is professional engineering consultancies and water numerous Australia, New Zealand and the corporations across United Kingdom. Bachelor of Engineering (Civil) He has completed a Management, with Honours, Master of Project a Master of Business Administration and is Graduate of the Australian Institute of Company course. Directors Chartered Mr Fehring has qualifications including Certified Practising Project Engineer, Professional Engineering Executive and is a Fellow of Director, the Institution of Engineers Australia. Denis Flett resigned 30 Catherine Scott (ex-officio) – November 2019 2020 29 February David Heeps – resigned Fehring – finished term 30 September Tyson 2019 Mark Stone AM Haydn Pound Jenny Wilson • • • • People and Culture Committee and Culture People the performance and This committee reviews of senior executives within the remuneration by the Government policy parameters issued Panel (GSERP). Sector Executive Remuneration strives to of the Board, This committee, on behalf and motivate senior executives of the attract, retain and sound performance provide to quality required In addition, Water. Valley leadership of Goulburn against the progress the committee monitors initiatives outlined under the People, Leadership Valley and Inclusion strategic theme in Goulburn Corporate Plan. Water's Committee members 2019–20 People and Culture were: • • • The Committee Secretary was the General Manager was The Committee Secretary People and Customers. etary was the General Manager Fiona Merrylees – finished term 30 September 2019 Catherine Scott (ex-officio) – resigned 30 Catherine Scott (ex-officio) – November 2019 29 February 2020 David Heeps – resigned Fehring – finished term 30 September Tyson 2019 Mark Stone AM (ex-officio) Haydn Pound Christine Cussen Matthew Burns Peter Hutchinson (external member) • • • • • • • • • Audit and Risk Committee Risk Committee Audit and the task of This committee is delegated matters including the overviewing financial audit programs, reviewing appointment of auditors, of internal financial determining the adequacy operating and accounting policies and controls strategic oversight and providing and controls, against the initiatives monitoring performance and Optimisation strategy, outlined in the Digital risk and monitoring the organisation’s reviewing management. for the is responsible Auditor-General The Victorian records. financial Water’s audit of Goulburn Valley was Accountants) Johnsons MME (Chartered as his Agent for appointed by the Auditor-General the year ended 30 June 2020 and RSM Australia as internal Water was appointed by Goulburn Valley auditor. a supported In October 2019 the Board the Audit and Risk from recommendation as an Committee to appoint Peter Hutchinson and independent (external) member of the Audit Risk Committee for an initial term of 12 months. the Charter to reflect was an amendment to There this change. were: 2019–20 Audit and Risk Committee members The Committee Secr Digital, Governance and Finance (CFO).

Goulburn valley water ANNUAL REPORT 2019| 2020 16 | GOVERNANCE Goulburn valley water ANNUAL REPORT 2019| 2020 17 | GOVERNANCE

1/1 1/1 4/4 2/2 1/1 3/3 1/1 4/4 ** PEOPLE COMMITTEE AND CULTURE

3/3 1/1 4/4 1/1 4/4 3/3 1/1* COMMITTEE ENVIRONMENT ENVIRONMENT SAFETY, SERVICE STANDARDS AND AND STANDARDS 1/1 2/2 3/3 5/5 1/1 5/5 1/1 2/3 1/1* 1/1* AUDIT 5/5 ** AND RISK COMMITTEE Tammy Atkins Tammy resigned 30 – Catherine Scott (ex-officio) November 2019 29 February 2020 David Heeps – resigned term 30 September Fehring – finished Tyson 2019 • • • • The Committee Secretary was the General Manager was the General Manager The Committee Secretary Planning and Assets. 1/1 2/2 1/1 2/2 2/2 2/2 2/2 1/1 1/1 1/1 BOARD SPECIAL MEETINGS 2/2 3/3 1/1 7/7 5/6 3/3 3/3 7/7 7/7 7/7 6/7 1/1 4/4 6/6 BOARD MEETINGS The full Board attended a special Audit and Risk Committee meeting held on 21 August 2019 to attended a special Audit and Risk Committee meeting The full Board Mark Stone AM (ex-officio) Linda Nieuwenhuizen Jenny Wilson * Chair is ex officio member of Audit and Risk Committee and Safety, Service Standards and Environment and Environment Service Standards * Chair is ex officio member of Audit and Risk Committee and Safety, Committee. attended but is not a member of the Committee. ** The Managing Director Note: consider financial statements for year ended 30 June 2019. Matthew Burns Atkins Tammy Peter Hutchinson (External member of Audit and Risk Committee) Mark Stone AM Christine Cussen Denis Flett Peter Quinn, Managing Director NAME Catherine Scott Fehring Tyson Board Meeting Attendance 2019–20 Board • • • David Heeps Haydn Pound Safety, Service Standards and Standards Service Safety, Committee Environment for ensuring the This committee is responsible management of operational risks, effective operational and environmental reviewing to with respect performance and compliance and the Environmental water quality guidelines The committee also ensures Management System. responsibilities and the fulfilment of obligations Occupational Health and Safety. to relating and Environment Service Standards 2019–20 Safety, Committee members were: Linda Nieuwenhuizen Fiona Merrylees David Heeps Jenny Wilson Sarah Thomson and General Manager Digital, Governance Finance (CFO) in Water Sarah Thomson joined Goulburn Valley February 2017 and is passionate about ensuring a and continues to be prosperous that this region its strong terrific place to live, and that it maintains of diversity and inclusion. culture Sarah brings 20 years of experience in financial and general management, including internal and external audit, financial, digital and operational, governance and risk management in the private sectors. and not for profit at Deloitte and has worked Sarah started her career for Gundjehmi Aboriginal Corporation, World Institute and Burnet Medical Research Vision, Australia. She is currently WaterAid most recently Human Member of THREE (Towards a Board and a committee Rights for Everyone Everywhere) Shepparton. member of the Committee for Greater Sarah has a Bachelor of Economics and Asian Studies (Australian National University), a Graduate (University of NSW), is Diploma in Commerce Accountant and a Graduate of the a Chartered Australian Institute of Company Directors. Daniel Hughes Planning and Assets General Manager in 2006 Water Valley Daniel joined Goulburn including most several roles and has undertaken being Asset Management before Manager recently of General Manager role appointed to his current in November 2018. Planning and Assets the water Daniel has over 20 years of experience in at Central roles held industry and has previously and Coliban Water. Highlands Water in Civil Engineering, a Masters Daniel has a degree of of Business Administration and is a member Association and Engineers the Australian Water Australia. Daniel joined Goulburn Valley Water in 2011 and Water Daniel joined Goulburn Valley most has worked in many parts of the business, Manager as the Regional Operations recently of role being appointed to his current before General Manager Service Delivery in November 2018. He has developed a wide range of skills primarily the design and operation of water and around wastewater assets. Daniel has a Masters in Engineering Science (Civil) and a Masters in Business Administration. Daniel Flanagan General Manager Service Delivery Peter joined Goulburn Valley Water in 1996 and Water Valley Peter joined Goulburn of Managing Director role was appointed to the experience in strategic in 2008. He has extensive development, infrastructure planning, regional capacity building, risk management organisational and governance. the Australian He holds an Executive MBA from Graduate School of Management and has on water Fellowship project undertaken a Churchill management. resource of Peter is a Fellow of the Australian Institute and is a Fellow and past Company Directors Administration. of the Institute of Water President EXECUTIVE MANAGEMENT TEAM MANAGEMENT EXECUTIVE Peter Quinn Managing Director

Goulburn valley water ANNUAL REPORT 2019| 2020 18 | GOVERNANCE Goulburn valley water ANNUAL REPORT 2019| 2020 19 | GOVERNANCE Tony Wulff Wulff Tony Executive Manager Digital Systems in June Water joined Goulburn Valley Tony 2019 after 12 years of experience in the global has been implemented His role technology industry. and as part of the newly developed Digital Strategy effective is accountable for ensuring the timely and a customer- to Water evolution of Goulburn Valley using technology to operate centric organisation and efficiently. effectively has a Bachelor of Business and is a highly Tony senior leader in global enterprise regarded execution and capability development strategy, of delivering high quality track record with a proven business outcomes in challenging, fast-paced work environments. driven with exceptional people He is results capabilities leadership and problem-solving experience in the technology, developed from sporting industries. finance and professional In collaboration with his work at Goulburn Valley is passionate about promoting Tony Water, technology and of professional the growth Australia and lectures innovation skills in regional in the Masters of Information Entrepreneurship University. and IoT courses at La Trobe Technology Danny Hogan Danny Hogan Governance Executive Manager in June 2008 Water Valley Danny joined Goulburn Corporate Services. He has as the General Manager (Local Government) and is a Bachelor of Business Institute of Company a Graduate of the Australian Directors. in the roles and current In addition to his previous years’ experience he has had 31 water industry, including eight years working in local government, Shire as Chief Executive Officer of Murrindindi of and former President, Council. He is a member, the Rotary Club of Shepparton Central. Danny is Fellow of the Institute of Water (and past and a member Administration (IWA) Special Interest Governance convener) of the IWA Group. Christina Bassani Christina People and Customers General Manager in 2012 Water Valley Christina joined Goulburn She has and Wellbeing. as the Manager People People and of General Manager been in the role 2019, overseeing the People Customers since June Accounts and Customer Safety, and Wellbeing, and Engagement Services and the Communications Teams. to ensuring a safe, high Christina is committed where performing and customer centric culture excellent can be their best and provide all staff experiences for all customers and our community. Christina has extensive experience in human leadership development, strategic resources, service planning, diversity and inclusion, customer and communications and engagement across retail education, finance, hospitality and water, Master industries. She has a Bachelor of Business, Certificate of Leadership and Change Management, and Assessment and is a Graduate of IV in Training the Australian Institute of Company Directors. and Diversity Christina is the Chair of the VicWater of Inclusion Steering Committee and a member Administration, Australian the Institute of Water and Australian Institute of Company Directors Institute. Human Resources Christina is an active member within the local community with involvement in several different and is a member of committees and programs Leadership Program the Fairley – Goulburn Valley Alumni 2003. 5 0 7 0 12 24 FTE 222 5 0 7 0 65 56.71 12 43 40.51 62 58.46 70 67.99 43 42.35 84 82.92 24 165 164.60 110 102.39 230 JUNE 2019 JUNE ALL EMPLOYEES ALL HEADCOUNT 1 2 0 0 1 0 1 0 0 3 0 0 0 0 3 PART-TIME (HEADCOUNT) 2 0 4 2 2 3 3 2 4 0 7 0 0 11 13 NUMBER FIXED TERM AND CASUAL AND TERM FIXED (HEADCOUNT) 0 5 7 0 10 FTE 73.2 49.36 36.08 69.47 46.55 28.40 JUNE 2020 2 164.20 0 0 4 9 514.46 7 2 2 0 2 0 0 20 18 106.96 22 228.17 PART-TIME ONGOING (HEADCOUNT) 0 5 7 0 37 10 34 46 65 45 72 96 27 163 207 FULL-TIME (HEADCOUNT) 0 5 7 0 .2 FTE 9.55 28.4 75 51.96 4 13.21 38.68 53.46 73.27 176.21 112.57 0 5 7 0 60 14 41 57 76 50 76 29 178 121 238 228.17 JUNE 2020 ALL EMPLOYEES ALL NUMBER NUMBER (HEADCOUNT) participation, with 10 females now leading across the females now leading across participation, with 10 in people was an 8% increase There organisation. arrangements - both males and working in part-time - and those secondary carers females primary and supports The organisation transitioning to retirement. and secondary of the primary the changing roles to support work- flexibility for staff offers and carers life balance. consisted of 2.1% Aboriginal The 2019–20 workforce continued Strait Islander employees. We and Torres of the that 3% a 2020 target to work towards Strait Islander Aboriginal and Torres are workforce people. with engagement Further details regarding is Strait Islander communities Aboriginal and Torres available in our Diversity and Inclusion Strategy. Gender Women Workforce Demographics Workforce WORKFORCE DATA WORKFORCE has a People Strategy to Water Goulburn Valley in right people with the right skills are the ensure services to our to deliver excellent the right roles Executive Management customers. With a renewed continued a business-wide at the helm, we Team which identified a need for in 2019–20, restructure in the innovation and digital areas. nine new roles embracing diversity and Our focus also continued for all inclusion and enhancing our representation aim to increase and levels, with a particular roles female participation at every level of Goulburn Water. Valley male representation had 50% female and The Board Team in 2019–20. The Executive Management General had a split of 50% male and 50% female to the Managing through Managers reporting management-level female increased We Director. ORGANISATIONAL CAPABILITY ORGANISATIONAL Men Self-described Age 15-24 25-34 35-44 45-54 55+ Classification Customer Service Centre Operations Administrative/Technical Administrative/Technical Managers Executive Management Other TOTAL EMPLOYEES TOTAL NOTE: Employees have been correctly classified in workforce data collections. classified in workforce NOTE: Employees have been correctly

Goulburn valley water ANNUAL REPORT 2019| 2020 20 | ORGANISATIONAL CAPABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 21 | ORGANISATIONAL CAPABILITY 5 0 7 0 1 24 12 .3 FTE 1 22 5 0 7 0 4370 40.51 43 67.99 42.35 8424 82.92 65 56.71 12 62 58.46 110 102.39 165 164.60 230 reportable instances reportable JUNE 2019 JUNE ALL EMPLOYEES ALL no HEADCOUNT were were e 1 0 1 1 0 0 3 0 0 0 1 2 0 0 3 PART-TIME ater's terms and conditions of employment. ater's terms and conditions 2019–20, ther (HEADCOUNT) Public Administration Act 2004. each of the Public Administration .31 FTE equivalent) on 30 June 2019. 3 0 2 3 3 2 4 0 7 0 2 2 0 11 13 alley W ou can find the Enterprise Agreement on our Agreement ou can find the Enterprise of br defines Goulburn 2018 The Enterprise Agreement V Y website. Demographics Workforce On June 2020: (228.17 Goulburn Valley Water employed 238 staff 230 staff Full Time Equivalent (FTE)) compared to (221 The proportion of women was 23% compared to of women was 23% compared The proportion 26% on 30 June 2019. Goulburn Valley Water has procedures and has procedures Water Goulburn Valley to support this approach practices in place that employment. During NUMBER NUMBER FIXED TERM AND CASUAL AND TERM FIXED (HEADCOUNT) 0 0 5 0 10 56 FTE 73.2 51.46 36.08 69.47 46.55 28.40 49.36 213. JUNE 2020 0 20 164.20 0 4 9 7 2 0 2 2 0 18 106.96 20 22 PART-TIME ONGOING (HEADCOUNT) 0 5 0 0 46 65 45 72 96 27 37 10 34 163 200 FULL-TIME FULL-TIME Public sector employees have a reasonable against unfair and avenue of redress and the development of treatment unreasonable (in the case of public service is fostered a career public service bodies). Public sector employees are treated fairly and fairly treated Public sector employees are reasonably Equal employment opportunity and human rights Employment decisions are based on merit based are Employment decisions (HEADCOUNT) • • • • Employment and Conduct Principles and Conduct Employment is committed to the Water Goulburn Valley outlined by the State employment principles Act the Public Administration Services Authority in 2004. a set of principles The legislation prescribes employment, which to underpin public sector sector bodies to establish heads of public require that ensure: employment processes 7 0 0 5 FTE 52.2 28.4 51.96 13.21 38.68 53.46 73.27 59.55 112.57 176.21 7 0 0 5 76 29 60 14 41 57 76 50 121 178 238 228.17 JUNE 2020 ALL EMPLOYEES ALL NUMBER (HEADCOUNT) Operations Administrative/Technical Managers Executive Management Other EMPLOYEES TOTAL data collections. classified in workforce NOTE: Employees have been correctly Workforce Demographics Workforce Gender Women Men Self-described Age 15-24 25-34 35-44 45-54 55+ Classification Customer Service Centre 22 Goulburn valley water

HEALTH, SAFETY AND WELLBEING | ANNUAL REPORT 2019| Goulburn Valley Water has a goal to achieve zero What TRIFR is and why Goulburn harm to employees and contractors. Valley Water reports in this way

The Safety Strategy 2016-21 was reviewed in Total Recordable Injury Frequency Rate (TRIFR) is a 2019–20, and a new Strategic Safety Plan 2020-23 safety measure that records Lost Time Injuries and was developed and approved by the Board in May Medically Treated Injuries monthly, reporting it as

2020 2020. This strategy has actions to build a culture of a number in a 12-month rolling frequency rate per safety leadership at every level at Goulburn Valley million man hours graph. This lag measure gives a Water. This mindset will result in cultural change monthly indicator of injury rates and is used as a throughout the organisation that will help keep safety performance measure. employees, contractors and visitors safe.

A range of in-field safety leadership programs have commenced and will continue to be delivered over the next few years. It is expected that we have no injuries or incidents.

Monthly Rolling Total Recordable Injury Frequency Rate 2019–20

Number of incidents (per million hours)

ORGANISATIONAL CAPABILITY 45

40

35

30

25

20

15

10

5

0 JULY AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020

TARGET ROLLING TRIFR

Lost Time Hours

• Number of Lost Time Injuries (LTI) recorded during 2019–20 was six. Goulburn Valley Water has a firm commitment to “Zero Harm”.

• Number of Lost Days for 2019–20 was 157. 23 Goulburn valley water

Lost Time Hours

Number of hours lost (per million hours worked) | ANNUAL REPORT 2019| 12,000

10,000

8,000

6,000

2020

4,000

2,000

0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

2015–16 2016–17 2017–18 2018–19 2019–20

Lost Time Incident Frequency

Number of incidents (per million hours worked)

65 ORGANISATIONAL CAPABILITY 60

55

50

45

40

35

30

25

20

15

10

5

0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

2015–16 2016–17 2017–18 2018–19 2019–20 5 2.27 2019–20 0 0 2018–19 1 0.45 ocess implemented 4 1.84 New employee and contractor online safety induction pr and AS/NZS 4801:2001 Occupational Health Safety Management System audited for equipment training completed High pressure Water employees. Valley all identified Goulburn 37.27 49.09 52.37 77.27 26.36 28.64 25.91 26.82 2016–17 2017–18 Occupational Health and Safety training continues to provide Water Goulburn Valley Occupational Health and Safety (OHS) effective have a dedicated OHS training to employees. We and Assessor who develops internal training Trainer Water’s Goulburn Valley designed to reduce and on external training organisations reliance to our needs. training that is tailored target provide • • • The onset of the coronavirus (COVID-19) (COVID-19) The onset of the coronavirus pandemic in early 2020 saw the implementation of a dedicated Incident Management Team. This included the development, implementation work and ongoing management of systems and transmission of the risk of practices to reduce 2020, Goulburn late March COVID-19. From from employees who could work Water Valley with home migrated to home work arrangements, operational employees working under revised in the field. This enabled us to maintain processes the supply of water and sewage services to our customers. The COVID-19 pandemic is expected Goulburn across requirements to influence safety future. for the foreseeable Water Valley $40, 431 $21,000 $45,034 $31,046 d claim includes Rate per 100 FTE* No. of ‘Lost Time’ Standard Claims No. of ‘Lost Time’ Standard No. of hazards/near misses for the misses for the No. of hazards/near year (per 100 FTE*) PERFORMANCE INDICATOR PERFORMANCE year (per 100 No. of incidents for the FTE*) Contractor safety engagement process developed licence renewed Asbestos removal Implementation of internal rescue teams for Implementation of internal rescue high risk task including: Confined Space Entry, at Heights and Excavation Working ChemAlert systems upgraded Claim Costs Claim cost per Standard Average Claims Hazards/ near misses reported • • • • Goulburn Valley Water is committed to continual Water Goulburn Valley of Occupational Health and Safety improvement of work-related Management and to the prevention also committed to are injuries and illness. We for environment a safe and healthy work providing our employees, contractors, customers, visitors and the general public. Occupation Health Water The Goulburn Valley every two years and and Safety Policy is reviewed Strategic Water’s is supported by Goulburn Valley Safety Plan 2020-23. The Strategic Safety Plan was developed with specific objectives to move a goal of “Zero towards Water Goulburn Valley Harm”. The strategic safety objectives achieved for 2019–20 included: payments to date and estimates of outstanding payments to date and estimates of outstanding Costs per claim costs as advised by WorkSafe. in 2019- Water for Goulburn Valley claim reduced 20. which is a good identified increased Hazards culture. safety indicator of an improved Occupational Health and Safety Policy * FTE - Full time equivalent The average cost per standar Performance against Occupational Health and Safety Measures and Safety Health against Occupational Performance MEASURE Incidents reported

Goulburn valley water ANNUAL REPORT 2019| 2020 24 | ORGANISATIONAL CAPABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 25 | ORGANISATIONAL CAPABILITY VL Crane <10m – 8 employees Equipment – 9 employees High Pressure Working at Conduct Confined Space Entry, Heights and Excavation Rescue – 12 employees the diversity of reflects Recruit – our workforce the community in which we serve fosters and supports access Include – our culture and inclusion opportunities for Develop – we provide development and growth our committed to improving Lead – we are will innovate and lead the way to targets, community partnerships and provide create opportunities to be inclusive and diverse in all that we do. Hazardous Area Basics – 2 employees Area Hazardous – 1 employee HC Truck at Heights – 11 employees Working – 5 employees Incident Controller Scene – 28 Maintain Safety at Incident employees OHS Rep 5 day – 1 employee – 6 employees Construction Induction – 12 employees Rescue Training – 12 employees Rescue Refresher – 1 employee Coordinator RTW Safety Induction – 17 employees Side by Side – 4 employees FEL – 7 employees Tractor and Management – 8 employees Control Traffic – 35 employees Trench/Shore De-escalation – 26 employees Violence • • • • • • • • • • • • • • • • • • • • • • • The approach for each inclusion plan has been The approach based on the following four areas: Lesbian, Gay, Bisexual, Transgender and Intersex Bisexual, Transgender Lesbian, Gay, (LGBTI+) Inclusion Plan 2016-20 Accessibility Plan 2016-20. Workplace Gender Equity Plan 2016-20 Strait Islander Plan 2016- Aboriginal and Torres 20 Culturally and Linguistically Diverse Plan 2016-20 Goulburn Valley Water Induction – 30 employees Water Goulburn Valley Dogger – 2 employees MLO – 2 employees FEL Backhoe – 2 employees First Aid – 8 employees ID – 37 Hazard Water Goulburn Valley employees Breathing Apparatus – 12 employees Breathing Chainsaw – 5 employees Farm Chemical User – 4 employees CPR – 13 employees Confined Space Entry – 25 employees 4 x 4 Recovery – 6 employees AIIMS – 13 employees – 2 employees Auditor Training • • • • • Goulburn Valley Water’s Diversity and Inclusion Water’s Goulburn Valley Strategy 2016-20 focuses on key actions to build a workplace that embraces inclusion in all its forms our rich and varied that reflects and has a culture has worked Water Goulburn Valley community. diligently over the past four years in implementing to feel fully a range of actions to allow all staff supported, engaged and safe to be themselves. outlined in committed to a range of actions are We the following plans: DIVERSITY AND INCLUSION In 2019–20, Goulburn Valley Water conducted conducted Water Goulburn Valley In 2019–20, training for employees to internal and external and maintain skills in various develop knowledge both mandatory training and fields. This included best practice training. OHS training: • • • • • • • • • • • • • • 19 – 2018 1.8% of employees identify as being ATSI 40% Female 60% Male 12.8% 9%

20 – The Greater Shepparton LGBTIQ+ Committee Shepparton LGBTIQ+ The Greater activities and related Inclusion Committee Diversity and Water Vic Insights Program in Water Women Water Vic in Leadership Network Programs Women Network Pride in Water Network WaterAble Vic Shepparton Ethnic Council Operators Network Women WSAA Customer and Community Network WIOA an Aboriginal mapping of our heritage sites an Aboriginal mapping representatives Yorta together with Yorta Environmental Kilmore engagement for our representatives. Taungurung with project Offsets a Reconciliation Action discussions regarding Plan, to be developed in 2020-21 • • • • • • • • • • • • • The organisation continues to be a signatory to the to be a signatory continues The organisation with the Agreement local Algabonyah Employment community. consulted with Aboriginal Water Goulburn Valley on a range Strait Islander communities and Torres of initiatives including: Plans to develop key actions aligned to a new gender equality legislation began in 2019–20, to staff opportunities for more which will increase be involved in these activities. Several Goulburn Valley Water employees Water Several Goulburn Valley our participated in a range of activities within to lead the state community and across regional and activities. others in various inclusion programs This includes: PROGRESS 2019 PROGRESS 2.1% of employees identify as being ATSI 13% 12% 50% Female 50% Male direct MD reports GVW TARGET At least 40% male, 40% female by 2020 will 10% of our workforce speak another language other than English by 2020 10% will identify as having a disability by 2020 3% workforce is ATSI is ATSI 3% workforce based on geographical population by 2020 Executive Management Leadership level Culturally and Linguistically Diverse (Multicultural) People with a disability in the workplace INITIATIVE Strait Aboriginal or Torres peoples in Islander (ATSI) job roles Diversity and Inclusion Strategy Initiatives Goulburn Valley Water continues to integrate continues Water Goulburn Valley on a range of and education programs awareness year we established a new diversity topics. This Committee to identify Diversity and Inclusion things that enables staff better ways of doing groups of the different to understand the needs Additionally, the organisation. across represented of all, celebrate awareness we strive to increase Water fun. Goulburn Valley together and have some for our customers decision making can improve views that our diverse staff and community through them. represent continued running events Water Goulburn Valley strategies and learning activities, delivering on key in 2019–20 to engage our employees in inclusive Activities education and celebrating difference. It Wear Day, included International Womens’ Flag at Purple Day and the raising of the Rainbow recognising head office, Water’s Goulburn Valley mental National Sorry Day and NAIDOC Week, and such as recognition programs health awareness International Mens’ Day, support on RU OK Day, The Shepparton and International Disability Day. run again Ethnic Council Multicultural Bus tour was participating. with 25 of our staff was Framework A new Social Procurement in 2019–20 to Water developed by Goulburn Valley in line engage vendors, consultants and contractors Diversity and Inclusion Water with Goulburn Valley priorities. It was developed in line with government consultation with the guidelines and through Shepparton GROW Program. continued its commitment to Water Goulburn Valley in 2019–20. A our Aboriginal workforce increasing was developed that will new Aboriginal Traineeship the end of the 2020 calendar year. be filled before

Goulburn valley water ANNUAL REPORT 2019| 2020 26 | ORGANISATIONAL CAPABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 27 | ORGANISATIONAL CAPABILITY Fraud, Corruption and Other Losses – 211 employees Cert IV Water Industry Operations – 1 employee Industry Operations Cert IV Water Development Journey Mapping – 20 employees Engagement training – 18 employees tour – 14 employees Cultural awareness courses – 4 employees Payroll – 6 Leaders (Leading Teams) Emerging employees - 20 The High-Performance Leadership Program employees HPLP Maintenance days – 14 employees – 1 employee Fairley Leadership Program Insights in Water The Inaugural Women – 1 employee Leadership Program – 1 Leadership Program Utilities WSAA – Young employee Internal leadership forums – 4 groups Network – 1 employee Intelligent Water Remote working (Getting set up) – 230 employees Diploma of Leadership and Management – 3 Diploma of Leadership employees Management - 1 employee Diploma Project Bachelor of Business – 1 employee Bachelor of Business Administration – 1 employee – 1 employee Cert III Agriculture – 1 employee Cert III Agriculture – 2 employees Industry Operations Cert III Water – 2 employees Treatment Cert III Water • • • • • • • • • • • • • • • • • • • • • • • Learning and development activities in 2019–20 Learning and development included: Supported: Leadership eLearning Completed: LEARNING AND DEVELOPMENT LEARNING People Strategy outlines Water’s Goulburn Valley our employees a commitment to developing of their ability and to to perform to the best We roles. for future further develop people to undertake learning support all employees their potential. fully realise and development to and technical training This includes compliance roles to perform their required and qualifications as well as developmental learning for career safety and leadership development, growth skills leadership, customer service skills and digital development. encourages all employees Water Goulburn Valley to develop their leadership skills in the business water industry. and the and within the region are Networking and leading in key projects our and promote important to gain exposure key talent. A range of face-to-face and online by all employees at completed training courses are Water. Goulburn Valley Water Valley Over the last five years Goulburn has encouraged all employees to participate this approach and in key leadership programs continued in 2019–20. Since the commencement internal projects many of our leadership programs, teams. by cross-functional have been delivered to leadership is about managing Our approach ourselves and others as whole people not just the person whilst at work. This extends to ensuring our include capability development, mental programs and improvements, and physical health promotion building and customer focused relationship programs. 2020, learning and June 2019 to March From development activities continued as usual. With (COVID-19) pandemic, the onset of the coronavirus many of the planned face-to-face learning activities put on hold or delayed, with several moving were possible. to an online delivery where ed with respect to waterways ed with respect no permanent or temporary transfers of water entitlements occurr did not seek to amend Water Goulburn Valley any of our Bulk Entitlements granted to no new Bulk Entitlements were Water Goulburn Valley met, and no all Bulk Entitlement conditions were experienced in meeting these difficulties were conditions, with the exception of the Euroa system detailed opposite. IWA – HR SIG – GVW’s High Performance High – HR SIG – GVW’s IWA Leadership Program Trial – Tariff WSAA Customer Forum WIOA Conference – BGA and Water Northern Climate Summit Resourcing – IWN Groups GBIWM Forum and Practitioner Funding Project – SMS IWN Knowledge Sharing Conference Events. Notifications during Prescribed • • • • • • • • • • ed. Temporary transfers are detailed in the transfers are ed. Temporary no permanent transfers of water entitlements occurr Entitlement Table 2019–20 Bulk Water all Goulburn Valley Water diversion points were Water all Goulburn Valley metering with approved in accord metered no amendments to these were There programs. programs Goulburn Valley Water did not submit any Water Goulburn Valley associated with the ‘making proposals allowances’ Bulk Entitlement clauses in place where were programs environmental no amendments to were and there required these programs IWA – Communications SIG – Community IWA Engagement Program WSAA Water Quality and Health Network – BGA Quality WSAA Water within the Central Goulburn Irrigation Districts • • • • BULK WATER ENTITLEMENTS BULK WATER has converted its rights to Water Goulburn Valley 47 of the water to Bulk Entitlements under Section Act 1989 for its water supply systems. Water for each of requirements the reporting Regarding Bulk Entitlements during Water’s Goulburn Valley common to all: 2019–20 the following clauses were WATER • • Conferences and Seminars and Seminars Conferences attended industry During the year employees and seminars and many specific conferences leading or part of. they are on programs presented commitment Water’s Valley This is part of Goulburn to opportunities for employees to provide and development and showcase their work of their achievements. Presentations be proud not limited to: included, but were

Goulburn valley water ANNUAL REPORT 2019| 2020 28 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 29 | WATER additional metering was installed to strengthen additional metering was installed to strengthen ongoing monitoring of this system. maintained a the amount of water stored maximum volume of 27ML for the full reporting period. The volume was 27ML in June 2020 the water level maintained a maximum level of period. The water 4.0m for the full reporting level was 4.0m in June 2020. the water level was 13.75m at the end of June was 13.75m at the the water level to an initial peak of 18.4m in 2019 and rose water level gradually mid October 2019. The to a low of 16.5m in mid January 2020, dropped this level until early March operating around was 19.6m at the end of 2020. The water level June 2020. were Town and Violet the townships of Euroa due to water resource on Stage 2 restrictions shortages during the year and every effort were the water resources was made to ensure efficiently managed. This included proactive to the new Abbinga Waterhouse transfers from reservoirs over the 12-month period, Goulburn Valley limit exceeded the annual extraction Water by 62ML or 10%. The majority of this was well undertaken whilst the system was flowing requirements above the minimum flow • • • • • • Water associated with the Longwood Bulk associated with the Longwood Water Mile Creek in the Nine Entitlement is stored During 2019-20: Reservoir. Water associated with the Euroa Bulk Entitlement Bulk Entitlement with the Euroa associated Water Polly McQuinns and in the Waterhouse, is stored During 2019-20: reservoirs. Abbinga No.1 and No.2 Sunday Creek Reservoir did not reach its full Reservoir did not reach Sunday Creek period capacity of 1,646ML during the reporting was 383ML at the amount of water stored to a peak of the end of June 2019 and rose 936ML in mid-July 2020. The volume gradually to a low of 676ML in mid January 2020, dropped this volume until early March operating around 2020.. The volume was 1,125ML at the end of June 2020 there was no returned water under Goulburn was no returned there River Murray Bulk Entitlement Water’s Valley 372.48ML credit received Water Goulburn Valley to the Goulburn water returned for recycled River at Alexandra and Eildon. This volume 2019 and included June included 21.57ML from June 2019, which was carried over. 18.2ML from there was no returned water under Goulburn was no returned there Mansfield Bulk Entitlement Water’s Valley the Numurkah diversion point has been adjusted the Numurkah diversion “the Murray Water, with Goulburn in agreement period, reporting distributor”. In the 2019–20 commenced discussions Water Goulburn Valley Land, with the Department of Environment, obtaining and Planning for support in Water an amendment by the Minister to the Bulk this to reflect Entitlement Conversion Order change. This adjustment necessitated the Creek the Broken transfer of entitlements from to the Katamatite diversion point. Entitlement Channel 6/6 was then taken at the Murray Valley the total volume diverted from the Delatite from the total volume diverted over the period of 2018–19 River for Mansfield This is below the bulk to 2019–20 was 1,572ML. over two years entitlement limit of 2,600ML • • • • • • In addition to these, during 2019–20 there were were there to these, during 2019–20 In addition for individual Bulk requirements several specific Entitlements including: • Water associated with the Broadford, Kilmore and Kilmore associated with the Broadford, Water in the Sunday Bulk Entitlement is stored Wallan During 2019–20: Reservoir. Creek (ML) -500 TOTAL -1,050 TRANSFERS - 6 7 3 - - - 11 (ML) 990 TAKEN VOLUME RAW WATER - - 50 2,330 - - (ML) BULK AVAILABLE ALLOCATION ENTITLEMENT - 22 - - - - 58 13 (ML) 15 23 23 30 82 30 84 114 92 50 89 62 44 99 1,050 45 64 28 14 74 56 44 36 19 75 75 36 20 20 BULK 916 112 1,068 471 221 300 508 577 350 825 76 358 -280 547 939 -130 206 170 487 -90 110 110 120 235 120 235 438 97 438 652 207 704 493 160 100 174 106 530 200 100 52 575 254 264 105 120 462 120 462 58 207 1,206 1,181 3,525 3,613 2,717 2,035 2,000 2,160 2,600 1,400 2,914 1,404 19 1,568 917 5,340 10,098 2,698 -6,640 2,875 2,876 1,990 1,990 1,300 1,059 1,300 645 784 46,881 54,897 30,499 -11,205 17,970 19,570 13,486 -5,600 ENTITLEMENT Pump Station Maroondah Hwy Bridge, Bonnie Doon Pump Station Maroondah Power Station, Eildon Pump Station SEC Hydroelectric Pump Station, Molesworth St, Mooroopna Pump Station Archer Pump Station Stevenson St, Murchison Nagambie Hwy, Pump Station Goulburn Valley Pump Station, Goulburn Weir Pump Station, Alexandra DIVERSION POINT DIVERSION Steavenson River Buxton Pump Station, Pump, Seven Creeks Thorton water supply intake, Rubicon River Delatite River Upper Delatite Diversion Weir, Creek Brewery Point Diversion Weir, Woods River Yea urban offtake, Yea Pump Station, Barmah Pump Station, Cobram Outlet No. 3127A, Katamatite Metered Pump Station, Nathalia Pump Station, Numurkah Channel 6/6 Outlet No. 6081A Murray Valley Metered Main Channel, Colbinabbin Western Waranga Main Channel, Corop Western Waranga East Goulburn Main Channel, Dookie Central Goulburn Channel No. 12/9, Girgarre West East Goulburn Channel No. 2/24, Katandra Central Goulburn Channel No. 9, Kyabram Main Channel, Rushworth Western Waranga Central Goulburn Channel No. 9, Stanhope Central Goulburn Channel No. 3/5, Tatura Central Goulburn Channel No. 3/5/6, Tatura Central Goulburn Channel No. 6, Tatura Central Goulburn Channel No. 28/9 and 16/28/9, Tongala Pump Station, Kirwan's Bridge Pump Stations, Seymour and Tallarook St, Shepparton Pump Station Welsford Metered Outlet No. 6422A, Picola Metered SOURCE Steavenson River and Mt Hut Creek Seven Creeks Nine Mile Creek Delatite River Steavenson River Mollisons Creek Seven Creeks Rubicon River Delatite River Honeysuckle Creek Creek Brewery River Yea River Murray BULK ENTITLEMENT NAME ENTITLEMENT BULK Yea BULK ENTITLEMENT BULK NUMBER TOTAL BEE071131 WSE000007 River and Eildon Goulburn Lower BEE071129 WSE000006 Channel System Goulburn Channel BEE049458 WSE000024 BEE070736 WSE000138 River Murray BEE049447BEE070062BEE049449 WSE000015 BEE049452 WSE000019 BEE049453 WSE000020 BEE049456 Pyalong WSE000021 Strathbogie WSE000022 Thornton WSE000023 Upper Delatite Town Violet Point Woods BEE049437BEE049440BEE049500 WSE000002 BEE049444 WSE000004 BEE016533 WSE000012 Buxton WSE000013 System Euroa WSE000014 Longwood Mansfield Marysville Bulk Water Entitlements 2019–20 2019–20 Entitlements Bulk Water ENTITLEMENT BULK NUMBER BEE049438 WSE000001 and Wallan Kilmore Broadford, Sunday Creek

Goulburn valley water ANNUAL REPORT 2019| 2020 30 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 31 | WATER

(ML) -90 -280 -130 -500 TOTAL 2,035 1,050 -6,640 -5,600 -1,050 -11,205 TRANSFERS 6 7 3 - - - - 50 19 97 50 52 56 76 28 14 11 13 62 19 36 (ML) 58 917 264 105 577 207 100 206 170 487 990 493 784 207 645 TAKEN 2,330 1,400 2,698 2,717 1,059 VOLUME 13,486 30,499 RAW WATER - - - - 20 (ML) 74 23 30 99 45 22 58 92 36 75 BULK 575 254 221 110 120 235 438 114 174 106 508 358 547 939 704 120 462 1,181 2,160 2,914 1,568 1,068 3,613 2,876 1,990 1,300 54,897 19,570 10,098 AVAILABLE ALLOCATION ENTITLEMENT ENTITLEMENT - - - - - (ML) 64 23 30 82 89 44 15 84 44 75 20 BULK 530 200 916 112 110 120 235 438 160 100 471 300 350 825 652 120 462 1,206 2,000 2,600 1,404 3,525 5,340 2,875 1,990 1,300 46,881 17,970 ENTITLEMENT Central Goulburn Channel No. 6, Tatura Central Goulburn Channel No. 3/5/6, Tatura Central Goulburn Channel No. 28/9 and 16/28/9, Tongala East Goulburn Channel No. 2/24, Katandra West East Goulburn Channel No. 2/24, Katandra Central Goulburn Channel No. 9, Kyabram Main Channel, Rushworth Western Waranga Central Goulburn Channel No. 9, Stanhope Central Goulburn Channel No. 3/5, Tatura Pump Station, Alexandra Hwy Bridge, Bonnie Doon Pump Station Maroondah St, Shepparton Pump Station Welsford Waranga Western Main Channel, Colbinabbin Western Waranga Yea urban offtake, Yea River Yea urban offtake, Yea Pump Station, Barmah Pump, Seven Creeks Thorton water supply intake, Rubicon River Delatite River Upper Delatite Diversion Weir, Creek Brewery Point Diversion Weir, Woods Pump Station, Cobram Main Channel, Corop Western Waranga East Goulburn Main Channel, Dookie Central Goulburn Channel No. 12/9, Girgarre Power Station, Eildon Pump Station SEC Hydroelectric Pump Station, Molesworth St, Mooroopna Pump Station Archer Pump Station Stevenson St, Murchison Nagambie Hwy, Pump Station Goulburn Valley Pump Station, Goulburn Weir Pump Station, Kirwan's Bridge Pump Stations, Seymour and Tallarook Buxton Pump Station, Steavenson River Buxton Pump Station, DIVERSION POINT DIVERSION Metered Outlet No. 3127A, Katamatite Metered Channel 6/6 Outlet No. 6081A Murray Valley Metered Outlet No. 6422A, Picola Metered Pump Station, Nathalia Pump Station, Numurkah SOURCE River Murray Channel Lower Goulburn River Sunday Creek Steavenson River and Mt Hut Creek Seven Creeks Nine Mile Creek Delatite River Steavenson River Mollisons Creek Seven Creeks Rubicon River Delatite River Honeysuckle Creek Creek Brewery River Yea BULK ENTITLEMENT NAME ENTITLEMENT BULK River Murray Goulburn Channel System Goulburn River and Eildon Broadford, Kilmore and Wallan Kilmore Broadford, Buxton System Euroa Longwood Mansfield Marysville Pyalong Strathbogie Thornton Upper Delatite Town Violet Point Woods Yea BULK ENTITLEMENT BULK NUMBER WSE000138 WSE000006 WSE000007 WSE000001 WSE000002 WSE000004 WSE000012 WSE000013 WSE000014 WSE000015 WSE000019 WSE000020 WSE000021 WSE000022 WSE000023 WSE000024 TOTAL BEE070736 BEE071129 BEE071131 Bulk Water Entitlements 2019–20 2019–20 Entitlements Bulk Water ENTITLEMENT BULK NUMBER BEE049438 BEE049437 BEE049440 BEE049500 BEE049444 BEE016533 BEE049447 BEE070062 BEE049449 BEE049452 BEE049453 BEE049456 BEE049458 DETAILS ed from two of Goulburn Valley ed from otal Transfers’ column indicates otal Transfers’ causing extended aluminum exceedances. causing extended aluminum exceedances. and unprecedented level of geosmin release. and unprecedented The volume of water taken for each Bulk of water taken for The volume in the table together Entitlement is shown volumes. A negative value with transferred in the ‘T allocation out of an assignment of water value indicates an the system, a positive allocation into the system. assignment of water temporary includes The total transfers figure transfers and transfers water trading, internal with recycled party irrigators to mix to third water. The Cobram transfer volume includes 35ML transferr Right entitlements. Water Water’s A persistent BGA bloom contributed to an organic A persistent BGA bloom contributed to an organic A persistent BGA bloom contributed to an organic chemical complexing reaction with natural organics with natural organics chemical complexing reaction with natural organics chemical complexing reaction system. The bloom was associated with a prolonged system. The bloom was associated with a prolonged A substantial BGA bloom occurred over the summer A substantial BGA bloom occurred months along the Murray River and supplied irrigation 3. 4. to the During 2019–20 we made eight submissions under Department of Health and Human Services and the Fluoride Code of Practice 2019, for repair maintenance works of fluoride dosing facilities in dosing interruptions. The most that resulted significant was the shutdown of the Shepparton 17 June 2019 until 22 fluoride dosing facility from of June 2020 to plan and facilitate the replacement fluoride a 1.2m dosing duct flowmeter that controls undertook dosing at very low dose rates. We review to a fluoride performance gap analysis the new associated with ascertain requirements was been developed and a code. A program gap consultant engaged to undertake performance works. improvement In addition, the Department of Health and Human reportable water Services was notified of one algae quality event (Section 22) and two Blue-green Acid Soluble Aluminium exceedances (BGA)-related for Kyabram and Rushworth. ISSUE Complaint Widespread Public Widespread Acid Soluble Aluminum Acid Soluble Aluminum Raw water volume taken for Broadford, Kilmore for Broadford, Raw water volume taken to the Sunday Creek relates and Wallan the Pumping from Bulk Entitlement only. 1,213ML of entitlement Goulburn River totalled with 960ML pumped during compared 2018–19. The ‘Bulk Entitlement Available Allocation Available The ‘Bulk Entitlement allocation plus (ML)’ column is the entitlement and spillable carryover minus 5% evaporation water write-off. Full details of Goulburn Valley Water’s performance related to safe drinking water are available in the Annual to safe drinking water are performance related Water’s Full details of Goulburn Valley Quality Report, published on our website in November each year. Water Numurkah Section 22 Non-Compliant Water Events 2019–20 Non-Compliant Water LOCATION TYPE NOTIFICATION Kyabram Section 18 Rushworth Section 18 WATER QUALITY WATER continued to perform well Water Goulburn Valley Safe of the Victorian against the requirements Act 2003 and Safe Drinking Water Drinking Water was There Regulations 2015 during the year. of our compliant ongoing continuous improvement System. Quality Management Drinking Water carried Regular verification of water quality was safe drinking water was supplied to out to ensure of the Monitoring customers. A detailed review and Plan was confirmed by an external consultant Human submitted to the Department of Health and and Services. The monitoring plan is site specific The risk based aligned with the raw water quality. and responsive monitoring plan is comprehensive, microbial, recognised fluid by incorporating most chemical and aesthetic parameters associated water risks. It enables response with our source to detections e.g. harmful algae escalation relating blooms, taste and odour compounds, natural material, silica, colour and other associated organic to changing raw water quality. parameters relating 2. Notes to Bulk Water Entitlements Entitlements Bulk Water Notes to table 1.

Goulburn valley water ANNUAL REPORT 2019| 2020 32 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 33 | WATER algae toxin analysis, DNA analysis and species morphology weekly sampling for cell counts/bio volume. • • Monitoring continued after the blooms declined with low detections of the BGA species still present, some additional intervention to address requiring potential taste and odour issues. The Kilmore system was supplied from the Tallarook the Tallarook from system was supplied The Kilmore the Goulburn River and pumps drawing from where No 3 Reservoir, pumping to Broadford to the Sunday Creek water was then boosted Sunday Creek of March. Reservoir up to the end supplying raw water Reservoir only recommenced 24 June 2020. Goulburn Valley from to Broadford system with the Kilmore also supplemented Water network Water Valley the Yarra water supplied from to 25 September 2019. through the Strathbogie operated by As irrigation bores over became unreliable Council in Euroa Shire early February 2020, Goulburn from summer, raw water arranged for tankering of Water Valley space, to supplement watering of parks and open supply. to minimise demand on the potable water with tankering of This was elevated during March, In total, Euroa. and Town potable water to Violet into these systems. delivered 13ML were water short term Operational issues required Doon, tankering at Pyalong, Longwood, Bonnie Merrijig and Rushworth on separate occasions during the year. pre-dosing into open raw water storage basins pre-dosing warning instrumentation (raw pre and improved current streaming swarm buoy, water pH probes, detectors, diatom dosing) • RAW WATER QUALITY WATER RAW The installation and operation of pre-dosing plants prior to units at selected water treatment of raw control this summer enabled improved algae (BGA) which by Blue-green water affected of facilitated better performance and reliability water treatment. persistent and were BGA blooms still occurred The following actions the summer. throughout raw water: of BGA affected enabled better control WATER RESOURCES WATER supplied by both the Goulburn and resources Water during strong remained Murray irrigation systems position the water resource 2019–20. However, storages was challenging for several of our major 2019–20, rainfall throughout due to below median and of the Euroa impacting on the catchments Management invoked Drought systems. We Kilmore systems during and Kilmore Plans for Euroa 2019–20. on towns were Water All Goulburn Valley 2019–20. Saving Rules during Permanent Water the efficient and sensible use The rules promote restricting customer of water without significantly Water Restrictions Stage 2 choice and flexibility. systems and Kilmore invoked on the Euroa were under our Bylaw No. 512 on 11 April 2019, Town, and Violet the towns of Euroa affecting and Heathcote East, Wandong Kilmore Kilmore, system The Kilmore Junction/Upper Plenty. to 6 November continued through restrictions continued system restrictions 2019 and the Euroa to 7 May 2020. through ML TOTAL WATER 115.0 832.0 243.0 564.0 609.0 853.0 979.0 775.0 195.0 404.0 534.0 519.0 28,033 1,176.0 1,481.0 2,457.0 2,367.0 1,329.0 12,601.0 ALL SOURCES ALL ML NON 11.0 56.0 39.0 79.0 74.0 51.0 88.0 40.0 56.0 TOTAL 108.0 233.0 166.0 772.0 121.0 198.0 111.0 131.0 153.0 2,487 REVENUE WATER REVENUE ML TOTAL 104.0 776.0 204.0 443.0 535.0 655.0 928.0 644.0 107.0 364.0 478.0 366.0 25,546 1,068.0 1,248.0 2,291.0 2,288.0 1,218.0 11,829.0 CONSUMPTION TOTAL 416.0 650.0 892.0 674.0 60,059 2,646.0 4,160.0 2,214.0 2,234.0 2,320.0 3,044.0 2,445.0 4,446.0 3,436.0 3,050.0 1,154.0 1,149.0 1,086.0 24,043.0 NUMBER OF NUMBER CUSTOMERS CUSTOMERS ML 19.0 58.0 32.0 83.0 WATER 406.0 389.0 616.0 117.0 104.0 178.0 196.0 342.0 183.0 103.0 244.0 VOLUME 11,505 5,228.0 1,683.0 1,524.0 68.0 81.0 71.0 322.0 484.0 187.0 115.0 273.0 135.0 428.0 266.0 284.0 397.0 366.0 150.0 125.0 135.0 6,421 2,534.0 NUMBER OF NUMBER CUSTOMERS NON RESIDENTIAL CUSTOMERS RESIDENTIAL NON L 5,034 3,197.0 5,723.0 5,902.0 4,697.0 5,768.0 5,408.0 3,614.0 3,793.0 5,616.0 4,210.0 3,382.0 5,543.0 3,303.0 2,392.0 4,999.0 4,395.0 5,478.0 4,494.0 ANNUAL WEEKLY WEEKLY ANNUAL RESIDENTIAL POTABLE RESIDENTIAL WATER CONSUMPTION WATER kL 262 166.0 298.0 307.0 244.0 300.0 281.0 188.0 197.0 292.0 219.0 176.0 288.0 172.0 260.0 229.0 285.0 234.0 124.0 ANNUAL AVERAGE CONSUMPTION ML 85.0 75.0 WATER 326.0 283.0 608.0 160.0 146.0 431.0 764.0 477.0 732.0 876.0 461.0 261.0 234.0 662.0 859.0 VOLUME 14,041 6,601.0 RESIDENTIAL CUSTOMERS RESIDENTIAL 951.0 348.0 569.0 777.0 603.0 53,638 1,961.0 2,027.0 1,004.0 1,024.0 2,324.0 3,676.0 3,039.0 2,684.0 2,185.0 2,616.0 2,179.0 4,162.0 21,509.0 NUMBER OF CUSTOMERS OF NUMBER Alexandra (Eildon & Thornton) Yea (Molesworth) Yea TOTAL Stanhope (Corop & Girgarre) Stanhope (Corop (Toolamba) Tatura Tongala Seymour (Avenel, Mangalore, & Mangalore, Seymour (Avenel, Tallarook) Shepparton (Ardmona, Dookie, Congupna, Cosgrove, Grahamvale, Katandra West, Kialla, Lemnos, Mooroopna, Orrvale, Raw Water, Mooroopna Shepparton East, Shepparton North & Tallygaroopna) Nathalia (Barmah & Picola) Numurkah (Katunga, & Wunghnu) Marysville (Buxton) (Colbinabbin & Murchison Rushworth) Nagambie (Goulburn Weir, Kirwan's Bridge & Nagambie Farm) Mushroom Kyabram (Merrigum) Mansfield (Bonnie Doon, Merrijig, Sawmill Settlement & Woods Point) Cobram (Katamatite & Yarroweyah) (Longwood, Longwood Euroa Town) East, Strathbogie & Violet Junction, (Heathcote Kilmore Upper Plenty & East, Kilmore Wandong) WATER DISTRICT WATER (Clonbinane & Broadford Pyalong) WATER CONSUMPTION WATER Consumption 2019–20 Water

Goulburn valley water ANNUAL REPORT 2019| 2020 34 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 35 | WATER ML TOTAL WATER 115.0 832.0 243.0 564.0 853.0 775.0 404.0 534.0 519.0 609.0 979.0 195.0 28,033 ALL SOURCES ALL ML NON 11.0 56.0 39.0 40.0 56.0 74.0 79.0 2,367.0 51.0 88.0 TOTAL 166.0 2,457.0 121.0 198.0 111.0 131.0 1,329.0 153.0 108.0 233.0 1,176.0 1,481.0 772.0 12,601.0 2,487 REVENUE WATER REVENUE ML TOTAL 104.0 776.0 204.0 364.0 478.0 443.0 535.0 655.0 928.0 644.0 107.0 366.0 25,546 CONSUMPTION TOTAL 416.0 650.0 892.0 674.0 60,059 NUMBER OF NUMBER CUSTOMERS CUSTOMERS ML 58.0 19.0 83.0 1,086.0 32.0 WATER 103.0 244.0 1,154.0 1,149.0 406.0 389.0 2,646.0 4,160.0 1,068.0 1,248.0 616.0 178.0 196.0 2,445.0 342.0 4,446.0 183.0 3,436.0 3,050.0 1,218.0 117.0 104.0 2,234.0 2,320.0 VOLUME 11,505 68.0 81.0 71.0 187.0 115.0 1,683.0 2,214.0 2,291.0 150.0 125.0 135.0 322.0 484.0 266.0 284.0 397.0 366.0 273.0 135.0 428.0 1,524.0 3,044.0 2,288.0 6,421 2,534.0 5,228.0 24,043.0 11,829.0 NUMBER OF NUMBER CUSTOMERS NON RESIDENTIAL CUSTOMERS RESIDENTIAL NON L 5,034 5,408.0 3,614.0 4,697.0 5,543.0 3,303.0 4,999.0 4,395.0 5,478.0 4,494.0 5,768.0 5,723.0 2,392.0 5,902.0 3,197.0 3,793.0 5,616.0 4,210.0 3,382.0 ANNUAL WEEKLY ANNUAL RESIDENTIAL POTABLE RESIDENTIAL WATER CONSUMPTION WATER kL 262 281.0 188.0 244.0 288.0 172.0 260.0 229.0 285.0 234.0 300.0 298.0 124.0 307.0 166.0 197.0 292.0 219.0 176.0 ANNUAL AVERAGE CONSUMPTION ML 85.0 75.0 WATER 160.0 146.0 876.0 461.0 261.0 234.0 662.0 859.0 608.0 283.0 326.0 431.0 764.0 477.0 732.0 VOLUME 14,041 6,601.0 RESIDENTIAL CUSTOMERS RESIDENTIAL 348.0 569.0 777.0 603.0 951.0 53,638 2,027.0 3,039.0 2,684.0 1,004.0 1,024.0 2,324.0 3,676.0 1,961.0 2,185.0 2,616.0 2,179.0 4,162.0 21,509.0 NUMBER OF CUSTOMERS OF NUMBER Stanhope (Corop & Girgarre) Stanhope (Corop (Toolamba) Tatura Tongala (Molesworth) Yea TOTAL Kyabram (Merrigum) Mansfield (Bonnie Doon, Merrijig, Sawmill Settlement & Woods Point) Marysville (Buxton) (Colbinabbin & Murchison Rushworth) Nagambie (Goulburn Weir, Kirwan's Bridge & Nagambie Farm) Mushroom Nathalia (Barmah & Picola) Numurkah (Katunga, Strathmerton & Wunghnu) & Mangalore, Seymour (Avenel, Tallarook) Shepparton (Ardmona, Dookie, Congupna, Cosgrove, Grahamvale, Katandra West, Kialla, Lemnos, Mooroopna, Orrvale, Raw Water, Mooroopna Shepparton East, Shepparton North & Tallygaroopna) Alexandra (Eildon & Thornton) (Clonbinane & Broadford Pyalong) Cobram (Katamatite & Yarroweyah) (Longwood, Longwood Euroa Town) East, Strathbogie & Violet Junction, (Heathcote Kilmore Upper Plenty & East, Kilmore Wandong) Water Consumption 2019–20 Water DISTRICT WATER In 2019–20 the number of water customers serviced customers serviced the number of water In 2019–20 by 1.5%. The grew Water by Goulburn Valley 2.9% from decreased total annual consumption to 25,546ML in 2019–20. 26,296ML in 2018–19 Goulburn Valley across Below median rainfall in higher operational footprint resulted Water’s the majority of the customer demand throughout average Water’s period. Goulburn Valley reporting for the last five years (2015–16 annual consumption to 2019–20) is 24,915ML. total Water’s In consideration of Goulburn Valley leakage index the infrastructure water, non-revenue in the distribution losses (ILI), an indicator of real 1.90 in 2018–19 by 19.6% from system, decreased from to 1.53 in 2019–20. Real losses decreased connection/day in 2018–19 to 100 litres/service connection/day in 2019–20; and 80 litres/service of mains/day in 2018–19 3.23kL/km from decreased to 2.61kL/km of mains/day in 2019–20. Goulburn Valley Water does not have any Water Goulburn Valley customers. water or stormwater recycled Total Non-Revenue Water includes leakage includes Non-Revenue Water Total usage and We do not meter firefighting figures. to comprise water consider other non-revenue water associated with maintenance activities and this water is not metered. Treated Water Volume comprises both potable Volume Water Treated It also includes and non-potable consumption. (201ML) and raw by standpipes water delivered water deliveries (344ML). based on were Annual and weekly averages the 2019–20 year. The number of customers excludes vacant The number of customers Residential customers (2,618) and properties. customers (469). Non-residential RESIDENTIAL WATER CONSUMPTION RESIDENTIAL WATER 5. 4. 2. 3. Notes for Water Consumption table: Consumption Water Notes for 1. Goulburn Valley Water services an estimated Water Goulburn Valley is permanent population of 130,244. This estimate a based on the 2016 Census data and represents on the estimate for 2018–19. 1.5% increase The average daily consumption of drinking water population for our estimated permanent residential per person in 2019-20. was 323 litres

Goulburn valley water ANNUAL REPORT 2019| 2020 36 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 37 | WATER 4 1 1 0 1 1 3 11 NUMBER OF CUSTOMERS OF NUMBER These figures do not include consumption from our consumption from do not include These figures plants or wastewater treatment other depots, water management facilities. Equal to or greater than 200ML and less than 300ML than 200ML Equal to or greater and less than 400ML than 300ML Equal to or greater than 400ML and less than 500ML Equal to or greater than 500ML and less than 750ML Equal to or greater than 750ML and less than 1000ML Equal to or greater than 1,000 ML Greater TOTAL Customer by Volume Range 2019–20 Customer by Volume VOLUMETRIC RANGE - ML PER YEAR and less than 200ML than 100ML Equal to or greater During 2019–20 Goulburn Valley Water had 11 Water During 2019–20 Goulburn Valley at any customers that used 100ML of water or more one site. NON RESIDENTIAL USERS CORPORATE WATER CONSUMPTION WATER CORPORATE Administration Office in The Shepparton Regional in 2019–20 which used 894kL of water Fryers Street to 2018–19. compared increase a 30% represented equates to 599 litres This water consumption of office space and 9.9kL per metre per square (FTE) employee. The figure Full Time Equivalent of the water fountain and includes the operation of the public hydration station installed in front administration office. participating in water conservation programs. PARTICIPATION IN WATER CONSERVATION PROGRAM CONSERVATION WATER IN PARTICIPATION Valley Water does not keep a record of customers does not keep a record Water Valley (EREP) became voluntary for businesses, Goulburn While there were no industry specific water were While there managed by Goulburn conservation programs Water Victorian the the year, during Water Valley has been developed Efficiency Strategy (VWES) Some industries continued to assist in this area. water and improve to optimise water usage possible. conservation where In 2019–20 we worked closely with several while at the same and expand, industries to grow demand through water time encouraging reduced optimisation. and system conservation, recycling contributed to an While this industrial growth we support growth in water consumption, increase and social prosperity economic as vital to regional the food from water users were Our largest vitality. industries. processing Since the Environmental and Resource Efficiency Plan and Resource Since the Environmental Industrial Customer Water Users Industrial Customer Water CUSTOMER Milk Industries (Tatura) Tatura TARGET YOUR WATER USE WATER YOUR TARGET promoted Water Valley During the year Goulburn Use initiative. This Water Your the Target to water approach collaborative water industry residential and business efficiency encourages to use their water Victoria customers in regional for Victoria This long-term action of Water wisely. priority for Goulburn Valley will continue to be a water and will assist to secure in 2020-21 Water liveable and more greener supplies and create to ongoing response In communities into the future. in the Euroa/Violet water shortages and restrictions Junction/Wandong and Kilmore/Heathcote Town Every Drop a high-level we introduced supply areas, which Counts dedicated water efficiency program, Your key messages under Target also promoted Use. Water Murray Goulburn Co-operative (Cobram) SPC (Shepparton) Soup (Shepparton) Campbell’s Foods (Shepparton) Freedom and Sons (Tongala) Greenham H.W. Nestle Foods (Tongala) GrainCorp Oilseeds (Numurkah) Bega Cheese (Strathmerton) Shepparton City Council Showgrounds Greater (Shepparton) Gouge (Mooroopna) 2019–20. than 100ML of water during Customers listed used equal to or greater

Goulburn valley water ANNUAL REPORT 2019| 2020 38 | WATER Goulburn valley water ANNUAL REPORT 2019| 2020 39 | ENVIRONMENTAL SUSTAINABILITY commencement of the Shepparton High Rate commencement of the Lagoon (HRAL) cover replacement Anaerobic Project, Offsets Environmental the Kilmore under licence completion and operating conditions. • • Monitoring and odour control projects continued projects control Monitoring and odour with our Sewer to be undertaken in accordance This incorporates Odour Management Strategy. and following up on an odour monitoring program had an odour Numurkah complaints. As a result, and filter installed at the number 1 pump station in Ozone was trialled at a major pump station Shepparton. During 2019–20, we experienced six Environment spill events. This was Authority notifiable Protection the same as 2018–19. desludging of lagoons at Cobram and Tongala aeration at Alexandra, Marysville and improved Facilities Management Kyabram Wastewater RECYCLED WASTEWATER REUSE WASTEWATER RECYCLED generally favourable Climatic conditions were early during the 2019–20 irrigation season. The the chance of maximising reduced autumn break 88% around reused irrigation opportunities. We to irrigate crops, water produced of the recycled and community facilities including golf pasture courses. desludged the Cobram and Tongala We Management Facilities. Approximately Wastewater from removed 3,821 dry tonnes of biosolids were both facilities and stockpiled onsite. The biosolids reused as a soil conditioner in will be beneficially Environmental As part of the Kilmore the future. a further 1780 tonnes of biosolids Project, Offsets reused in 2019–20. was beneficially • • WASTEWATER MANAGEMENT WASTEWATER operates 26 wastewater Water Goulburn Valley but The facilities vary, management facilities. utilise lagoon type treatment predominantly water to a Class C capable of treating processes irrigation. One suitable for agricultural standard via to stream for return of the facilities is licenced of the facilities treat and three project an offsets facilitate to water to a tertiary standard recycled times of the year. to waterways at designated return aimed at continuous an extensive program have We Examples wastewater management improvement. or underway in completed of the varied projects 2019–20 include: ENVIRONMENTAL SUSTAINABILITY ENVIRONMENTAL We have been We We have been working closely with have We Strathbogie Shire, the Kilmore Racing Club Racing the Kilmore Strathbogie Shire, water recycled and State agencies to progress recycled in fit-for-purpose that will result projects spaces wastewater being used to maintain green and Kilmore, for public use in the towns of Euroa to the highly susceptible both of which are change. and climate impacts of drought Environmental OffsetsEnvironmental Project: Protection by the Environment granted approval an Environmental Authority to implement which will see the at Kilmore, Project Offsets wastewater and application of treated discharge being measures rehabilitation of stream health stream improve used to significantly was in a degraded catchment. This project completed during 2019–20 Use of Recycled Water for Greening Public Spaces: • • this framework has to environment and water this framework has to environment will continue to provide We quality protection. strategy reviews. support for future involved in the is currently Water Goulburn Valley non-mandatory initiative to periodically review Authority licence, to Protection its Environment water quality continues to meet the treated ensure expectations of community and stakeholders. We actively participate in the Smart Water Advice participate in the Smart Water actively We Networks Program. and Intelligent Water Program Government’s deliver the Victorian also We for eligible customers Community Rebate Program, reduce to undertake water efficiency works and their water use. : Integrated Water Management Forums Management Water Integrated We have facilitated forums with local councils, have We stakeholders water agencies and environmental Management an Integrated Water to produce (SDS) for the Statement Strategic Directions local councils and will continue to support region the SDS the initiatives identified in to progress Goulburn Valley Water is committed to regional is committed to regional Water Goulburn Valley and productive to resilient objectives that aspire in acknowledge our role catchments. We management that focuses on environmental partnerships with government strengthening to agencies, industry and community groups capacity to influence and improve improve waterway objectives. is involved in high level Water Goulburn Valley and improving aimed at protecting policy reforms and the social and water environments Victoria’s a also played economic values they support. We role in the framework development of a significant the importance recognising level strategy, regional VICTORIAN WATERWAY MANAGEMENT STRATEGY MANAGEMENT VICTORIAN WATERWAY • SUSTAINABLE WATER USE WATER SUSTAINABLE embraces the principles Water Goulburn Valley planning and the role of integrated water cycle communities. our regional water plays in enhancing to holistic approach have a long-term and We that includes an Urban water supply planning Strategy and Conservation Water Strategy, Water Response Plans. These strategies enable Drought region and considers planning that is specific to our with management sustainable water source to adapt to a changing climate. measures been actively working with stakeholders have We to influence local water cycle the region across local outcomes. These initiatives include supporting via integrated towns councils to achieve greener recycling, wastewater water solutions, treated small-town and sustainable biosolids reuse servicing. Initiatives for 2019–20 included:

Goulburn valley water ANNUAL REPORT 2019| 2020 40 | ENVIRONMENTAL SUSTAINABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 41 | ENVIRONMENTAL SUSTAINABILITY Goulburn Valley Water’s Environment Plan 2018-23 Environment Water’s Goulburn Valley strategic to guide our reviewed has been recently management initiatives. environmental years, we took a focused approach During previous native vegetation at Goulburn Valley on increasing Water sites and in 2019–20, Goulburn Valley Water expanded this initiative to include non-Goulburn as part of the Kilmore properties Water Valley Biodiversity actions Project. Offsets Environmental during Water undertaken by Goulburn Valley 2019–20 included: Goulburn Valley Water contributes to catchment Water Goulburn Valley to at state level that relate management issues planning scheme land policy decisions involving and septic tank use, water quality developments leading a project currently management, and is and state agencies to on behalf of local councils for small town process the decision-making improve domestic wastewater management. VICTORIAN BIODIVERSITY STRATEGY is committed to sustainable Water Goulburn Valley of management. The Department resource and Planning, in Land, Water Environment, Catchment conjunction with the Goulburn Broken the Management Authority (GBCMA), provides for biodiversity issues in major strategic direction Catchment. the Goulburn Broken our initiatives support local and regional ensure To continues Water ecosystem values, Goulburn Valley partnerships with the GBCMA to facilitate project leader and is a recognised and community groups of biodiversity-based community education in the region. GOULBURN BROKEN REGIONAL CATCHMENT STRATEGY CATCHMENT BROKEN REGIONAL GOULBURN acknowledges the Water Goulburn Valley Regional Broken importance of the Goulburn support into the and provides Catchment Strategy land, water and biodiversity planning to improve resources. involved in catchment partner actively are We and water quality protection forums that support as the catchment, across measures improvement strategic well as participation in developing a more issues involving Integrated to regional approach of this for Management. Key examples Water Water’s 2019–20 have been Goulburn Valley council, state with local collaborative approach agencies and catchment management authorities Plans for Management to develop Integrated Water of Shire the towns of Nagambie, Nathalia and the Campaspe. Trust for Nature site to offset ingress into site for into ingress site to offset for Nature Trust wetland construction treatment planted as part of the upgrade and Trees duplication of Abbinga Reservoir in Euroa Storage Hill Clear Water Shrubs planted at Wallis in Seymour during upgrade works Offsets Environmental As part of the Kilmore 71 14.6 km of fencing has protected project, and along the Kilmore ha of riparian frontage and This includes 3941 trees Kurkurac Creeks. (An areas. shrubs planted in the protected seeded with was direct additional 3 ha area species). understorey Weed spraying programs implemented at all implemented spraying programs Weed managed by us facilities and properties undertaken at Murchison measures Fox control Wastewater and Stanhope-Rushworth Management Facilities at wastewater Management of habitat areas flora and management facility sites to improve fauna species gain Management Facility Wastewater Kilmore covenanted area for Nature encompasses a Trust wetlands adjacent to the treatment vegetation established at Mid and understorey basin retention Shepparton Operations Centre vegetation Nest boxes and mid-storey Management Wastewater established at Kilmore Facility PROGRESS DURING 2019–20 DURING PROGRESS • • • • • • • • • • Weed free properties properties free Weed Increase native vegetation Increase on our properties native vegetation Increase on non-GVW properties Control of fox, rabbit Control numbers to and rodent impacts negative prevent on native habitat and crops Manage habitat on our properties TARGET Biodiversity Actions OBJECTIVE control Weed Encouraging a net gain of flora and fauna Encouraging a net gain of flora and fauna Vermin control Vermin Management of native flora and fauna

Goulburn valley water ANNUAL REPORT 2019| 2020 42 | ENVIRONMENTAL SUSTAINABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 43 | ENVIRONMENTAL SUSTAINABILITY In 2019–20, Stage 1 of the Renewables Program In 2019–20, Stage 1 of the Renewables Program 2 installation of approximately through progressed installed MW of solar panels and the majority of the the end of 2019- towards energised systems were 20. Sites for Stage 2 of the Renewables Program during 2019–20, with identified and scoped were delivery scheduled for 2020-21. Initial scoping potential scale solar at three began into large When finalised, locations within our service area. will be used to guide decision-making this report moving forward. engaged with customers via the Customer We was consulted The group Carbon Advisory Group. on the options available to achieve the target. when managing infrastructure; and developed new when managing infrastructure; services for the growing water and wastewater catchment population. programs reporting An example of our community in our Environment to SEPP obligations is Agency Licence Annual Performance Protection available on our Statement which is publicly website. Goulburn Valley Water produces carbon emissions produces Water Goulburn Valley activities such as electricity use for pumping from wastewater from emissions and aeration, direct and the combustion of fuel to processes treatment vehicles, generators and diesel for energy provide pumps. total net emissions to to reducing committed We 37,416 tCO2e by 2024-25 as part of the Statement of Obligations – Emissions Reduction. Key include planned to achieve this target programs Performance and Energy the Renewables Program Program. CARBON EMISSIONS CARBON EMISSIONS STATE ENVIRONMENT PROTECTION POLICY (WATERS) POLICY PROTECTION ENVIRONMENT STATE Goulburn Valley Water incorporates the core incorporates the core Water Goulburn Valley Policy (Waters) Protection State Environment when delivering water and (SEPP) commitments our service area. across wastewater services managed pollution is appropriately This ensures of of protection a high standard to provide uses and to quality for beneficial environmental deliver the best outcome for the community. embedding this through demonstrated We within monitoring environmental high standard implemented accredited the catchment. We and management processes environmental to achieve SEPP obligations programs reporting 44 Goulburn valley water

CLIMATE ADAPTATION | ANNUAL REPORT 2019| Goulburn Valley Water plans for climate change • holding water resource entitlements in the adaptation and applies the Guidelines for Assessing Murray and Goulburn systems sufficient to meet the impact of Climate Change on Water Suppliers demand/inflow impacts of climate change to in Victoria. We consider the anticipated impacts 2065; that changing environmental conditions will have • UWS outcomes that are reflected in the on our water resources. This includes warmer, drier

2020 corporate Infrastructure Program and projects in climate conditions, more intense rainfall and more the next five years such as: frequent extreme events predicted for the future.

• Intelligent metering trial to reduce peak During 2019–20 we actively participated in water demand Integrated Water Management initiatives to ensure

appropriate water resource management in the • Water leakage improvement program face of climate change. We provided input to state climate adaptation strategies and participated in • Euroa raw water storage augmentation water sector climate change strategy workshops • Kilmore and Mansfield Environmental Offsets as well as the Department of Environment, Land, Projects Water and Planning Region Environmental

Forums. • an Annual Water Outlook that is updated on a quarterly basis to forecast raw water storage Goulburn Valley Water also plans for climate levels and appropriate actions; and adaptation via its Urban Water Strategy (UWS) to

ENVIRONMENTAL SUSTAINABILITY ensure adaptive supply resilience for the long and • greenhouse gas reduction programs such as: short to medium term. This includes: • Solar Renewables Program • reflecting Bureau of Meteorology (BoM) predicted stream yields versus Goulburn Valley • Energy Performance Program. Water predicted urban demand balance until 2065;

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0 2011–16 2016–17 2017–18 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24 2024–25 BASELINE TARGET

ACTUAL EMMISSIONS* PROJECTED EMISSIONS 45 Goulburn valley water

Total Greenhouse Gas Emissions (tCO2-e) GREENHOUSE GAS EMISSIONS (tCO -e) 2 | ANNUAL REPORT 2019| 2019–20 PROJECTED SCOPE 1 SCOPE 2 TOTAL VARIANCE PERFORMANCE INDICATOR EMISSIONS EMISSIONS EMISSIONS EMISSIONS %

Water Treatment and Supply 14,664 615 13,680 14,295 -3

Wastewater Treatment and 46,187 52,784 9,023 61,807 34

Management* 2020

Transport** 1,308 1,337 0 1,337 2

Other Activities 322 0 315 315 -2

Total Emissions (a) 62,481 54,736 23,018 77,754 24

Notes for Total Greenhouse Gas

Emissions (tCO2-e) table: Increased emissions in 2019–20 are a result of:

• The Shepparton Wastewater Management Facility (WMF). Influent to this facility increased in volume by 17% and COD load by 25%, which resulted in an increase of more than 14,000 ENVIRONMENTAL SUSTAINABILITY

tCO2-e from the single facility.

Net Emissions Trend

Total Net Emissions (tCO2-e)

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0 2011–16 2016–17 2017–18 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24 2024–25 BASELINE TARGET

ACTUAL EMMISSIONS* PROJECTED EMISSIONS

*The 2016–17 emissions figure has been corrected since it was originally reported. Calculation improvements were adopted in 2017–18 which result in higher emissions for 2016–17 than originally reported. COMMENTARY COMMENTARY COMMENTARY be much higher. enewables program included enewables program 309 8,846 13,411 22,566 Our r approximately 2MW of solar panels approximately installed in 2019–20, with most systems solar energy use in 2020-21 is forecast to use in 2020-21 is forecast solar energy coming online in May/June. The amount of 0.3 71.9 71.9 309 2019–20 2019–20 7,765 renewables) or market-based options (such as a options (such or market-based renewables) Option examination Agreements). Power Purchase is continuing. and refinement on the cover replacing currently In addition, we are Facility’s Management the Shepparton Wastewater Lagoon. Once completed, this High Rate Anaerobic generated by the treatment will enable the biogas than in proficiently more be captured to process or used to generate the past and either flared ability to party). A greater electricity (by a third the biogas generated will in turn reduce capture emissions. 13,650 21,724 RENEWABLE RENEWABLE ELECTRICITY USED (MWH) - - - - - 20.5 20.5 0.09 2019–20 RESULT (MWH) 2019–20 RESULT (MWH) 2018–19 RENEWABLE RENEWABLE ELECTRICITY USED (MWH) 2. Hydroelectric 3. Wind 4. Biogas 5. Greenpower 6. Other (B) TOTAL PERCENTAGE RENEWABLE RENEWABLE PERCENTAGE ELECTRICITY = (B)/(A)*100 1. Solar Sewerage collection, treatment and recycling Sewerage collection, treatment (A) TOTAL Renewable Electricity Reporting INDICATOR PERFORMANCE Total Electricity Consumption Total ELECTRICITY USE TOTAL and supply treatment Water ENERGY CONSUMPTION ENERGY Other (office, workshops, depots, etc) Emissions in 2019–20 increased 21% from 2018–19. 2018–19. 21% from in 2019–20 increased Emissions customers in was due to industrial This increase their production increasing one of our major towns flow and COD load in increased resulting capacity, to leading management facility, into the wastewater 2018–19. Scope 2 emissions higher emissions than consistent with 2018–19. remained additional in emissions, Due to the increase 2 to achieve the TAKE required initiatives are During 2019–20, we Pledge of 37,416 t CO2-e. broken emissions, examined options to reduce into either asset-based options (such as large-scale

Goulburn valley water ANNUAL REPORT 2019| 2020 46 | ENVIRONMENTAL SUSTAINABILITY Goulburn valley water ANNUAL REPORT 2019| 2020 47 | ASSETS AND INFRASTRUCTURE To help identify assets for investigation, help identify assets To Asset and/or replacement, rehabilitation is used to Software Management Information data which supports asset performance record This software Asset Management decisions. and for replacement has been earmarked in 2020–21. implementation will begin impacted by coronavirus These works were (COVID-19) in the latter part of the financial year, and safety of our response with the introduction policy limiting interactions with customers for works The works works only. to emergency in backyards until the COVID-19 will not be re-instated program transmission risk has been reduced. SEWER MAIN REHABILITATION SEWER MAIN REHABILITATION WATER MAIN REPLACEMENT WATER 33km of sewer During 2019–20 approximately cleaned mains and 325 maintenance holes were (CCTV) Television and inspected by Closed Circuit Kyabram, Kilmore, Euroa, in Alexandra, Broadford, Mansfield, Nagambie, Nathalia, Rushworth, Seymour and Shepparton. In addition, 7.4km of sewer mains were based on their observed condition rehabilitated in Alexandra, Kyabram, Mansfield, Mooroopna, Town. Shepparton and Violet Numurkah, Seymour, Goulburn Valley Water identifies water mains for Water Goulburn Valley consequence history, by their failure replacement and pipe material. During 2019–20 of failure in Kilmore, 3.8km of water mains we replaced Town. Nagambie, Nathalia, Shepparton and Violet ASSET MANAGEMENT operates 1,884km of water Water Goulburn Valley sewers, and pressure mains, 1,338km of gravity 136 tanks and reservoirs, 348 pumping stations, 26 wastewater plants and 37 water treatment management facilities. to the System has regards Our Asset Management ISO 55000 and conforms international standard and Finance’s with the Department of Treasury Asset Management Accountability Framework. ASSETS AND INFRASTRUCTURE AND ASSETS 2 3 4 5 5 5 6 8 16 33 PERCENTAGE % % PERCENTAGE 2019–20 2018–19 ogram rollout of root cause analysis training cause of root rollout implementation of chemical storage tank maintenance strategy for implementation of change management minor works. ABB Smart Sensor Trial – Motor condition ABB Smart Sensor Trial monitoring tool – Maintenance strategy optimisation Modla Trial tool (AMCV) Value Asset Management Customer study SPS05 of Shepparton major refurbishment inspection development of cathodic protection and maintenance program. critical pipelines condition assessment Reservoir options assessment for Mansfield No.3 development of sewer rising main monitoring pr Tower options assessment for Cobram Water • • • with 2019–20 results and compares areas growth five years. The dominant those for the previous Shepparton, in 2019–20 were areas growth Seymour and Cobram, which Mansfield, Kilmore, account for 78% of all new lots. • • • • • • • • • Further initiatives planned for 2020-21 include: 2016–17 2017–18 5 4 15 6 20 4 28 17 8 54 44 12 9 14 31 11 16 43 101 34 20 0 13 13 48 34 25 24 41 48 81 2 0 24 51 36 63 111 123 74 143 101 127 145 153 353 165 291 286 310 2015–16 ogram d eview MADe Trial – Reliability focused tool for assets MADe Trial development of asset lifecycle management standar development of lagoon and storage condition assessment pr dam outlet tower design review Sunday Creek drone surveys of key facilities drone asset management framework and strategy r framework cause analysis development of root undertaken at root cause analysis significant Shepparton SPS01 tanks and towers condition assessments tanks and towers condition algae Response Program Blue-green sewer network construction code of review Alexandra Seymour Broadford Yea Tatura Mooroopna Cobram Mansfield Kilmore Major activities completed or initiated during Major activities completed Asset Water’s Valley 2019–20 as part of Goulburn planning and related Management Strategy included: TOP 10 GROWTHTOP 10 TOWNS 2019–20 Shepparton Development of New Lots In accordance with Goulburn Valley Water’s Water’s with Goulburn Valley In accordance statutory obligations and policies, new with provided are developments in the service area water and sewerage services at the time reticulated it is possible to do so. of development wherever across created During 2019–20, 811 new lots were The table below indicates the our service area. the 10 major distribution of these lots across • LAND DEVELOPMENT • • • • • • • • • • ASSET PROTECTION

Goulburn valley water ANNUAL REPORT 2019| 2020 48 | ASSETS AND INFRASTRUCTURE Goulburn valley water ANNUAL REPORT 2019| 2020 49 | CUSTOMERS AND COMMUNITY Asset Management System and all critical alarms Asset Management System area’s on immediately to the affected passed are Faults and During 2019-20 the district operator. customer to 4,650 responded Team Emergency issues. to water and sewer in relation requests the public with Services team assists The Property to water and sewer asset locations, connections connection enquiries. This can and other property and located outside the Water include properties over our Sewerage Districts, building structures the assets and metering enquiries. During 2019–20 812 new water connections and team processed to compared handled 28 customer calls per day, 2018–19. 880 new connections and 30 calls daily in The Land Development team works with to provide developers consultants and property water and sewerage assets for new subdivisions. to The land developer engages a consultant design and construct the assets to our standards. the In addition to meeting the costs of servicing to pay new subdivision, the developer is required the major water customer contributions towards and sewerage assets that service the property. assets At the end of the maintenance period, the we assume to us, where formally transferred are ongoing operation and maintenance responsibility. In 2019–20 the Land Development team completed new water and sewer works for 66 projects of 626 new allotments. A involving the creation by subdividing created further 185 allotments were serviced by existing Goulburn already properties to 59 This compares infrastructure. Water Valley in 713 new allotments, with a resulting projects, by utilising existing further 225 allotments created during 2018–19. infrastructure COMMUNITY SERVICE OBLIGATIONS COMMUNITY SERVICE a range of provides Water Goulburn Valley on behalf of the Victorian concessions and rebates Government. In 2019–20 the combined total of was $5.280 million, these concessions and rebates the including 16 customers assisted through Community Rebate Program. CUSTOMER SERVICE CUSTOMER has four customer service Water Goulburn Valley and Services, Property teams; Customer Accounts Services and the Services, Business Customer team. These teams 24-hour Faults and Emergency to assist customers and make their trained are easy and positive. experience with us quick, and Services team The Customer Accounts for issuing timely and accurate is responsible accounts, managing ownership and tenancy In changes and account collection activities. excellent 2019–20 the team continued to deliver an customer experience, meeting and exceeding Plan. The team in our Water performance targets 20,000 of distributed over 258,000 bills (around an average of and received these electronically) such 130 calls daily for a wide range of enquiries, high water consumption, as change of tenancy, metering and payment assistance. hours Our Asset Monitoring team operates 24 All customer every day of the year. per day, to service difficulties and faults are calls relating call is logged into and managed. Each received a work the Asset Management System, where to the relevant is generated and dispatched order of district operator for attention. On completion are the associated works, all actions and outcomes This and saved against the work order. recorded related team also monitors and manages process a complex Supervisory Control alarms through And Data Acquisition (SCADA) system, covering over 500 asset sites and operating 24 hours per critical considered Many of these alarms are day. drinking water and to the supply of safe, reliable in the recorded All are protection. environmental CUSTOMERS AND COMMUNITY CUSTOMERS $714 2019–20 $10,383 $13,084 $398,184 $211,609 $4,646,303 $5,280,277 $946 2018–19 $18,524 $401,522 $127,470 $4,512,345 $5,060,807 $724 2017–18 $20,198 $347,847 $156,400 $4,378,698 $4,903,867 $0 $578 Policy is reviewed and updated annually and can and updated Policy is reviewed poses a be viewed on our website. Family violence of our substantial risk to the health and wellbeing have a Customer Family Violence customers. We place to in processes policy and comprehensive family identify and support customers experiencing violence. a range of payment options to also provided We were assist customers; as at 30 June 2020 there 2,043 customers on active payment plans. Goulburn also assisted 433 customers who Water Valley due to undetected experienced financial stress water leaks during the year. 2016–17 $321,943 $106,809 $4,286,010 $4,715,340 $0 $318 2015–16 $284,842 $106,783 $4,290,798 $4,682,741 PAYMENT MANAGEMENT AND HARDSHIP MANAGEMENT PAYMENT During 2019–20, 408 customers accessed the assistance program, Government’s Victorian including the Utility Relief Grant Scheme. Our supported another Financial Assistance Program 31 customers left 112 customers. During the year, after successfully paying Program the Hardship their accounts. Most of these customers have off maintained their payment arrangements on an ongoing basis. SOCIAL AND ECONOMIC IMPACTS has a Financial Assistance Water Goulburn Valley experiencing in place to assist customers Program The Customer Accounts and financial hardship. Services team is trained to identify vulnerable their customers and encourage them to discuss non-payment surrounding personal circumstances obtain of accounts. The team then assists customers government or internal assistance. The Hardship Community Service Obligations Community COMMUNITY SERVICE OF VALUE PROVIDED OBLIGATION Pension concessions Water and Sewerage Rebate and Sewerage Water Scheme Utility Relief Grant Scheme Utility Relief Grant Scheme Life support machines Life support machines Hardship Allowances Hardship Community Rebate Program TOTAL

Goulburn valley water ANNUAL REPORT 2019| 2020 50 | CUSTOMERS AND COMMUNITY Goulburn valley water ANNUAL REPORT 2019| 2020 51 | CUSTOMERS AND COMMUNITY 85 232 918 311 1546 $168.27 $301.10 $437.02 ANNUM) $906.39 CASES 2019–20 OWNER (BASED ON OWNER 260 KILOLITRES PER ALL RELEVANT INDUSTRY 1 5 0 12 18 $168.27 $231.62 $437.02 ANNUM) 2019–20 $836.91 CUSTOMER IMPACTS CUSTOMER OWNER (BASED ON OWNER 200 KILOLITRES PER GOULBURN VALLEY WATER The number of cases received by EWOV for The number of cases received with compared Water 2019–20 for Goulburn Valley water industry cases is set out in the all relevant table below. consumption will reduce by 2% (real $); each year $); by 2% (real consumption will reduce 2018–19 to period from of the five-year pricing 2022-23. - a case where EWOV provides information to the customer to assist with a concern and information to the customer to assist with a concern EWOV provides - a case where - a case that EWOV refers to Goulburn Valley Water to resolve Water to Goulburn Valley - a case that EWOV refers - the investigation of a customer’s complaint about Goulburn Valley Water by EWOV Water complaint about Goulburn Valley - the investigation of a customer’s - a request from a customer to EWOV for general information from - a request Investigation EVOW contact definitions: Enquiry Unassisted Referral for further assistance Water the customer to the Goulburn Valley refers Assisted Referral The Energy and Water Ombudsman (EWOV), and Water The Energy funded by is an independent body Victoria, are member utilities to assist customers who or dissatisfied with some aspect of service the state. interaction with utilities around TOTAL Investigations Assisted Referral Unassisted Referral Enquiry Number of EWOV Contacts TYPE OF CONTACT ENERGY AND WATER OMBUDSMAN WATER AND ENERGY 2019–20 PRICE SCHEDULE PRICE 2019–20 (per annum) service charge Water Water Bill Pricing 2019–20 Water ($1.1581 per kL) volume charge Water annum) (per Sewerage service charge TOTAL WATER BILLS WATER Services with our Essential In accordance Price Plan 2018-23 Commission-approved bills residential Water Valley commitment, Goulburn A) 260 kL and B) 200kL for average consumption A survey of APF customers revealed that they were that they were revealed A survey of APF customers of Price Plan overall progress all satisfied with the 2018-23. feedback on topics including Customers provided better with different how to communicate ideas to increase as well as customers groups, have an platforms. We customer usage of online ideas that we these action plan in place to progress back on at next year's APF. will report the Carbon Also part of the Price Plan commitment, was established in that Customer Advisory Group making 2018–19, continued to assist with decision environmental Water’s to minimise Goulburn Valley impact and mitigate climate change. A workshop and was held in November 2019 to discuss design that will contribute delivery elements of projects A target. emission reduction to the organisation’s but second workshop was planned for June 2020 (COVID-19) restrictions, because of coronavirus as one-on-one engagement activity. was delivered surveyed over the phone members were Group for Scope 2 emissions about their preferences projects. Customers involved in the Annual Performance Forum and the Carbon Customer Advisory Committee will continue to be engaged through activities, possibly a combination of face- future to-face and online events, as well a custom-built engagement platform, ParticipateGVW. Our Annual Customer Satisfaction Survey indicated 95% satisfied with that, again, customers are the overall level of service that Goulburn Valley continued to see positive We provided. Water as a collective that in satisfaction measures results at the top end of industry benchmarks on all are key metrics. The biannual Brand Survey showed of Goulburn of perceptions a a strengtehening on all attributes amongst residents Water Valley responsive, environmentally efficient, measured; open and professional, trustworthy, responsible, committed to quality and supportive transparent, to will use the survey results We of community. our customer service and continue to improve communication. OUR COMMUNITY is committed to delivering Water Goulburn Valley To centric manner. its services in a customer values and priorities, better understand customer stakeholder engagement we undertake various activities. for Public use International Association We and principles to values Participating (IAP2) core customers with its engagement approach ensure are IAP2 processes and communities is appropriate. project key elements of both internal and external design and delivery. and update of the The annual review was Communications and Engagement Strategy with many in December, by the Board approved in community engagement highlights delivered Group 2019. The internal Customer Experience Governance Group) called the Customer (previously teams to bring customer-facing was restructured together in the first half of the year to discuss and improved new ways to continuously create customer experiences. Water Goulburn Valley The Communications and Engagement Strategy, along with the Customer Strategy and Stakeholder that all aspects ensure Engagement Policy, service delivery Water’s of Goulburn Valley consistently place the and transparent are The Customer Strategy, customer at the centre. Communications and Engagement Strategy and all available on our website. policies are related Continuing to deliver on Price Plan 2018-23 engagement activities, the Annual Performance group Forum (APF) was held with a representative of customers in June 2020. The purpose of the customer satisfaction with the Forum is to capture of our Price Plan, inform the design and progress and being delivered implementation of the projects planning. project input to future (COVID-19) social gathering Because of coronavirus the APF this year was run as a series restrictions, of four online sessions; each session themed to and future of specific projects focus on the progress priorities. For example, one session discussed on water taste and ways to customer preferences communication about water quality issues. improve

Goulburn valley water ANNUAL REPORT 2019| 2020 52 | CUSTOMERS AND COMMUNITY Goulburn valley water ANNUAL REPORT 2019| 2020 53 | CUSTOMERS AND COMMUNITY We also contribute to resilient and liveable cities and liveable cities to resilient also contribute We healthy communities via and towns and supports Counts Programs. and Every Drop the Choose Tap sporting and hospitality partnerships Choose Tap including with organisations continued in 2019–20 Football and Goulburn Valley AFL Goulburn Murray as local cafes and Association, as well Umpires continuing to participate in the program restaurants The Every Drop drinking tap water. to promote than 200,000 more reached Counts Program water months promoting people over the summer area. the service efficiency across delivered were than 133,600 SMS messages More under Goulburn to customers during the year, continuing Price Plan commitment Water’s Valley digital service notifications. As well as to improve including informing customers of significant events, in the continuation of Stage 2 water restrictions also sent messages system, they were the Euroa unplanned about water quality events, planned and were interruptions and seasonal conditions that such as impacting or could impact service delivery, frost hydration During 2019–20 we installed 8 permanent local councils stations in partnership with three water for free to provide and community groups Cobram, Mooroopna, communities in Tatura, and Tongala Merrigum, Katamatite, Murchison, Kyabram. ran 15 water cafes that engaged with Staff 4,500 customers and community approximately Five the service area. members at 7 towns across cancelled due to COVID-19 water cafes were however sponsorship of local schools restrictions the continued in the later part of 2019–20 through in need. delivery of water bottles to children St Anne’s College officially launched as Goulburn St Anne’s Water Only secondary school first Water’s Valley choosing water with students, teachers and staff as their drink of choice during school hours. National Water Week events and competitions Week National Water 23 towns involving 6100 across delivered participants; 4,096 Students from 47 kindergartens, primary 47 kindergartens, 4,096 Students from and secondary schools participated in Goulburn education and awareness Water’s Valley programs; 11 new schools joined the School Water each school (SWEP) with Efficiency Program having their water meter fitted with a data logger to detect leaks; • • • • The community and schools continued to and schools continued The community Flush It’ and Don’t Tap’, participate in the ‘Choose during the first half of 2019– Only’ programs ‘Water 20. a week amongst Week, During National Water 5713 and the community, of activities for schools 34 schools decorated from primary school students 3Ps message for the ‘Big door hangers with the aim of the competition Flush Competition’. The hang their door hanger on was that students would the door at home to spread their toilet/bathroom and visitors. message to their family resulted (COVID-19) restrictions Whilst coronavirus and community visits in school, kindergarten still many were 2020, there ceasing in March which community education highlights for 2019–20, included: Goulburn Valley Water supports the wellbeing of Water Goulburn Valley communities by considering recreational regional values in water management and working collaboratively with our catchment partners. This Land and we engaged with the Taungurung year, Council to discuss a partnership to create Water cultural and social opportunities and recreational, access at the old Seymour storage near Trawool. also identified by Opportunities for this site were customers in one of online Annual Performance not our active storages are Forums. Currently but accessible to the public for safety reasons, collaborating with other agencies to we are determine opportunities and potential amenities for access. recreational

6.8 2.5 ($,000) 2019–20 2019–20

- - - 6.6 2.8 ($,000) 2018–19 2018–19

6.0 2.4 ($,000) 2017–18

5.7 1.8 ($,000) 2016–17 2017–18 2016–17

5.8 2.0 0.6% 0.5% 0.8% 1.0% 0.8% 1.3% 1.1% 1.4% 1.6% 1.4% 10.5% 11.1% 11.3% 11.1% 12.0% ($,000) 2015–16 2015–16 108.1% 77.8% 91.4% 99.7% 72.2% 25,034 32,896 29,001 30,287 41,777 203,690 207,238 208,658 219,057 230,770 21,667 28,675 32,031 29,675 31,770 862,574 876,830 887,137 903,595 924,913 25,987 25,389 25,084 26,300 25,388 25,528 23,072 24,316 24,859 25,659 43,066 45,997 48,392 49,312 54,076 78,507 77,683 84,338 86,527 87,023 2,422 2,422 2,422 3,479 3,479 5,651 5,496 5,283 5,226 5,240 225,357 235,913 240,689 248,732 262,540 888,561 902,219 912,221 929,895 950,301 2,850 2,161 3,070 5,836 9,182 600 1,600 500 76,667 76,987 80,413 82,876 88,454 81,957 81,444 87,908 92,363 96,205 5,290 4,457 7,495 9,487 7,751 Payments for Property, Plant & Payments for Property, Equipment (incl Infrastructure) Net Cash Flows from OperationsNet Cash Flows from 26,036 25,070 25,717 29,377 29,856 Total Liabilities Total Non-Current Liabilities Non-Current Current Liabilities Current Total Assets Total Non-Current Assets Non-Current Current Assets Current Net Result Before Tax Net Result Before Total Expenditure Total Environmental Contribution Environmental Finance Costs Depreciation Expenditure Depreciation Return on Equity Operating Expenditure Return on Assets Interest Cover (Cash) (times) Interest Total Revenue Total Interest Cover (EBIT) (times) Interest Other Revenue Gearing Ratio Government Contributions Summary of Financial Performance INDICATOR PERFORMANCE Internal Financing Ratio FINANCIAL RESULT FINANCIAL Revenue Business Core FIVE YEAR BUSINESS PERFORMANCE FIVE YEAR Results Summary of Financial BUSINESS PERFORMANCE BUSINESS

Goulburn valley water ANNUAL REPORT 2019| 2020 54 | BUSINESS PERFORMANCE Goulburn valley water ANNUAL REPORT 2019| 2020 55 | BUSINESS PERFORMANCE - - - - $ FUTURE FUTURE (EX GST) EXPENDITURE EXPENDITURE $ 2019–20 (EX GST) EXPENDITURE EXPENDITURE $ 67,102 67,102 24,000 24,000 71,524 71,524 (EX GST) 207,470 126,620 80,850 440,063 359,213 80,850 PROJECT FEE provision of expert analysis and advice; and/or of expert analysis and provision or other development of a written report intellectual output.” TOTAL APPROVED TOTAL Consultancies the Act 1994 requires The Financial Management that of all consultancy engagements disclosure undertook in 2019–20 where Water Goulburn Valley as “a particular type of a consultancy is defined primarily to perform a contractor that is engaged facilitates decision task for an entity that discrete making through: • • The number of consultancies $10,000 or greater greater The number of consultancies $10,000 or was five for the 2019–20 period. The total was to these consultancies in relation expenditure $359,213 (excl. GST). for The number of consultancies less than $10,000 The total expenditure the 2019–20 period was four. was $30,920 (excl. to these consultancies in relation GST). Design Review of Sunday Creek Design Review of Sunday Creek Outlet Tower Geophysical investigation at Mansfield Reservoir DHHS Fluoridation Feasibility Study 69,967 69,967 Sunday Creek Drought Drought Sunday Creek Management Response PURPOSE OF CONSULTANCY OF PURPOSE Total GHD GHD GHD Jacobs Group (Australia) Jacobs Group Gartner Australasia Advisory Services and IT Research Consultancies CONSULTANT Capital Works continued its significant Water Goulburn Valley with expenditure in 2019–20 capital works program of $41.77 million on 90 projects. included capital works in Tatura This expenditure upgrade, the plant for the water treatment Management Facility Shepparton Wastewater cover replacement, Lagoon High Rate Anaerobic and delivery of the waste management facility energy and the renewable at Kilmore project offset we continually at various sites. In addition, program and all areas, network across the reticulation renew assets. and upgrade various corporate renew Significant changes to financial position and and position financial to changes Significant performance after tax of $5.42 profit an operating recorded We was attributed to result million. This favourable being waste revenue and trade water sales revenue very dry summer than expected, due to a more period. BUSINESS COMPLIANCE BUSINESS Financial Review Year Current (CAPEX) $2,632,375.42 Capital expenditure Capital expenditure $0 (OPEX) Operational expenditure Operational expenditure Information and Communication and Communication Information expenditure (ICT) Technology Goulburn period, For the 2019–20 reporting of a total ICT expenditure had Water Valley the details shown below. $6,145,567.43, with Government Advertising Expenditure in the 2019–20 expenditure Water’s Goulburn Valley advertising period for government reporting campaigns did not exceed $100,000. The Act allows Goulburn Valley Water to refuse to refuse Water The Act allows Goulburn Valley to certain documents access, either fully or partially, or information. Examples include; cabinet documents, some internal working documents, privilege by legal professional documents covered such as legal advice, personal information about to Goulburn other people and information provided in-confidence. Water Valley 1 September 2017, the Act has been From of Information the Freedom amended to reduce 45 days from time for requests (FoI) processing to 30 days. In some cases, this timeframe may be extended. $2,632,375.42 capital expenditure) ICT expenditure (Total = (Total ICT expenditure ICT expenditure relating to projects to create or enhance ICT capabilities to create to projects relating ICT expenditure Non-business as usual (BAU) operational expenditure and operational expenditure Non-BAU ICT expenditure relates to extending and enhancing our current ICT capabilities and enhancing our current to extending relates Non-BAU ICT expenditure to ongoing activities to relates which primarily ICT expenditure is all remaining BAU ICT expenditure ICT capability. operate and maintain the current ICT refers to our costs in providing business-enabling ICT services. It comprises business as usual (BAU) ICT business-enabling to our costs in providing ICT refers ICT expenditure and non-business as usual (non-BAU) expenditure Note: $3,513,192.01 Freedom of Information Freedom of Information Act 1982 allows the The Freedom public a right of access to documents held by purpose is to The Act’s Water. Goulburn Valley extend as far as possible the right of the community to access information held by government departments, local councils, Ministers and other bodies subject to the Act. An applicant has a right to apply for information including Water, held by Goulburn Valley supplied to us by or that are documents we create or an individual and may an external organisation photographs, also include maps, film, microfiche, computer printouts, computer discs, tape or videotapes. recordings • • • ICT Expenditure All operational ICT expenditure Business as usual (BAU) expenditure (Total) Disclosure of Major Contracts of Major Disclosure any major did not award Water Goulburn Valley $10 million during 2019–20. contracts valued over into with a value entered 65 contracts were There of less than $10 million.

Goulburn valley water ANNUAL REPORT 2019| 2020 56 | BUSINESS PERFORMANCE Goulburn valley water ANNUAL REPORT 2019| 2020 57 | BUSINESS PERFORMANCE , Executive Manager – Governance & (03) 5832 4842 Details of publications produced by Goulburn Details of publications produced can be about itself, and how these Water Valley obtained carried out Details of any major external reviews Water on Goulburn Valley and development Details of major research Water activities undertaken by Goulburn Valley public relations Details of major promotional, and marketing activities undertaken by Goulburn to develop community awareness Water Valley of the entity and its services rates Details of changes in prices, fees, charges, and levies charged. a. b. c. d. e. Building Act 1993 Building Water Goulburn Valley period, During the reporting the Building of compliance provisions met relevant maintenance activities. Act 1993 in building and Available and Information Prepared in Financial Reporting The information available Act 15B of the Financial Management Direction office Water’s Valley 1994 is held at Goulburn Shepparton and is available on in Fryers Street Members of Minister, to the relevant request the Parliament or the public, subject to FoI and Information Privacy Act 2000. on Additional Information Available Request Standing of the In compliance with requirements Finance, details of the Minister for Directions have been of the items listed below in respect available and are Water by Goulburn Valley retained of the subject to the provisions (in full) on request, of Information Act 1982: Freedom The information is available on request from: request on available is information The Hogan Danny Quality Systems Water Goulburn Valley Phone: Email: [email protected] An application fee of $29.60 applies, 1800 454 500 [email protected] PO Box 185, Shepparton VIC 3632 Government Contributions no Government were In 2019–20 there contributions received. Phone: Email: FoI statistics received Water During 2019–20 Goulburn Valley members of the general from two FoI requests made two FoI decisions in the 12 public. We months ending 30 June 2020 within the statutory 30-day timeframe, with full access granted in The average time taken to both requests. relation requests in 2019–20 was 12 days. During to finalise subject to a no requests were 2019–20, there by OVIC and none were complaint/internal review to VCAT. progressed If the applicant is not satisfied by the decision we is not satisfied If the applicant under section 49A of the make, they have a right Victorian by the Office of the Act, to seek a review (OVIC) within 28 days of Information Commissioner a decision letter. receiving the operation Further information regarding the Act; be obtained from and scope of FoI can made under the Act; and foi.vic.gov.au regulations Making a request can be lodged online at www.foi. FoI requests vic.gov.au if the document may apply and additional charges is time- for material and the search pool is large consuming. through Access to FoI documents can also be made of Information Freedom Water’s Goulburn Valley of as detailed in s17 of the Freedom Team, Information Act 1982. Requests should be in writing being and clearly identify the documents/materials sought. Applications should be made to: FoI Authorised Officer Water Goulburn Valley Mail: e or a matter onment Corruption. Mismanagement of public resources Risk to public health or safety or the envir • Public Interest Disclosures Act Disclosures Public Interest 2012 (formerly known as the Act 2012) Disclosures Protected Act 2012 enables Disclosures The Public Interest improper about people to make disclosures conduct by public officers and public bodies. The openness and accountability Act aims to ensure and by encouraging people to make disclosures them when they do. A public interest protecting is a complaint of corrupt or improper disclosure conduct by a public officer or a public body. is a “public body” for the Water Goulburn Valley purposes of the Act. or corrupt conduct involves substantial: Improper • • Local Jobs First Local Jobs in 2003 introduced The Local Jobs First Act Industry the Victorian August 2018 brings together Skills and Major Project Participation Policy (VIPP) previously which were Guarantee (MPSG) policy, separately. administered to apply the is required Water Goulburn Valley valued at $1 in all projects Local Jobs First policy MPSG applies to all construction million or more. The MPSG at $20 million or more. valued projects to guidelines and VIPP guidelines will continue apply to MPSG applicable and VIPP applicable contracts have been where respectively projects prior to 15 August 2018. entered Water During 2019–20, Goulburn Valley First commenced or completed one Local Jobs Elevated (a contract for the Yea project Standard was one small to Replacement) and there Tank a VIPP Plan medium sized business that prepared for or Local Industry Development Plan (LIDP) contracts. The conduct must be criminal in natur for which an officer could be dismissed. ests by relevant officers. ests by relevant A declaration of shares held by senior officers held by A declaration of shares have ever been issued in Goulburn (No shares Water) Valley board Details of overseas visits undertaken (No members or senior executives took overseas trips). work related A list of Goulburn Valley Water’s major Water’s A list of Goulburn Valley committees, the purposes of each committee, been and the extent to which the purposes have achieved of A statement of completion of declarations pecuniary inter A statement on industrial relations within relations A statement on industrial Water Goulburn Valley Assessments and measures undertaken to Assessments and measures and safety of the occupational health improve employees Competitive Neutrality Policy Competitive neutrality seeks to enable fair competition between government and private sector businesses. Any advantages or disadvantages that government businesses may of government experience, simply as a result ownership, should be neutralised. continues to implement and Water Goulburn Valley apply principles under the ‘Competition Principles and ‘Competition and Infrastructure Agreement’ in its business undertakings. Reform Agreement’ j. k. h. i. g. Additional information included in Annual Annual in included information Additional Report items have been of the following Details in respect included in this report: f. Information that is not applicable to Goulburn Goulburn applicable to not is that Information Water Valley to The following information is not relevant set out for the reasons Water Goulburn Valley below:

Goulburn valley water ANNUAL REPORT 2019| 2020 58 | BUSINESS PERFORMANCE Goulburn valley water ANNUAL REPORT 2019| 2020 59 | BUSINESS PERFORMANCE Risk and Emergency Management Management Emergency Risk and risk has a robust Water Goulburn Valley developed and improved management framework is compliant with the over many years which Water’s ISO 31000 and Goulburn Valley VGRMF, The requirements. Statement of Obligation involvement in establishing the has strong Board and and reviewing risk appetite Corporation’s Business and Strategic Risks. Risks monitoring Core quarterly to the Audit reported and reviewed are and Risk Committee. a risk database (Periscope) to record use We improvements treatment risks and to capture by reviewed and actions. Higher level risks are and status of risk owners quarterly for risk trend reviewed are while lower level risks treatments annually. IBAC, GPO Box 24234, Melbourne VIC 3001 You can make a public interest disclosure about disclosure a public interest can make You members, or its board Water Goulburn Valley by contacting IBAC on the officers or employees below. contact details provided is not able Water Valley Please note that Goulburn disclosures. public interest to receive for the protection have established procedures We for detrimental action in reprisal of persons from about Goulburn disclosure making a public interest are employees. Procedures or its Water Valley available on our website. CONTACTS Anti-Corruption Independent Broad-Based Commission (IBAC) Victoria 459 Collins Street, Level 1, North Tower, Address: 3000. Melbourne Victoria Mail: Internet: www.ibac.vic.gov.au Phone: 1300 735 135 Email: see the website above for the secure for which also provides process, email disclosure anonymous disclosures. made no disclosures were During 2019–20 there Act 2012. Disclosures under Public Interest Subsequent Events no events occurring after balance were There Goulburn date which may significantly affect operations in subsequent reporting Water’s Valley periods. 3 1 5b 4b 2b NOTES TO esulted from esulted from 1.5% -7.0% 40.0% 11.1% 33.3% 22.8% 166.7% TARGET VARIANCE VARIANCE eased earnings 5a 4a 2a NOTES 8.1% 3.0% -5.0% -9.1% YEAR -20.0% -27.6% -12.5% eased Current Assets. This resulted from Assets. This resulted eased Current TO PRIOR VARIANCE VARIANCE to budget due to net operating cash flows being higher than budget. This r developer additional trade waste receipts, the temporary from contributions and receipts transfer of water entitlements. to incr receivables. current increased year over year due to decr before net interest and tax and an increase in and tax and an increase net interest before average assets caused by a significant capital This was attributable to increased program. and employee operational expenditure direct benefits. The Internal Financing Ratio is favourable Ratio is favourable to budget due The Current The Return on Assets Ratio is unfavourable

TARGET 3. 4a. 2b. 2019–20 2019–20 RESULT 2019–20 2019–20 1.0% 0.8% 0.3% 1.6% 1.4% 1.0% 41.6% 39.5% 38.9% 99.7% 72.2% 58.8% 11.1% 12.0% 12.9% RESULT 2018–19 1.1 times 1.0 times 0.9 times 6.6 times times 6.8 5.1 times eased net capital EBITDA Margin Tax, Interest, Earnings Before and Amortisation Depreciation Revenue * 100 / Total Return on Equity Average Tax / after Net Profit Equity * 100 Total Internal Financing Ratio Net Operating Cash Flow less Dividends / Net Capital * 100 Expenditure Return on Assets Net Interest Earnings Before Assets * / Average and Tax 100 Gearing Ratio finance Debt (including Total Assets * 100 leases) / Total Current Ratio Current Assets / Current Current Liabilities (excluding long- and term employee provisions in advance) revenue Cash Interest Cover Cash Interest Net Operating Cash Flows / and Tax Net Interest Before Payments Net Interest KEY PERFORMANCE KEY PERFORMANCE INDICATOR esulted from additional trade waste receipts, esulted from year over year due to incr developer contributions and temporary transfer developer contributions combined with of water entitlement receipts, over and rates on loans rolled interest reduced being drawn lower than budgeted borrowings down for the year. an increased from This resulted expenditure. of capital works year over year. program to budget due to cash from operations to budget due to cash from being higher than budgeted and net interest payments being lower than budgeted. This r The Internal Financing Ratio is unfavourable The Cash Interest Cover Ratio is favourable The Cash Interest

F7 F6 F3 F5 F2 2a Notes: 1. F4 KPI NO. F1 PERFORMANCE REPORT 2019–20 REPORT PERFORMANCE Indicators Financial Performance

Goulburn valley water ANNUAL REPORT 2019| 2020 60 | BUSINESS PERFORMANCE Goulburn valley water ANNUAL REPORT 2019| 2020 61 | BUSINESS PERFORMANCE 1 3 NOTES TO -2.6% -4.1% -1.1% -11.7% TARGET -100.0% VARIANCE VARIANCE 2 2 NOTES YEAR 7.1% 0.0% -3.1% -5.1% -2.6% TO PRIOR VARIANCE VARIANCE Waiting until daylight to safely remove until daylight to safely remove Waiting to enable access to repair trees several large the main. • in of work practices expressed refinement Price Plan 2019–23 Water’s Goulburn Valley time has been allowed to ensure greater where by an artificial sense safety is not compromised of urgency. budget due to net profit after tax being higher budget due to net profit was attributable to higher than budgeted. This developer waste revenue, than budgeted trade transfer of water contributions and temporary entitlements. by managerial revaluations over the past two over the past revaluations by managerial to decreased years. This was attributable water sales. from revenue The variance to target is attributed to ongoing The variance to target The Return on Equity Ratio is favourable to The Return on Equity 120 98% 95% 100% 0.06% TARGET minutes 2019–20 2019–20 3. 5b. 106 94% 97% 94% 0.00% RESULT minutes 2019–20 2019–20 99 99% 97% 0.00% 100% minutes RESULT 2018–19 Sewer spills interruptions spills Sewer Number of residential sewerage customers affected by sewerage interruptions within 5 hours restored Containmentof sewer spills reticulation Sewer spills from and branch sewers contained within 5 hours/total sewer spills and branch reticulation from sewers *100 Interruption Time Interruption duration of unplanned Average water supply interruptions unplanned of Restoration supply water Unplanned water supply within 5 interruptions restored hours/total unplanned water supply interruptions *100 Unplanned water supply supply water Unplanned interruptions Number of customers receiving 5 unplanned interruptions in the year/total number of water (domestic and non-domestic) customers * 100 Numerous leaks occurring outside normal Numerous business hours; infrastructure road around Complex repairs and a gas main; and KEY PERFORMANCE KEY PERFORMANCE INDICATOR customers experiencing five unplanned year. interruptions in the reporting to: • • budget due to earnings before net interest net interest before budget due to earnings than budgeted. This was and tax being higher than budgeted trade attributable to higher and developer contributions waste revenue, water entitlements. temporary transfer of net profit a decreased year over year due to in average equity caused after tax and increase The variance to target is attributed to no The variance to target The variance to prior year is primarily attributed The Return on Assets Ratio is favourable to on Assets Ratio is favourable The Return Ratio is unfavourable The Return on Equity

SS2 SS1 WS2 WS3 WS1 Water and Sewerage Service Performance Indicators and Water KPI NO. Notes: 1. 2. 4b. 5a. 1 3 NOTES TO -44.7% -55.4% TARGET VARIANCE VARIANCE 2 NOTES 2.2% YEAR 28.9% TO PRIOR VARIANCE VARIANCE e has been a minor increase in year over e has been a minor increase alley Water continuing to improve the to improve continuing alley Water V customer accuracy of its billing, which ensures training minimised. Continued complaints are of customer in the area line staff for front remain complaints service has also ensured below target. year billing complaints received. This was due year billing complaints received. personnel to changeover in meter reading in a higher number of unread which resulted meters. Ther to Goulburn is attributed The variance to target TARGET 2. 3. 2019–20 2019–20 RESULT 2019–20 2019–20 2.76 2.820.45 5.1 0.58 1.3 RESULT 2018–19 esponse. emain well within target. The emain well within target. oved processes associated with oved processes ovement works at various sites; ocesses associated with Water Treatment ocesses associated with Water significant natural events and large unplanned interruptions; and Being proactive in informing customers Being proactive of water quality events as they occur and outlining r Plants; Ongoing commitment to water quality asset impr Impr Ongoing improvements in operating Ongoing improvements pr Water quality complaints quality Water Number of complaints per 1000 customers ComplaintsBilling Number of complaints per 1000 customers KEY PERFORMANCE KEY PERFORMANCE INDICATOR • • variance is attributed to a range of matters, including: • • Complaints r Notes: 1. CR1 CR4 Customer Responsiveness Performance Indicators Performance Responsiveness Customer KPI NO.

Goulburn valley water ANNUAL REPORT 2019| 2020 62 | BUSINESS PERFORMANCE Goulburn valley water ANNUAL REPORT 2019| 2020 63 | BUSINESS PERFORMANCE 2 4 NOTES TO 25.2% -24.4% TARGET VARIANCE VARIANCE 1 3 -e at this facility is due to 2 NOTES ease in Scope 1 emissions from YEAR -9.5% -21.1% evious year. The primary reason behind The primary reason evious year. TO PRIOR VARIANCE VARIANCE explained by note 3 above. a 17% increase in influent volume and 25% a 17% increase in comparison to in influent COD load increase the pr in volume and load is a major the increase their production industrial customer increasing to the discharge capacity and, therefore, Management Facility. Shepparton Wastewater to an incr Shepparton Water's Goulburn Valley The increase Management Facility. Wastewater of over 14,000 tCO The variation to the 2019–20 target can be The variation to the 2019–20 target The variation to the previous year is attributed The variation to the previous tonnes 62,481 TARGET 4. 3. 2019–20 2019–20 RESULT tonnes 77,754 2019–20 2019–20 97% 88% 70% RESULT tonnes 64,229 2018–19 alley Water’s equivalent 2 emissions 2 Net tonnes CO Effluent Re-useVolume use)(end Total net CO KEY PERFORMANCE KEY PERFORMANCE INDICATOR tertiary wastewater management facilities, particularly the Shepparton Actiflo facility. capacity for irrigation due to rainfall in autumn 2020. rainfall early in the irrigation season increasing the the capacity for irrigation and reducing need to operate Goulburn V The variation is attributed to a reduced The variation is attributed to below average . E1 E2 Environmental Performance Indicators Performance Environmental KPI NO. Notes: 1. 2 64 Goulburn valley water

Independent Auditor’s Report CERTIFICATION OF PERFORMANCE REPORT FOR 2019–20 To the Board of the Goulburn Valley Region Water Corporation |

ANNUAL REPORT 2019| pinion I have audited the accompanying performance report of the Goulburn Valley Region Water Corporation (the corporation) for the year ended 30 June 2020, which

We certify that the accompanying Performance Report of Goulburn Valley Region Water Corporation, in comprises the: respect of the 2019–20 financial year, is presented fairly in accordance with the Financial Management Act • financial performance indicators 1994. • water and sewerage service performance indicators

2020 The Performance Report outlines the relevant performance indicators for the financial year as determined by • customer responsiveness performance indicators the responsible Minister and as set out in the Corporate Plan 2019–20, the actual and comparative results • environmental performance indicators achieved for the financial year against pre-determined performance targets and these indicators, and an • certification of performance report. explanation of any significant variance between the actual results and performance targets and/or between the actual results in the current year and the previous year. In my opinion, the performance report of the Goulburn Valley Region Water Corporation for the year ended 30 June 2020 presents fairly, in all material respects, in As at the date of signing, we are not aware of any circumstance which would render any particulars in the Financial Performance Report to be misleading or inaccurate. accordance with the performance reporting requirements of Part 7 of the Management Act 1994.

sis or I have conducted my audit in accordance with the Audit Act 1994 which incorporates pinion the Australian Standards on Assurance Engagements. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the performance report section of my report. M. Stone AM P. A. Quinn S. Thomson BUSINESS PERFORMANCE Chairman Accountable Officer Chief Financial Officer My independence is established by the Constitution Act 1975. My staff and I are independent of the corporation in accordance with the ethical requirements of the Dated this 19 day of August 2020. Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the performance report in Victoria and have also fulfilled our other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to FINANCIAL MANAGEMENT COMPLIANCE FRAMEWORK ATTESTATION provide a basis for my opinion.

I Mark Stone AM, on behalf of the Board, certify that the Goulburn Valley Region Water Corporation has ords The Board is responsible for the preparation and fair presentation of the performance complied with the applicable Standing Directions of the Minister for Finance under the Financial Management responsiiities report in accordance with the performance reporting requirements of the Financial Act 1994 and Instructions. or te Management Act 1994, and for such internal control as the Board determines is perorne necessary to enable the preparation and fair presentation of the performance report report that is free from material misstatement, whether due to fraud or error.

M. Stone AM Chairman

Independent Auditor’s Report To the Board of the Goulburn Valley Region Water Corporation

pinion I have audited the accompanying performance report of the Goulburn Valley Region Water Corporation (the corporation) for the year ended 30 June 2020, which comprises the:

• financial performance indicators • water and sewerage service performance indicators • customer responsiveness performance indicators • environmental performance indicators • certification of performance report. In my opinion, the performance report of the Goulburn Valley Region Water Corporation for the year ended 30 June 2020 presents fairly, in all material respects, in accordance with the performance reporting requirements of Part 7 of the Financial Management Act 1994.

sis or I have conducted my audit in accordance with the Audit Act 1994 which incorporates pinion the Australian Standards on Assurance Engagements. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the performance report section of my report. My independence is established by the Constitution Act 1975. My staff and I are independent of the corporation in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the performance report in Victoria and have also fulfilled our other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

ords The Board is responsible for the preparation and fair presentation of the performance responsiiities report in accordance with the performance reporting requirements of the Financial or te Management Act 1994, and for such internal control as the Board determines is perorne necessary to enable the preparation and fair presentation of the performance report report that is free from material misstatement, whether due to fraud or error.

Auditor’s As reuired the Audit At resonsiilit is to eress an oinion on the rsosiiitis erforance reort ased on the audit oecties for the audit are to otain or t udit o reasonale assurance aout hether the erforance reort as a hole is free fro t material misstatement, whether due to fraud or error, and to issue an auditor’s report ror that includes oinion easonale assurance is a high leel of assurance ut is not a rort guarantee that an audit conducted in accordance ith the Australian Standards on Assurance Engageents ill alas detect a aterial isstateent hen it eists isstateents can arise fro fraud or error and are considered aterial if indiiduall or in the aggregate the could reasonal e eected to influence the decisions of users taen on the asis of this erforance reort. As art of an audit in accordance ith the Australian Standards on Assurance Engageents eercise rofessional udgeent and aintain rofessional sceticis throughout the audit also

• identif and assess the riss of aterial isstateent of the erforance reort hether due to fraud or error design and erfor audit rocedures resonsie to those riss and otain audit eidence that is sufficient and aroriate to roide a asis for oinion he ris of not detecting a aterial isstateent resulting fro fraud is higher than for one resulting fro error as fraud a inole collusion forger intentional oissions isreresentations or the oerride of internal control • otain an understanding of internal control releant to the audit in order to design audit rocedures that are aroriate in the circustances ut not for the urose of eressing an oinion on the effectieness of the cororation’s internal control • ealuate the oerall resentation structure and content of the erforance reort including the disclosures and hether the erforance reort reresents the underling eents and results in a anner that achiees fair resentation counicate ith the Board regarding aong other atters the lanned scoe and tiing of the audit and significant audit findings including an significant deficiencies in internal control that identif during audit

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67

FINANCIAL STATEMENTS Goulburn valley water Auditor’s As reuired the Audit At resonsiilit is to eress an oinion on the YEAR ENDED 30 JUNE, 2020 rsosiiitis erforance reort ased on the audit oecties for the audit are to otain or t udit o reasonale assurance aout hether the erforance reort as a hole is free fro t material misstatement, whether due to fraud or error, and to issue an auditor’s report

ror that includes oinion easonale assurance is a high leel of assurance ut is not a | rort guarantee that an audit conducted in accordance ith the Australian Standards on ANNUAL REPORT 2019| Assurance Engageents ill alas detect a aterial isstateent hen it eists isstateents can arise fro fraud or error and are considered aterial if indiiduall or in the aggregate the could reasonal e eected to influence the decisions of users taen on the asis of this erforance reort.

As art of an audit in accordance ith the Australian Standards on Assurance 2020 Engageents eercise rofessional udgeent and aintain rofessional sceticis CONTENTS throughout the audit also

• identif and assess the riss of aterial isstateent of the erforance DETAILED TABLE OF CONTENTS 68 reort hether due to fraud or error design and erfor audit rocedures COMPREHENSIVE OPERATING STATEMENT 70 resonsie to those riss and otain audit eidence that is sufficient and BALANCE SHEET 71 aroriate to roide a asis for oinion he ris of not detecting a STATEMENT OF CHANGES IN EQUITY 72 aterial isstateent resulting fro fraud is higher than for one resulting fro error as fraud a inole collusion forger intentional oissions CASH FLOW STATEMENT 73 isreresentations or the oerride of internal control NOTES TO THE FINANCIAL STATEMENTS 74 – 131

• otain an understanding of internal control releant to the audit in order to DIRECTORS’, ACCOUNTABLE OFFICER AND CHIEF FINANCIAL OFFICER DECLARATION 132 design audit rocedures that are aroriate in the circustances ut not for VICTORIAN AUDITOR-GENERAL’S REPORT 133 the urose of eressing an oinion on the effectieness of the cororation’s internal control • ealuate the oerall resentation structure and content of the erforance reort including the disclosures and hether the erforance reort reresents the underling eents and results in a anner that achiees fair resentation counicate ith the Board regarding aong other atters the lanned scoe and tiing of the audit and significant audit findings including an significant deficiencies in internal control that identif during audit

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91 88 89 92 98 81 81 84 80 82 87 88 88 77 77 78 79 80 77 74 70 71 72 73 74 102 102 104 105 105 106 100 100 101 101 e, property, plant and e, property,

ent assets

ehensive operating statement perating Expenses ther O om service and usage charges om service and usage charges alue Determination of Biological Assets aluation Determination – non-physical assets eciation om Contracts with Customers Ageing analysis of contractual payables equipment Reconciliation of movement in carrying amounts Fair V Reconciliation of movements in carrying values of infrastructur Fair V Depr Net gain/ (loss) on disposal of non-curr Employee benefits – compr Employee benefits - Balance Sheet Superannuation Developer contributions Other income Contract assets and contract liabilities Revenue fr Operational Expenses Available to Support Output Delivery alue Determination of Financial Assets and Liabilities

otal Infrastructure, Property, Plant and Equipment Property, otal Infrastructure, 5.2.1 4.1.2 4.2.1 4.2.2 4.1.1 4.1.3 4.1.4 3.1.1 3.1.2 3.1.3 2.1.1 2.1.2 2.1.3 2.1.4 Receivables Payables Inventories Fair V Biological Assets T Our People Revenue Fr

Other Assets and Liabilities 5.1 5.2 5.3 5.4 Key Assets 4.1 4.2 The Cost of Delivering Services 3.1 3.2 Direct 3.3 Expenses Repairs and Maintenance 3.4 Administrative and O Funding Delivery of Our Services 2.1 About this Report

5. 4. 3. 2. 1. Comprehensive Operating Statement Comprehensive DETAILED TABLE OF CONTENTS OF TABLE DETAILED Balance Sheet in Equity Statement of Changes Cash Flow Statement Statements Notes to the Financial

Goulburn valley water ANNUAL REPORT 2019| 2020 68 | Goulburn valley water ANNUAL REPORT 2019| 2020 69 | 130 132 133 120 120 120 120 121 121 122 123 127 128 129 129 119 117 117 117 118 119 119 110 111 112 113 116 109 106 107 107 108 108 109 110 110 om operating activities om operating activities e not yet effective eserve nstruments Specific Disclosures I Contributed capital r Asset revaluation Accumulated surplus Environmental commitments Environmental Income tax tax assets and liabilities Deferred Financial instruments: categorisation Financial risk management objectives and policies Maturity analysis of interest-bearing liabilities Maturity analysis of interest-bearing expense Interest the period to cash flow fr for Reconciliation of net result Financing facilities Capital commitments

ax 9.1.1 9.1.2 9.1.3 8.1.1 8.1.2 8.2.1 7.1.1 7.1.2 6.2.2 6.1.1 6.1.2 6.2.1 6.3.1 Remuneration of Executive Officers Remuneration of Auditors Ex-gratia Expense Changes in Accounting Policies issued that ar Australian Accounting Standards Events Occurring After the Balance Date Responsible Persons Related Parties Equity Dividends Environmental Contribution Environmental T Contingent Assets and Contingent Liabilities Commitments for Expenditure Cashflow Information Interest Bearing Liabilities Interest

Other Disclosures 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8 9.9 Statutory Obligations 8.1 8.2 8.3 7.2 Risks, Contingencies and Valuation Judgements Risks, Contingencies and Valuation 7.1 Financial How We Financed Our Operations How We 6.1 6.2 6.3 9. 8. 7. 6. Directors’, Accountable Officer and Chief Financial Officer Declaration Accountable Directors’, Report Auditor-General’s Victorian 84 2019 5,934 6,354 3,479 5,226 2,865 4,298 $’000 9,487 6,622 3,009 9,631 94,122 (1,843) 24,859 23,641 13,383 (1,289) 92,363 82,876 36 (506) 2020 6,594 6,561 3,479 5,240 2,334 1,687 $’000 7,751 5,417 1,181 6,598 97,409 (1,240) 25,658 25,343 15,579 96,205 88,454 2.1 3.2 3.3 3.4 8.2 4.1.4 4.1.3 3.1.1 6.1.2 8.1.1 9.1.2 8.1.1 NOTE Revenue contracts and customers Revenue from income Interest Comprehensive Operating Statement Operating Comprehensive YEAR ENDED 30 JUNE, 2020 FOR THE FINANCIAL FINANCIAL STATEMENTS FINANCIAL Net (loss) on disposal of non-financial assets Net (loss) on disposal Revenue Total Expenses Depreciation Employee benefits operational expenses Direct Repairs and maintenance expenses Administrative and other operating expenses contributions Environmental expense Interest Total Expenses Total income tax before Net result Income tax expense Net Result for the Period income Other comprehensive result to net Items that will not be reclassified surplus Change in asset revaluation Income tax relating to these items Income tax relating Income Tax income for the period, net of Other comprehensive Result Comprehensive in conjunction with the accompanying notes. be read Operating Statement should The above Comprehensive

Goulburn valley water ANNUAL REPORT 2019| 2020 70 | FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 71 | FINANCIAL STATEMENTS - 97 990 998 645 2019 6,432 9,648 8,229 1,001 2,829 9,000 7,457 $’000 13,218 94,000 26,300 29,675 899,671 124,412 233,549 250,137 197,477 903,595 929,895 219,057 248,732 681,163 681,163 93 956 959 2020 5,919 9,559 7,879 1,075 1,293 3,388 9,731 1,404 8,635 $’000 12,000 25,388 31,770 920,139 102,000 127,811 233,549 251,318 202,894 924,913 950,301 230,770 262,540 687,761 687,761 6.2 5.1 5.1 4.1 5.3 4.2 5.2 6.1 6.1 2.1.4 8.1.2 2.1.4 3.1.2 3.1.2 8.1.2 9.1.1 9.1.2 9.1.3 NOTE ASSETS Assets Current Cash and cash equivalents Receivables Contract asset Assets Current Total Assets Non-Current Receivables plant and equipment property, Infrastructure, assets tax Deferred Contract liabilities Balance Sheet Balance 2020 30 JUNE, AS AT Inventories Prepayments Biological Assets Assets Non-Current Total ASSETS TOTAL LIABILITIES Liabilities Current Payables liabilities bearing Interest Employee benefits Total Current Liabilities Current Total Liabilities Non-Current bearing liabilities Interest Employee benefits tax liabilities Deferred Liabilities Non-Current Total LIABILITIES TOTAL NET ASSETS EQUITY Contributed capital Reserves Accumulated surplus EQUITY TOTAL in conjunction with the accompanying notes. The above Balance Sheet should be read $’000 6,622 5,417 3,009 1,181 TOTAL 671,532 681,163 687,761 - - $’000 6,622 5,417 SURPLUS 190,855 197,477 202,894 ACCUMULATED ACCUMULATED - - $’000 3,009 1,181 247,128 250,137 251,318 RESERVES - - - - $’000 CAPITAL 233,549 233,549 233,549 CONTRIBUTED 9.1.3 9.1.3 9.1.2 NOTE Total Comprehensive result for the year result Comprehensive Total for the year Net result The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. should be read The above Statement of Changes in Equity Asset revaluation reserve – revaluation (net of tax) – revaluation reserve Asset revaluation for the year result Comprehensive Total for the year Net result (net of tax) – revaluation reserve Asset revaluation Balance at 1 July 2018 Statement of Changes in Equity Statement of Changes 30 JUNE, 2020 FOR THE YEAR ENDED Balance at 30 June 2019 Balance at 30 June 2020

Goulburn valley water ANNUAL REPORT 2019| 2020 72 | FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 73 | FINANCIAL STATEMENTS - 84 (85) 825 (414) 2019 6,517 5,210 $’000 6,432 86,425 (3,479) 15,000 (5,302) 29,377 91,719 (30,287) (15,000) (53,147) (62,342) (29,462) 39 408 (513) (369) 2020 6,432 6,472 $’000 5,919 89,829 (3,479) 20,000 (9,000) (5,214) 29,856 11,000 96,340 (41,777) (57,422) (66,484) (41,369) 8.2 6.2 4.1.4 6.2.1 NOTE The above Cash Flow Statement should be read in conjunction with the accompanying notes. in conjunction with the The above Cash Flow Statement should be read Cash Flow Statement 30 JUNE, 2020 FOR THE YEAR ENDED Cash Flows from Operating Activities Cash Flows from Receipts Contracts with Customers Receipts from received Interest Cash at the beginning of the Financial Year Goods and Services Tax received from the ATO the ATO from received Goods and Services Tax Operating Activities Net Cash inflow from Investing Activities Cash Flows from Plant and Equipment Property, sale of Infrastructure, from Proceeds and Equipment Plant Property, Payments for Infrastructure, Investing Activities Net Cash (outflow) from Financing Activities Cash Flows from Borrowings from Proceeds Repayment of Borrowings Financing Activities Net Cash inflow from in cash held Net (decrease) YEAR THE END OF THE FINANCIAL CASH AT Payments Payments to Suppliers and Employees other costs of Finance paid and Interest paid to the ATO Goods and Services Tax Contributions paid Environmental

e authorised for issue by the Board on 19 August 2020. e authorised for issue by the Board About this Report Goulburn Valley Region Water Corporation Region Water Goulburn Valley 104-110 Fryers Street, Shepparton, VIC 3630. AASB Revenue 15 from Contracts with Customers • Accounting policies financial information satisfies that the resulting and applied in a manner which ensures selected Accounting policies are of the underlying transactions or other ensuring that the substance thereby reliability, and the concepts of relevance events is reported. appropriate, Where consistent with those of the prior year. applied are Unless otherwise stated, all accounting policies As AASB 15, AASB 16 and disclosure. presentation with current have been amended to accord comparative figures for balance sheet has been presented basis, no third retrospective and AASB 1058 have been adopted on modified the adoption of these standards. has been adopted by the Corporation: The following standard The Annual Financial Statements wer The principal address is: The principal address 1. Corporation (the Corporation) Water Valley Region for Goulburn report includes financial statements The financial consists of a report that financial report is a general-purpose financial This entity. as an individual reporting Flow Statement, Cash of Changes in Equity, Balance Sheet, and Statement Operating Statement, Comprehensive June 2020. The general- statements for the period ending 30 Declaration and Notes accompanying these Directors’ (AASs), Interpretations with Australian Accounting Standards accordance in been prepared report has purpose financial of the and the requirements Board Standards of the Australian Accounting pronouncements and other authoritative Ministerial Directions. Act 1994 and applicable Financial Management appropriate, statements. Where the financial entity for the purpose of preparing The Corporation is a not-for-profit entities have been applied. those AASs applicable to not-for-profit has been on accrual and going concern basis. The accrual basis of accounting prepared report has been This financial income and expenses are assets, liabilities, equity, these financial statements whereby of applied in the preparation or paid. of when cash is received regardless period to which they relate, in the reporting recognised NOTES TO THE FINANCIAL STATEMENTS FINANCIAL TO THE NOTES AASB 15 Revenue from contracts with customers, which replaces AASB 118 Revenue, AASB 111 Construction contracts with customers, which replaces AASB 15 Revenue from when the Corporation satisfies a revenue to recognise the Corporation requires interpretations Contracts and related AASB The Corporation has adopted good or service to a customer. performance obligation by transferring a promised basis as mandated by the Department retrospective 15 as at 1 July 2019 and has applied the new rules on a modified on the application of AASB 15 Revenue from requirements FRD 121 Transitional and Finance through of Treasury accounts have not 30 June 2020 Corporation’s comparatives for 2018–19 in the Contracts with Customers. As a result, to retained the adoption of AASB 15 and no adjustment required was no transitional impact from There been restated. at note 2.1 and 9.8 of this report. to AASB 15 are in relation earnings. Further disclosures

Goulburn valley water ANNUAL REPORT 2019| 2020 74 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 75 | NOTES TO THE FINANCIAL STATEMENTS AASB Income 1058 for Not-for-Profits AASB Leases 16 Historical cost convention revaluation of except for the under the historical cost convention, These financial statements have been prepared plant and equipment. property, infrastructure, In the determination of whether an asset or liability is current or non-current, consideration is given to the time when consideration is given or non-current, or liability is current In the determination of whether an asset if it is expected to is classified as current or paid. The asset or liability each asset or liability is expected to be realised operational cycle. be turned over within the next twelve months, being the Corporation’s Rounding in the thousand dollars. Figures to the nearest have been rounded Unless otherwise stated, amounts in the report Financial Statements may not equate due to rounding. Functional and presentation currency Functional and presentation of the in Australian Dollars, being the currency and presented measured report are Items included in this financial operates. in which the Corporation primary economic environment and non-current Classification between current • • AASB 1058 Income for Not-for-Profits replaces requirements of income transactions previously accounted for under of income transactions previously requirements replaces AASB 1058 Income for Not-for-Profits the that apply to (a) transactions where entities for not-for-profit AASB 1004 Contributions. It establishes principles corporation is significantly less than fair value principally to enable a not-for-profit an asset consideration to acquire government and of volunteer services. It will apply to capital grants from to further its objectives; and (b) the receipt obligation. The Corporation needs to determine whether a transaction grants with no sufficiently specific performance with a customer under AASB 15. The Corporation has adopted falls under AASB 1058 or actually a contract by the basis as mandated retrospective the new rules on a modified AASB 1058 as at 1 July 2019 and has applied on the application of AASB 1058 requirements FRD 122 Transitional and Finance through Department of Treasury the adoption of AASB 1058 and no adjustment from was no transitional impact Entities. There Income of Not-for-Profit 9.8 of this report. at note 2.1 and to AASB 1058 are in relation Further disclosures earnings. to retained required AASB 16 Leases was issued in February 2016 and replaces AASB 117 Leases. It will result in almost all leases being AASB 117 Leases. It will result issued in February 2016 and replaces AASB 16 Leases was removed for lessees. is between operating and finance leases on the balance sheet, as the distinction recognised to pay the obligation the leased item) and a financial liability an asset (the right to use Under the new standard, applied the AASB 16 as at 1 July 2019 and has The Corporation has adopted recognised. for lease payments are FRD and Finance through Treasury by the Department of basis as mandated retrospective new rules on a modified in the comparatives for 2018–19 result, the application of AASB 16 Leases. As a on requirements 123 Transitional the adoption of impact from was no transitional There accounts have not been restated. 30 June 2020 Corporation’s at note 9.8 of to AASB 16 are in relation earnings. Further disclosures to retained required AASB 16 and no adjustment this report. Recognition of net deferred tax liabilities (Note 8.1.2); Recognition of net deferred Contingent assets and liabilities (Note 7.2). Determining whether the performance obligations are sufficiently specific so as to determine whether the are Determining whether the performance obligations 15 or AASB 1058 (Note 2.1 and 2.2); arrangement is within the scope of AASB obligations (Note 2.1.1); The timing of satisfaction of performance allocated to performance obligations (Note 2.1.1); Determining transaction price and amounts Impairment of assets (Note 4.1); (Note 3.1.2); Employee benefit provisions patterns of leave of existing staff, based on likely tenure provisions Actuarial assumptions for employee benefit discount rates (Note 3.1.3); and future salary movements claims, future Accrued operating income (Notes 2.1 and 5.1); Accrued operating income (Notes 2.1 and and equipment (Note 4.1.2); plant The fair value of land, buildings, infrastructure, Estimation of useful life (Note 4.1); Impact of coronavirus (COVID-19) Impact of coronavirus of infections. Measures (COVID-19) pandemic developed rapidly in 2020, with a significant number The coronavirus The have impacted economic activity. Governments to contain COVID-19 taken by the Australian and Victorian of COVID-19, such as physical distancing, to monitor and mitigate the effects Corporation took a number of measures home if possible, and securing the supply of materials essential to operations. working from financial performance was not significant. The At 30 June 2020, the impact of COVID-19 on the Corporation’s this assessment. Corporation continues to monitor business activity and economic conditions to support included the change in volume of water not considered business that were of the Corporation’s The key areas and borrowings. customers, debt collection and subsequent impacts on cash and commercial consumed by residential fair value of land and buildings and the assets, In addition, the fair value of water and sewerage infrastructure also considered. were allowance for impairment of receivables ability to continue as a going concern. No material uncertainty exists about the Corporation’s j. k. g. h. i. d. e. f. a. b. c. Accounting estimates being presented. to be made about financial information required and assumptions are Judgements, estimates are disclosed in the notes where of these financial statements made in the preparation The significant judgements based on professional and associated assumptions are disclosed. Estimates are by those judgements amounts affected under believed to be reasonable various other factors that are historical experience and from judgements derived made in the are estimates. Revisions to accounting estimates these from differ may Actual results the circumstances. Judgements and by the revision. affected periods that are future and also in is revised period in which the estimate on the that have significant effects Standards management in applying Australian Accounting assumptions made by relate to: and estimates financial statements Estimates and judgements are continually evaluated and are based on historical experience and other factors, based on historical continually evaluated and are Estimates and judgements are believed to and that are events that may have a financial impact on the Corporation including expectations of future not likely to adopted are It is expected that the estimates and assumptions under the circumstances. be reasonable the next financial year. cause a material adjustment to the carrying amounts of assets and liabilities within

Goulburn valley water ANNUAL REPORT 2019| 2020 76 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 77 | NOTES TO THE FINANCIAL STATEMENTS 259 2019 2,569 6,594 $’000 12,049 31,021 23,772 76,264 247 2020 2,428 7,891 $’000 12,039 29,673 23,786 76,064 NOTE om services and usage charges ges ges om Contracts with Customers om Contracts with Customers om service and usage charges Revenue fr Developer contributions Other income Contract assets and contract liabilities

ater service charges ater usage charges rade waste charges rade waste charges Revenue fr 2.1.1 2.1.2 2.1.3 2.1.3 Revenue fr Revenue fr Funding Delivery of Our Services Funding Delivery -W - Sewage usage char -T -W - Sewage char -T

2.1.1 2.1 the transfer of goods and/or services over time and at a point in time in the from The Corporation derives revenue to the customer are when, or as, the performance obligations Revenue is recognised streams. following revenue as a recorded is the customer revenue from recognising the associated received in advance of satisfied. Consideration asset satisfied but not yet billed, a contract the performance obligations are Note 2.1.4). Where contract liability (refer Note 2.1.4). (refer is recorded 2.1 Structure This section provides additional information about how the Corporation is funded and the accounting policies that are accounting policies that are how the Corporation is funded and the additional information about This section provides financial statements. in the an understanding of the items recognised for relevant facilities a network of treatment to its customer base from water and wastewater services The Corporation provides water and derived from are of funding, as outlined in this chapter, systems. The key sources and reticulation as contributions targeted are customers. These charges from and volumetric charges wastewater service charges for the consumption of water and assets and the Corporation’s of to the ongoing maintenance and replacement and trade waste customers. non-residential of wastewater by residential, discharge the economic benefits will flow to the Corporation and the income to the extent it is probable Income is recognised allowances, net of returns, amounts disclosed as income are applicable, Where at fair value. measured can be reliably duties and taxes. 2. Introduction Usage charges Service charges service and usage charges from revenue Total 2019 7,362 2,901 $’000 10,263 2020 8,077 2,882 $’000 10,959 4.1.1 eceived from developers eceived from Developer contributions - r Assets or services - Fees paid by developers

Developer contributed assets arise when developers pay for the cost of construction of new infrastructure assets and of new infrastructure Developer contributed assets arise when developers pay for the cost of construction subsequently gift these assets to the Corporation to maintain in perpetuity. Developer contributions developer contributions Total 2.1.2 The Corporation has an ongoing obligation to provide a continuous supply of the major services to customers in of the major services to customers a continuous supply an ongoing obligation to provide The Corporation has Corporation and consume the benefit in line with the simultaneously receive and so customers our service region, overtime. recognised are Service and usage charges performing its obligations. as the customer recognised over time is revenue and billed tri-annually based on a fixed fee are Service charges by the Corporation. provided and consumes the services simultaneously receives are date, these payments by customers to unbilled accounts at reporting made in advance are payments Where the requires the service. AASB 15 usually provide liabilities as the Corporation has yet to classified as contract performance obligations which are expected to be derived from revenue amount of of the aggregate disclosure reliably Management consider that such an amount cannot be reporting period. unsatisfied as at the end of the customers with major services will continue in obligation to supply estimated, primarily because the Corporation’s expedient given in AASB 15, paragraph 121(b), not to the Corporation has applied the practical As a result, perpetuity. to service charges. disclose this amount in relation the right over time as the Corporation has is recognised and revenue arrears billed tri-annually in are Usage charges water and trade unit of water consumed by and sewage, recycled an amount of consideration based on the to receive accrued, and contract assets are regulated price. Usage charges and the waste disposed of during the financial year booked. are can be revenue expedient given in AASB 15, paragraph B16, where The Corporation has applied the practical to correspond by Corporation it has a right to invoice, since the amount is considered in the amount which recognised The amount of right to invoice is performance to date. with the value to the customer of the Corporation’s directly period for is cyclical, an estimate is made at the end of the accounting meter reading As based on meter readings. estimate is made The water produced. disposal by customers and recycled water usage and sewerage and trade waste by daily average water consumption for that period. Any last reading by multiplying the number of days since the the meter readings the amount invoiced and actual consumption is adjusted in the period in which between difference includes an revenue stream this Further, charges. or paid as part of the next period’s recovered finalised and are are water and trade waste disposed and recycled and sewage disposed, by, estimate of the amount of water consumed billed at the end of the period. This amount is included in contract assets. not yet for customers that are

Goulburn valley water ANNUAL REPORT 2019| 2020 78 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 79 | NOTES TO THE FINANCIAL STATEMENTS 478 472 2019 1,092 3,479 2,074 $’000 7,595 508 2020 1,068 4,966 2,338 1,506 $’000 10,386 Other income

the Statement of Compliance is issued to the customer, or the customer, the Statement of Compliance is issued to of water and sewerage provision network for the infrastructure the customer is connected to the Corporation’s to be issued, or is required services when no Statement of Compliance with their application. the Corporation to proceed from consent the customer receives when the Statement of Compliance is issued to the customer, or of Compliance is issued to the customer, when the Statement of water and network for the provision infrastructure connected to the Corporation’s when the customer is to be issued. no Statement of Compliance is required sewerage services when Revenue from other services rendered is recognised when or as performance obligations are satisfied. Performance when or as performance obligations are is recognised other services rendered Revenue from water inspection and meter installation fees are to various plumbing services, application, recycled obligation relating Revenue requested by the customer. service renders the specified satisfied at a point in time when the Corporation the temporary transfer of water connections, including the sale of water meters, services for property is earned from the sale of biological assets (livestock). and from of Corporation property entitlements, the rental Licences and Fees 2.1.3 • • • Temporary transfer of water entitlements Temporary • • Revenue from developer contributed assets is recognised at a point in time when the Corporation has satisfied its at a point in time when assets is recognised developer contributed Revenue from the performance obligation in application, this can result Depending on the type of developer performance obligation. being satisfied: Rent/Lease Farm Revenue Miscellaneous other income Total The rates applied to calculate the new customer contributions are regulated by the Essential Services Commission. regulated contributions are The rates applied to calculate the new customer Revenue is recognised at the fair value of the gifted assets by assessing the value of the works using a schedule of the value of the works using a schedule fair value of the gifted assets by assessing at the Revenue is recognised rates. or to build applicable when customers request charges upfront non-refundable New customer contributions represent network. The charges infrastructure water supply and sewerage and connect to the Corporation’s develop a property disposal augmenting the Corporation's water supply distribution systems and sewerage the cost of contribute towards systems. a point in time when the Corporation has satisfied its at new customer contributions is recognised Revenue from performance obligation. in the performance obligation being contribution application, this can result Depending on the type of new customer satisfies its performance obligation and will vary depending on the type satisfied at point in time when the Corporation obligation can occur when: a performance As a result, of application submitted by the customer. 2019 8,229 1,227 $’000 1.227 8,229 2020 7,879 1,404 $’000 1,404 7,879 ehensive operating statement evenue – unbilled customers Employee benefits - balance sheet Superannuation Employee benefits - compr

ect Operational Expenses 3.1.2 3.1.3 Dir Repairs and Maintenance Expenses Administrative and Other Operating Expenses Our People 3.1.1 Contract assets and contract liabilities Contract assets and contract - Customer payments in advance - Accrued r The Cost of Delivering Services

otal contract liabilities 3.2 3.3 3.4 This section provides additional information about how the Corporation’s funding is applied and the accounting information about how the Corporation’s additional This section provides in the financial statements. recognised for an understanding of the items relevant policies that are Structure 3.1 3. Introduction Accrued revenue is recognised for water and sewage usage as well as other works and services that have been for water is recognised Accrued revenue when the revenue as all recognised are date but not yet invoiced. Usage charges to customers at balance provided but not billed at for accrual is done to account for water and sewage services provided An service has been provided. period. the end of the reporting of goods or services or performance obligation required in advance of the provision Customer payments received paid in as customers of income is considered the terms of receipt to be performed by the Corporation to settle once it has performed the performance payments as revenue, these advance advance. The Corporation will recognise obligations associated with the payments. 2.1.4 Current contract assets relating to: contract assets relating Current contract assets Total T Current contract liabilities relating to: contract liabilities relating Current

Goulburn valley water ANNUAL REPORT 2019| 2020 80 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 81 | NOTES TO THE FINANCIAL STATEMENTS 38 2019 1,371 2,240 1,777 1,218 $’000 16,997 23,641 29 2020 1,513 2,441 1,612 1,196 $’000 18,552 25,343 ehensive operating statement Our People compr Employee benefits – - long service leave - employer superannuation contributions - termination benefit - other - salaries and wages - annual leave

otal employee benefit costs Employee expenses include all costs related to employment including wages and salaries, fringe benefits tax, leave to employment including wages and salaries, fringe benefits tax, leave Employee expenses include all costs related premiums. entitlements, termination payments and WorkCover of superannuation represents in respect Operating Statement to the Comprehensive The amount charged to the services of the superannuation plans in respect to the relevant contributions made or due by the Corporation made to the plans based on the relevant are Superannuation contributions (both past and present). staff Corporation’s to that the Corporation is required compulsory superannuation requirements rules of each plan and any relevant comply with. date, or when an retirement normal is terminated before payable when employment benefits are Termination are Termination benefits benefits in exchange for the termination of employment. of employee accepts an offer employees is demonstrably committed to terminating the employment of current when the Corporation recognised result of termination benefits as a providing to a detailed formal plan without possibility of withdrawal or according after the end of the than 12 months Benefits falling due more made to encourage voluntary redundancy. an offer value. discounted to present period are reporting 3.1 3.1.1 Employee benefits T 84 211 856 322 641 561 645 2019 1,316 4,111 $’000 7,457 8,102 439 355 710 841 118 454 (48) 959 118 (270) 2020 1,402 1,126 4,603 1,047 1,183 $’000 8,635 9,594 1,065 Employee benefits - balance sheet Employee benefits - 3.1.2 salaries, annual leave and long service respect of wages and in is made for benefits accruing to employees Provision the period the services are as an expense during date and recorded to the reporting rendered leave (LSL) for services delivered. Current provisions: Current Annual leave 12 months Unconditional and expected to settle within Unconditional and expected to settle after 12 months Unconditional and expected to settle after Long service leave 12 months Unconditional and expected to settle within 12 months Unconditional and expected to settle after Provisions for on-costs Provisions 12 months Unconditional and expected to settle within 12 months Unconditional and expected to settle after benefits for employee provisions current Total Non current provisions: Non current Long service leave On costs Total non-current provisions for employee benefits for provisions non-current Total Total provisions for employee benefits for employee provisions Total Reconciliation of movement in on-cost provision: Opening balance recognised Additional provisions Amounts utilised during period of changes in the discount rate Effect Closing balance Current Noncurrent

Goulburn valley water ANNUAL REPORT 2019| 2020 82 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 83 | NOTES TO THE FINANCIAL STATEMENTS undiscounted value if the Corporation expects to wholly settle within 12 months; or undiscounted value if the Corporation expects to wholly settle within 12 months; 12 months. value if the Corporation does not expect to wholly settle within present Performance payments of the annual salary based on a percentage executive officers are Performance payments for the Corporation’s of as the aggregate and is measured under their contracts of employment. A liability is recognised package provided the amounts accrued under the terms of the contracts to balance date. • • Long service leave for employee benefits. in the provision Liability for long service leave (LSL) is recognised settle the liability the Corporation does not expect to liability even where Unconditional LSL is disclosed as a current the unconditional right to defer the settlement of the entitlement should an within 12 months because it will not have employee take leave within 12 months. at: measured LSL liability are The components of this current On-costs as liabilities when the employment recognised workers’ compensation insurance, are tax and On-costs, such as payroll provisions to be disclosed separately from employee benefits and are not They are has occurred. to which they relate for employee benefits. Wages, salaries and annual leave salaries Wages, expected to be settled and annual leave that are and salaries, including non-monetary benefits Liabilities for wages recognised are service the related the employees render after the end of the period in which wholly within 12 months amounts expected at the measured period and are the reporting of employees’ services up to the end of in respect employee benefit obligations in the as current presented are settled. The liabilities liabilities are to be paid when the balance sheet. as part of recognised annual leave and on-costs) are and salaries (including non-monetary benefits, Liabilities for wages does not have an unconditional right to liabilities, because the Corporation as current provision the employee benefit defer settlements of these liabilities. liabilities’ as as ‘current for employee benefits in the provision all recognised Liabilities for salaries and annual leave are the Corporation does not have an unconditional right to defer settlements per AASB 119 Employee Benefits, because of these liabilities. Conditional LSL is disclosed as a non current liability. There is an unconditional right to defer the settlement of the is an unconditional right to There liability. Conditional LSL is disclosed as a non current is measured LSL liability years of service. This non current entitlement until the employee has completed the requisite value. at present as a transaction in LSL liability is recognised value of non-current of the present Any gain or loss following revaluation the net result. 6.00% pa 3.50% pa 2.00% pa

Superannuation

Salary Inflation Price Inflation (CPI) Net investment returns ision Super has advised that the estimated VBI at 30 June 2020 was 104.6%. • • • Funding arrangements of the Fund at rates determined by The Corporation makes employer contributions to the Defined Benefit category on the advice of the Fund Actuary. the Trustee Benefit category as at 30 June 2020 and is expected underway for the Defined is currently A triennial actuarial review to be completed by 31 December 2020. lifetime pensions in the Defined As at 30 June 2019, an interim actuarial investigation was held as the Fund provides The vested benefit index (VBI) of the Defined Benefit category of which Corporation is a contributing Benefit category. employer was 107.1%. The financial assumptions used to calculate the VBIs were: Defined Benefit accounting for its defined benefit obligations under the Fund's Defined The Corporation does not use defined benefit plan. sponsored This is because the Fund's Defined Benefit category is a pooled multi-employer Benefit category. employers as split of the defined benefit liabilities, assets or costs between the participating is no proportional There obligation between the participating employers and the only time that the the defined benefit obligation is a floating result, the level of participation is when a call is made. As a obligation is allocated to specific employers aggregate participating employers. with other compared as a percentage measured of the Corporation in the Fund cannot be for the Actuary is unable to allocate benefit liabilities, assets and costs between employers the Fund Therefore, purposes of AASB 119. Accumulation both employer and employee receives Super Saver, MySuper/Vision The Fund's accumulation categories, Vision of employee normally based on a fixed percentage contributions are basis. Employer contributions on a progressive under Superannuation Guarantee (SG) this was 9.5% as required earnings (for the year ended 30 June 2020, legislation). 3.1.3 Operating in Comprehensive as an expense recognised to the fund are obligations for contributions The Corporation’s made or due. are Statement when they the of its employees to contributions in respect the majority of its employer superannuation The Corporation makes and has two categories of membership, accumulation Fund (the Fund). This Fund Local Authorities Superannuation recognised as an are the Fund Obligations for contributions to of which is funded differently. defined benefit, each made or due. Statement when they are Operating expense in Comprehensive During the June 2020 quarter there was improvement in the equity markets, however the economic disruption from equity markets, however the economic disruption from in the was improvement During the June 2020 quarter there (COVID-19) has the potential to raise market volatility again. coronavirus Because the VBI was above 100%, the 30 June 2019 actuarial The VBI is used as the primary funding indicator. position and that no change was investigation determined the Defined Benefit category was in a satisfactory financial from prior years. funding arrangements necessary to the Defined Benefit category’s V

Goulburn valley water ANNUAL REPORT 2019| 2020 84 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 85 | NOTES TO THE FINANCIAL STATEMENTS Funding calls unsatisfactory financial position at an actuarial investigation or the Defined If the Defined Benefit category is in an limit at any time other than the date of the actuarial investigation, the Benefit category‘s VBI is below its shortfall to put a plan in place so required for the purposes of SPS 160 and the Fund is Defined Benefit category has a shortfall of the shortfall occurring. The Fund monitors its VBI on a quarterly years that the shortfall is fully funded within three at 97%. basis and the Fund has set its shortfall limit the Fund’s is a shortfall based on the above requirement, that there In the event that the Fund Actuary determines the to make an employer contribution to cover required are participating employers including this Corporation shortfall. the participating employers based on the shortfall amount is apportioned between methodology, Using the agreed with the together Benefit category, Defined liabilities of the Fund’s July 1993 and post-30 June 1993 service the pre-1 at 30 June 1993 and at the date the shortfall has been calculated. payroll employer’s the participating employers and the Fund, and that the Fund of the contractual obligations between Due to the nature beneficiaries, it is unlikely that the Fund will be wound up. includes lifetime pensioners and their reversionary to the participating employers. is a surplus in the Fund, the surplus cannot be returned If there of that employer will be In the event that a participating employer is wound-up, the defined benefit obligations successor. to that employer’s transferred Employer contributions Regular contributions the Corporation investigation conducted by the Fund Actuary, of the 2017 full actuarial On the basis of the results Trustee. by the Fund’s Benefit category at rates determined Defined to the Fund’s makes employer contributions is expected salaries (9.5% in 2018/2019). This rate June 2020, this rate was 9.5% of members' For the year ended 30 the 30 June 2020 triennial as part of the SG contribution rate and reviewed in in line with any increases to increase valuation. the Fund to cover the excess of the benefits paid as a consequence of In addition, the Corporation reimburses benefit. or retirement above the funded resignation retrenchment $M 69.8 2017 2017 193.5 228.8 3.5% pa 2.5% pa 6.5% pa $M 2020 2019 151.3 233.4 256.7 2.0% pa 5.6% pa 2.5% pa two years thereafter and 2.75% for the first Price inflation The 2020 triennial actuarial investigation that position as at 30 June 2020. It is anticipated A triennial actuarial investigation is being conducted for the Fund’s assumptions for the purposes of this this actuarial investigation will be completed by 31 December 2020. The financial investigation are: The VBI surplus means that the market value of the fund’s assets supporting the defined benefit obligations exceed assets supporting of the fund’s The VBI surplus means that the market value members would have been entitled to if they had all exited on 30 June the vested benefits that the defined benefit 2019. Defined Benefit category plus value of the assets in the Fund’s the current The total service liability surplus means that benefits and expenses as at 30 June 2019. expected future contributions exceeds the value of expected future Defined Benefit value of the assets in the Fund’s means that the current The discounted accrued benefit surplus respect of service to 30 June 2019. but accrued in payable in the future category exceeds the value of benefits 2019 VBI during August 2019 (2018: August 2018). The Corporation was notified of the 30 June Net investment return Salary inflation The 2019 interim actuarial investigation surplus amounts The 2019 interim actuarial is a Benefit category of which this Corporation is conducted annually for the Defined An actuarial investigation interim actuarial years and every three a full actuarial investigation conducted Generally, contributing employer. 2019 and investigation was conducted as at 30 June An interim year. conducted for each intervening investigations are 2017. investigation was conducted as at 30 June the last full actuarial of which the Corporation is following for the Defined Benefit category actuarial investigations identified the The Fund’s a contributing employer: A VBI surplus A total service liability surplus A discounted accrued benefits surplus

Goulburn valley water ANNUAL REPORT 2019| 2020 86 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 87 | NOTES TO THE FINANCIAL STATEMENTS 68 763 544 457 936 2019 5,586 1,736 1,034 2,259 $’000 13,383 848 620 683 923 242 2020 5,483 2,036 1,015 3,729 $’000 15,579 Varying percentage of member percentage Varying salary employee’s Varying percentage of member percentage Varying salary employee’s Varying percentage of member percentage Varying salary employee’s Varying percentage of member percentage Varying salary employee’s Varying percentage of member percentage Varying salary employee’s 3.50% of member employee’s salary 3.50% of member employee’s plus the equivalent of the employee’s own contribution rate BASIS OF CALCULATION - 3 4 4 33 13 94 salary employee’s 9.50% of member 151 2019 $’000 - 2 5 5 42 16 99 2020 $’000 OUTSTANDING 49 52 55 2019 $’000 CONTRIBUTIONS PAID 55 61 60 477 399 187 160 330 335 2020 1,252 1,183 2,422 2,233 169 $’000 Dir Other funds Emergency Services & Emergency State Superannuation Fund Vic Super Vic CBUS Superannuation Fund Australian Superannuation Fund Vision Super Saver Vision Superannuation Fund Direct operational expenses operational Direct Power As at the reporting date there were no loans to or from the Corporation to any of the above funds. the Corporation to any no loans to or from were date there As at the reporting 3.2 They are incurred. are expensed as they that operational expenses include significant industry-specific costs Direct of water and wastewater. and treatment to the production generally relate ect OperationalExpenses Chemicals SCHEME Superannuation contributions to superannuation to 37 superannuation funds. Contributions of its employees in respect The Corporation contributes as follows: year were funds during the financial Vision Super Vision Superannuation Fund (Defined Benefits) of water Purchase Water quality testing Water monitoring Environmental Biosolids management Maintenance – equipment, plant and vehicles loss allowance Expected credit Other operational costs Total direct operational expenses operational direct Total 615 221 235 2019 2019 1,914 3,369 3,921 2,013 $’000 $’000 6,354 5,934 610 248 206 2020 2020 1,828 3,669 4,082 2,512 $’000 $’000 6,561 6,594 e, property, plant and equipment e, property, ent assets eciation e, Property, Plant and Equipment: carrying amount e, Property, Reconciliation of movement in carrying amounts Fair value determination of biological assets Reconciliation of movements in carrying values of infrastructur Fair valuation determination: non-financial physical assets Depr Net gain/(loss) on disposal of non-curr

4.1.4 4.1.1 4.2.2 Infrastructur 4.1.3 Biological Assets 4.2.1 4.1.2 Administrative and Other Operating Expenses Repairs and Maintenance Expenses Repairs and Maintenance

Key Assets Available to Support Output Delivery

4.2 4.1 Administrative and other operating expenses Contractors and consultancies Introduction objectives and conducting utilised in fulfilling its and other investments that are infrastructure The Corporation controls that have been entrusted to the Corporation to be utilised for delivery the key resources its activities. They represent of those outputs. Structure Administration and other operating expenses generally represent the day-to-day running costs incurred in normal in normal the day-to-day running costs incurred generally represent Administration and other operating expenses in the period in expenses report. They are the understanding of this financial for deemed relevant operations and are incurred. which they are Billing and collections Insurance Conservation and consultation Other operating expenses 3.3 to the relates the repair Where as incurred. expensed are costs costs and minor renewal repair Routine maintenance, the cost is capitalised and exceeds the capitalisation threshold, of a component of an asset and the cost replacement depreciated. Repairs and maintenance Water and other operating expenses administrative Total Wastewater Total repairs and maintenance expenses repairs Total 3.4 4.

Goulburn valley water ANNUAL REPORT 2019| 2020 88 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 89 | NOTES TO THE FINANCIAL STATEMENTS (498) 2019 4,091 3,593 $’000 42,068 28,166 12,477 45,117 - 2020 3,859 3,859 $’000 43,334 30,612 12,182 33,628 539,723(52,621)487,102 509,769 (38,901) 470,868 371,967(31,933)340,034 349,129 (23,581) 325,548 (18,430) (15,689) 920,139 899,671 T Infrastructure, property, plant and equipment represent non-current physical assets comprising land, buildings, water physical assets comprising non-current plant and equipment represent property, Infrastructure, in its operations. plant, equipment and motor vehicles, used by the Corporation and wastewater infrastructure, storage, or underlying systems held to facilitate harvesting, assets specifically comprise substructures Infrastructure assets that underlie sewage infrastructure and transfer of water to meet customer needs. They also include treatment than one and a useful life of more and drainage systems. Items with a cost or value in excess of $1,000 (2019: $1,000) plant and property, of infrastructure, expensed. Items are as an asset. All other assets acquired recognised year are nominal cost, the cost is its fair value at for no or an asset is acquired initially at cost; where measured equipment are the date of acquisition. material and includes direct recorded at which they are constructed by the Corporation, the cost assets are Where overheads. of fixed and variable share labour costs and an appropriate 4.1 andEquipment Plant Property, otal Infrastructure, Land At Fair Value Buildings At Fair Value Less: Accumulated Depreciation Infrastructure Water At Fair Value Less: Accumulated Depreciation Infrastructure Wastewater At Fair Value Less: Accumulated Depreciation Plant, Equipment and Motor Vehicles At Fair Value Less: Accumulated Depreciation in Progress Capital Works At Cost Plant and Equipment Property, Infrastructure, Total Equipment Plant and Property, of Infrastructure, Valuation Initial recognition Infrastructure assets by KPMG Australia as agent of VGV; assets by KPMG Australia as agent Infrastructure and VGV; Pty Ltd as agent of Land and buildings by Egan National Valuers by VGV. land directly Infrastructure • • • Revaluations of infrastructure, property, plant and equipment plant and property, Revaluations of infrastructure, is Scheduled revaluation Physical Assets). with FRD 103H (Non-Current accordance conducted in Revaluations are to carrying assessment of fair value to determine if it is materially different undertaken every five years with an annual is undertaken while a than 10 per cent, a management revaluation to carrying value is greater value. If the difference of Victoria) the Valuer-General (usually Valuer involve an Approved than 40 per cent will normally movement greater or is less than value. If the movement in fair value since the last revaluation to perform detailed assessment of the fair to carrying amounts. equal to 10 per cent, then no change is made to a 30 June 2016 according effective undertaken plant and equipment were property, Revaluations of infrastructure, undertaken by the the valuation assessments were (VGV). In particular, Victoria overseen by the Valuer-General process was based on cost methodology (except for land which replacement following valuation specialists utilising a current 103H: with FRD adjustments) to determine fair values in accordance market value, net of community service obligation Subsequent measurement less accumulated depreciation at fair value measured subsequently plant and equipment are property, Infrastructure, or physical highest and best use (considering legal asset’s to the value is determined with regard and impairment. Fair to the intended use of the or commitments made in relation imposed on the asset, public announcements restrictions 4.1.2 for fair value disclosures. asset). Refer to Note included in are with carrying amounts. These determined by comparing proceeds disposals are Gains and losses on Statement. Operating the Comprehensive Revaluation increments or decrements arise from differences between an asset’s carrying amount and fair value at the between an asset’s differences arise from or decrements Revaluation increments date of the valuation. Reserve, except that, to the extent that to equity in the Asset Revaluation directly credited are Revaluation increments as an expense in recognised of that class of asset previously in respect decrement a revaluation reverses an increment result. revenue in determining the net as recognised is or loss, the increment determining profit except that, to the extent that a in the net result, immediately as an expense recognised are Revaluation decrements debited to the of the same class of assets, they are balance exists in the Asset Revaluation Reserve in respect credit Asset Revaluation Reserve. against offset within a class of assets are to individual assets relating decreases and revaluation Revaluation increases classes. Asset Revaluation Reserves are in different of assets in respect not offset within that class, but are one another, asset. of the relevant to accumulated funds on derecognition not transferred value for all land and building assets As at 30 June 2019 the Corporation undertook a management assessment of fair to indices and identified a material movement in land assets compared approved Victoria by applying Valuer-General 14.5%. This amount was recognised in value by $5.324m or in land assets increase the 2016 valuation. This resulted into the carrying amount of this asset class. value for all land and building assets As at 30 June 2020 the Corporation undertook a management assessment of fair indices and identified a material movement in land and building assets approved Victoria by applying Valuer-General or 17.9% and building in value by $1.251m in land assets increasing to the 2016 valuation. This resulted compared of each asset class. into the carrying amount recognised by $436k or 12.73%. These amounts were assets increase

Goulburn valley water ANNUAL REPORT 2019| 2020 90 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 91 | NOTES TO THE FINANCIAL STATEMENTS

4.1.1 Reconciliation of movements in carrying values of infrastructure, property, plant and equipment

PLANT, WATER WASTEWATER EQUIPMENT AND CAPITAL WORKS LAND AT FAIR BUILDINGS AT INFRASTRUCTURE INFRASTRUCTURE MOTOR VEHICLES IN PROGRESS AT VALUE FAIR VALUE AT FAIR VALUE AT FAIR VALUE AT FAIR VALUE COST TOTAL 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Opening balance 42,068 36,719 3,593 3,749 470,868 466,299 325,548 325,421 12,477 12,934 45,117 38,097 899,671 883,219

Fair value of assets received free of charge or for - - - - 3,113 2,495 4,383 4,120 - - 581 747 8,077 7,362 nominal considerations (Developer contributions)

Additions - - - 14 79 99 81 34 2,573 3,142 35,276 29,030 38,009 32,319

Disposals - - - - (566) (874) (667) (910) (414) (884) - - (1,647) (2,668)

Transfer between asset classes ------

Transfer in(out) of assets under 15 25 - - 27,438 17,233 19,198 5,267 695 232 (47,346) (22,757) - - construction

Revaluation - managerial 1,251 5,324 436 ------1,687 5,324

Revaluation adjustment - - - - - (779) - (247) - - - - - (1,026)

Impairment of assets ------

Depreciation - - (170) (170) (13,830) (13,605) (8,509) (8,137) (3,149) (2,947) - - (25,658) (24,859)

Closing balance 43,334 42,068 3,859 3,593 487,102 470,868 340,034 325,548 12,182 12,477 33,628 45,117 920,139 899,671 mination – non-physical assets mination – non-physical Fair valuation deter

Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is the fair value measurement techniques for which the lowest level input that is significant to Level 2 – Valuation observable; and or indirectly directly is the fair value measurement techniques for which the lowest level input that is significant to Level 3 – Valuation unobservable. Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 1 – Quoted (unadjusted) market prices 2. 3. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised or disclosed in the financial statements are is measured All assets and liabilities for which fair value input that is significant to the fair value described as follows, based on the lowest level within the fair value hierarchy, as a whole: measurement 1. Fair Value Hierarchy Fair Value Fair value determination requires judgement and the use of assumptions. This section discloses the most significant assumptions. This section discloses the judgement and the use of requires Fair value determination and the results could have a material impact on determining fair values. Changes to assumptions assumptions used in the Corporation. financial position of transaction an orderly an asset or paid to transfer a liability in to sell that would be received Fair value is the price date. at the measurement between market participants for both and procedures , the Corporation determines the policies Measurement Consistent with AASB 13 Fair Value plant and equipment, biological assets, and financial property, such as infrastructure, fair value measurements recurring Directions. Financial Reporting of AASB 13 and the relevant the requirements with instruments in accordance 4.1.2 of assets and liabilities Fair value measurements Significant judgement: For the purpose of fair value disclosures, the Corporation has determined classes of assets and liabilities on the basis the Corporation For the purpose of fair value disclosures, as explained or liability and the level of the fair value hierarchy characteristics and risks of the asset of the nature, above.

Goulburn valley water ANNUAL REPORT 2019| 2020 92 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 93 | NOTES TO THE FINANCIAL STATEMENTS - - 2,413 5,029 7,153 $’000 2,413 39,836 45,265 LEVEL 3 - 340,034 - 487,102 - 12,182 -- 194,253 145,781 - - - -- 279,998 161,839 - - 1,446 $’000 LEVEL 2 - - 3,498 39,836 - - 1,446 - - - -- 3,498 ------FINANCIAL YEAR USING: $’000 LEVEL 1 FAIR VALUE MEASUREMENT AT END OF THE END OF THE AT MEASUREMENT VALUE FAIR 3,498 1,446 2,413 5,029 7,153 $’000 3,859 39,836 45,265 43,334 12,182 194,253 145,781 279,998 161,839 340,034 487,102 CARRYING CARRYING 30 JUNE 2020 AMOUNT AS AT Wastewater treatment Wastewater at fair value of wastewater infrastructure Total Land at fair value Non-specialised land at fair value of land Total Buildings at fair value Non-specialised buildings at fair value of water infrastructure Total at fair value infrastructure Wastewater reticulation Wastewater Specialised land Specialised buildings at fair value of buildings Total treatment Water headworks Water Plant, equipment and motor vehicles at fair value Plant, equipment and motor vehicles at fair Motor vehicles Plant and equipment equipment and motor vehicles at fair of plant, Total value at fair value infrastructure Water reticulation Water Fair value measurement hierarchy for assets as at 30 June 2020 for assets hierarchy Fair value measurement - - 2,263 5,121 7,356 $’000 2,263 38,603 34,865 LEVEL 3 - 325,548 - 470,868 - 12,477 -- 190,558 134,990 - - - -- 278,307 157,696 - - 1,330 $’000 LEVEL 2 - - 3,465 38,603 - - 1,330 - - - -- 3,465 ------FINANCIAL YEAR USING: $’000 LEVEL 1 FAIR VALUE MEASUREMENT AT END OF THE END OF THE AT MEASUREMENT VALUE FAIR 3,465 1,330 2,263 5,121 7,356 $’000 3,593 38,603 34,865 42,068 12,477 190,558 134,990 278,307 157,696 325,548 470,868 CARRYING CARRYING 30 JUNE 2019 AMOUNT AS AT Wastewater treatment Wastewater at fair value of wastewater infrastructure Total Land at fair value Non-specialised land at fair value of land Total Buildings at fair value Non-specialised buildings at fair value of water infrastructure Total at fair value infrastructure Wastewater reticulation Wastewater Specialised land Specialised buildings at fair value of buildings Total treatment Water headworks Water Plant, equipment and motor vehicles at fair value Plant, equipment and motor vehicles at fair Motor vehicles Plant and equipment equipment and motor vehicles at fair of plant, Total value at fair value infrastructure Water reticulation Water There have been no transfers between levels during the period. There to valuation of independent valuation agency in relation (VGV) is the Corporation’s Victoria The Valuer-General and infrastructure. property plant and equipment and changes in the fair value of property, monitors The Corporation, in conjunction with VGV, is required. to determine whether revaluation data sources relevant through infrastructure Fair value measurement hierarchy for assets as at 30 June 2019 for assets hierarchy Fair value measurement

Goulburn valley water ANNUAL REPORT 2019| 2020 94 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 95 | NOTES TO THE FINANCIAL STATEMENTS The market approach is also used for the valuation of specialised land, although it is adjusted for the Community for the valuation of specialised land, although it is adjusted for the Community is also used The market approach of the land being valued. the specialised nature Service Obligation (CSO) to reflect associated with an restrictions assessment of the impact of of the valuer’s The CSO adjustment is a reflection light of the highest is in asset to the extent that is also equally applicable to market participants. This approach takes into account the use of the asset that is and for fair value measurement and best use consideration required as significant considered CSO are physically possible, legally permissible, and financially feasible. As adjustments of unobservable inputs, specialised land is classified as Level 3 fair value measurements. for the associated depreciation. cost method is used, adjusting replacement For specialised buildings, the current specialised buildings are as significant unobservable inputs in nature, considered adjustments are As depreciation land and specialised of the Corporation’s An independent valuation classified as Level 3 fair value measurements. Pty Ltd). In addition, (using Egan National Valuers Victoria specialised buildings was performed by the Valuer-General performed using These valuations were Victoria. land was valued by the Valuer-General some specialised Infrastructure June 2016. date of the valuation is 30 adjusted for CSO. The effective the market approach also considered. were specialised land parcels the fair value assessment of non-specialised land, all Following on from in the this movement also being recognised was undertaken, with In line with these indices, a managerial revaluation accounts as at 30 June 2019. at 30 June 2020. also considered were The fair value assessment of non-specialised land, all specialised land parcels in the this movement also being recognised was undertaken, with In line with these indices, a managerial revaluation accounts as at 30 June 2020. Specialised land and specialised buildings Non-specialised land and non-specialised buildings Non-specialised land assets are whereby valued using the market approach, and non-specialised buildings are Non-specialised land nominal value or no to have considered assets that are comparable sales or sales of comparable to recent compared value. added improvement Pty Ltd) as at (using Egan National Valuers Victoria was performed by the Valuer-General An independent valuation determined by analysing of the assets was Valuation fair value using the market approach. 30 June 2016 to determine asset factors specific to the relevant location and other size, topography, allowing for share, comparable sales and applied to the subject asset. The has been metre rate per square this analysis, an appropriate being valued. From is 30 June 2016. date of the valuation effective of the fair value of its non-specialised conducted an assessment Water Valley In addition, as at 30 June 2019 Goulburn a material movement in this fair valuation since the 2016 valuation valuation indices, land. Based on industry-approved recognised in the accounts as at 30 June 2019. was identified. This movement has been land as at 30 June 2020. Based conducted an assessment of fair value of its non-specialised Water Goulburn Valley indices, a material movement in this fair valuation since the 2016 was valuation approved Victoria on Valuer-General in the accounts as at 30 June 2020. recognised identified. This movement has been for the period 1 July 2019 to 30 General Victoria issued by the Valuer The land and building cost indexation factors and updated above have not been reviewed fair value assessment detailed June 2020 and used in the Corporation’s this (COVID-19) on land values and building costs as at 30 June 2020. While for the potential impacts of coronavirus to be the fair value assessments applied, management considers any impact is unlikely some uncertainty over creates material to the fair value assessments undertaken. non-specialised buildings do not contain significant, unobservable the extent that non-specialised land and To 2 under the market approach. classified as Level adjustments, these assets are Plant and equipment is held at fair value. When plant and equipment is specialised in use, such that it is rarely sold in use, such that it is rarely Plant and equipment is held at fair value. When plant and equipment is specialised cost method. replacement other than as part of a going concern, fair value is determined using the depreciated the period to 30 June 2020. no changes in valuation techniques throughout were There material movement was no that there Fair value assessments undertaken by management as at 30 June 2020 revealed in the carrying value of the above asset classes. use. the highest and best use is considered at fair value, the current For all assets measured Motor vehicles are held at fair value and valued using the depreciated replacement cost method. The Corporation replacement held at fair value and valued using the depreciated Motor vehicles are of acquisition life. The process the end of their economic new vehicles and at times disposes of them before acquires relevant Corporation who set use and disposal in the market is managed by experienced fleet managers in the vehicles. the utilisation of the rates during use to reflect depreciation Plant and equipment Motor vehicles Water and wastewater infrastructure infrastructure and wastewater Water the This cost represents cost method. replacement the current valued using are infrastructure and wastewater Water useful life basis. Replacement rates on a after applying depreciation cost of the infrastructure/component replacement capacity of the asset. Economic obsolescence has also been service the current to costs to replace costs relate for some heritage and iconic assets, the cost may However, cost calculation. replacement into the current factored by cost if those assets’ service potential could only be replaced replacement cost rather than the be the reproduction them with the same materials. reproducing materials assets, the use of reasonable to examine hidden works such as underground it has not been possible Where of the infrastructure. bearing in mind the age and nature and methods of construction have been assumed was performed by the Valuer- infrastructure water and wastewater An independent valuation of the Corporation’s cost of the replacement was performed based on the current (using KPMG Australia). The valuation General Victoria 2016. date of the valuation is 30 June assets. The effective a Level 3 fair value as the lowest level input, the absence of an active market, has classified as These assets are is unobservable. significant impact on the fair value which at 30 June 2020 with no material movement identified since the 2016 The Corporation conducted an assessment valuation. ABS assets at 30 June 2020 by applying relevant of infrastructure The Corporation conducted fair value assessment no material movement identified since the 2016 valuation. The with 2020 quarter, Price Index for the March Producer some uncertainty over the fair was not available, which creates Price Index for the June 2020 quarter ABS Producer considers any impact is unlikely to be material to the fair value assessments value assessments applied; management undertaken. The land and building cost indexation factors issued by the Valuer-General Victoria for the period 1 July 2019 to 30 for the period 1 July 2019 to 30 Victoria cost indexation factors issued by the Valuer-General The land and building and updated reviewed assessment detailed above have not be fair value in the Corporation’s June 2020 and used 30 June 2020. While this on land values and building costs as at (COVID-19) of coronavirus for the potential impacts impact is unlikely to be applied, management considers any uncertainty over the fair value assessments some creates assessments undertaken. material to the fair value

Goulburn valley water ANNUAL REPORT 2019| 2020 96 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 97 | NOTES TO THE FINANCIAL STATEMENTS - $000 $000 (668) (218) (910) 9,392 23,663 (8,509) (8,137) 325,421 325,548 340,034 325,548 WASTEWATER WASTEWATER WASTEWATER WASTEWATER INFRASTRUCTURE INFRASTRUCTURE - $000 $000 (567) (779) (874) WATER WATER WATER WATER 30,631 19,827 (13,830) (13,605) 466,299 470,868 487,102 470,868 INFRASTRUCTURE INFRASTRUCTURE - - (414) (857) $’000 $’000 1,484 2,046 5,036 5,121 5,030 5,121 (1,161) (1,104) MOTOR MOTOR VEHICLES VEHICLES - - - (27) $’000 $’000 1,784 1,328 7,898 7,356 7,152 7,356 (1,988) (1,843) PLANT AND PLANT AND EQUIPMENT EQUIPMENT - - - - 14 259 (110) (109) $’000 $’000 2,358 2,263 2,412 2,263 BUILDINGS BUILDINGS SPECIALISED SPECIALISED - - - - 25 14 $’000 $’000 LAND LAND 1,219 5,007 33,571 38,603 39,836 38,603 SPECIALISED SPECIALISED Revaluation and revaluation Revaluation and revaluation adjustment Disposals Depreciation 2018-2019 Opening balance 1 July 2018 Additions/purchases Revaluation adjustments Disposals Depreciation Opening balance 1 July 2019 Additions/purchases Additions/purchases Closing balance 30 June 2020 Closing balance 30 June 2019 2019-2020 Reconciliation of Level 3 fair value movements Reconciliation of Level categorised within for fair value measurements the opening balances to the closing balances from A reconciliation separately changes during the period. disclosing hierarchy, Level 3 of the fair value 170 2019 2,947 8,137 $’000 13,605 24,859 170 2020 3,149 8,509 $’000 13,830 25,658 SIGNIFICANT UNOBSERVABLE INPUTS SIGNIFICANT UNOBSERVABLE adjustment Community Service Obligation metre Cost per square Buildings Useful life of specialised Cost per metre Useful life of the infrastructure plant Cost per treatment Useful life of the infrastructure Cost per unit Useful life of the infrastructure Cost per metre Useful life of the infrastructure plant Cost per treatment Useful life of the infrastructure Cost per unit Useful life of plant and equipment Cost per unit Useful life of motor vehicles VALUATION TECHNIQUE VALUATION Market approach replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost replacement Depreciated cost Depreciation All infrastructure assets, buildings, plant and equipment and other non financial physical assets that have finite useful assets, buildings, plant and equipment and other non All infrastructure that have distinct useful lives and/or assets have separate identifiable components Where depreciated. lives, are rate is determined for each component. values, a separate depreciation residual less any estimated value, allocate the asset’s is generally calculated on a straight-line basis, at rates that Depreciation for use. is held ready the time the asset value, over its estimated useful life, commencing from residual included in the table below. and prior years are asset classes for current estimated useful lives for the different Typical Buildings Plant, equipment and motor vehicles Charge for the period Charge These significant unobservable inputs remain unchanged from 30 June 2019. remain unchanged from These significant unobservable inputs 4.1.3 Water infrastructure Water infrastructure Wastewater Description of significant unobservable inputs to Level 3 valuations Description of significant Total depreciation Total Specialised Land Specialised Buildings Reticulation Water Plants Treatment Water Headworks – Reservoirs Water Reticulation Wastewater Plants Treatment Wastewater Plant and Equipment Motor Vehicles

Goulburn valley water ANNUAL REPORT 2019| 2020 98 | NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water ANNUAL REPORT 2019| 2020 99 | NOTES TO THE FINANCIAL STATEMENTS YEARS 1 to 20 years 30 to 60 years 5 to 350 years 5 to 350 years 2019 USEFUL LIFE: YEARS 1 to 20 years 30 to 60 years 5 to 350 years 5 to 350 years 2020 USEFUL LIFE: Infrastructure, property, plant and equipment are assessed annually for indicators of impairment. If there is an of impairment. If there assessed annually for indicators plant and equipment are property, Infrastructure, tested as to whether their carrying value exceeds their recoverable are indication of impairment, the assets concerned by a charge is written-off amount, the difference carrying amount exceeds its recoverable an asset’s amount. Where to the extent that the write-down can be debited to an Asset Operating Statement except to the Comprehensive that class of asset. Revaluation Reserve amount applicable to cost and fair value replacement at the higher of depreciated assets is measured amount for most The recoverable higher at the assets held primarily to generate net cash inflows is measured less costs to sell. Recoverable amount for sell. It is the asset and fair value less costs to cash flows expected to be obtained from value of future of the present the use of the asset will be economic benefits arising from deemed that, in the event of the loss of an asset, the future unless a specific decision to the contrary has been made. replaced of the same in respect reserve any revaluation against directly asset is recognised An impairment loss on a revalued for that reserve in the revaluation class of asset to the extent that the impairment loss does not exceed the amount same class of asset. to equity under the heading asset revaluation directly asset is credited of an impairment loss on a revalued A reversal in the recognised previously to the extent that an impairment loss on the same class of asset was However, reserve. in the Comprehensive recognised of that impairment loss is also Operating Statement, a reversal Comprehensive Operating Statement. Land and earthworks, which are considered to have an indefinite life, are not depreciated. Depreciation is not is Depreciation not depreciated. to have an indefinite life, are considered Land and earthworks, which are been consumed of these assets because their service potential has not, in any material sense, in respect recognised period. during the reporting Impairment of assets The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting at the end of each annual reporting reviewed method are values and depreciation The estimated useful lives, residual appropriate. period, and adjustments made where Indefinite life assets ASSET Buildings Infrastructure Water Infrastructure Wastewater motor vehicles Plant, equipment and 998 825 998 2019 2019 $’000 (2,668) (1,843) $’000 408 CARRYING AMOUNT CARRYING 2020 $’000 (1,648) (1,240) QUANTITIES 2020 2019 2020 5,754 5,148 1,293 5,754 5,148 1,293 ent assets ent financial assets disposed Headcount MEASUREMENT BASIS oss proceeds from sale of non-financial assts from oss proceeds Biological Assets Net gain/(loss) on disposal of non-curr Net gain/(loss) on disposal - Less carrying value of non-curr - Gr

Total carrying amount carrying Total Livestock Biological assets are measured at fair value less costs to sell, with any changes recognised in the comprehensive in the comprehensive value less costs to sell, with any changes recognised at fair measured Biological assets are and all costs that would be necessary to sell the assets, including freight operating statement. Costs to sell include selling costs. direct location and condition. If an active market exists for a on its present The fair value of a biological asset is based basis for appropriate location and condition, the quoted price in that market is the biological asset in its present market is markets then the most relevant access exists to different determining the fair value of that asset. Where referenced. livestock agent Elders Rural All livestock of the Corporation was independently valued as at 30 June 2020 by the Livestock is valued at market value Services Australia Limited (30 June 2019: Elders Rural Services Australia Limited). less costs to sell. Refer to Note 4.2.2 for fair value disclosures. BIOLOGICAL ASSET Biological assets comprise livestock and their quantities and measurement bases are disclosed below. bases are quantities and measurement Biological assets comprise livestock and their 4.1.4 gains and expenses: includes the following specific net activities ordinary from The surplus/(deficit) The surplus for the year includes the following specific net gains or losses: includes the following specific net gains The surplus for the year Net (loss) on disposal 4.2

Goulburn valley water | ANNUAL REPORT 2019| 2020 100 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 101 NOTES TO THE FINANCIAL STATEMENTS I) - - 34 78 298 (55) 998 (654) $’000 2019 1,297 $’000 LEVEL 3 - 998 886 (42) (138) (411) 2020 (I) $’000 1,293 998 $’000 1,293 LEVEL 2 - - (I) $’000 LEVEL 1 FAIR VALUE MEASUREMENT AT END OF REPORTING PERIOD USING: OF REPORTING END AT MEASUREMENT VALUE FAIR 998 1,293 AMOUNT CARRYING mination of biological assets dance with the fair value hierarchy, see Note 4.1.2 dance with the fair value hierarchy, e have been no transfers between levels during the period. There were no changes in valuation techniques no changes were e have been no transfers between levels during the period. There Fair value deter Reconciliation of movement in carrying amounts Reconciliation of movement

throughout the period to 30 June 2020. For breeding livestock, fair value is based on the amount that could be livestock, the period to 30 June 2020. For breeding throughout the disposal of livestock with similar attributes. from expected to be received livestock agent. observable. The fair value is based on market value assessed by the independent These assets are classified as level 2 fair value as the lowest level impact that is significant to the fair value is classified as level 2 fair value as the lowest level impact These assets are Classified in accor Ther Note: (i) 2020 Livestock Biological assets measured at fair value and their categorisation in the fair value hierarchy. categorisation in the fair value hierarchy. at fair value and their Biological assets measured 4.2.1 Carrying amount at beginning of period Carrying amount at beginning in due to acquisition/transfers Increases due to birth Increases fair value adjustment due to (Decrease)/Increase attributable to disposal/transfers out/sales Decreases due to death Decreases Carrying amount at end of period 4.2.2 2019 Livestock 97 97 859 (100) 2019 7,838 1,051 $’000 9,648 9,745 93 93 633 (280) 2020 8,104 1,102 $’000 9,559 9,652

eceivables with the objective of collecting the contractual cash flows and therefore eceivables with the objective of collecting the contractual cash flows and therefore alue Determination of Financial Assets and Liabilities alue Determination of Financial Assets and Receivables Other Assets and Liabilities Other Assets and Payables Inventories Receivables Fair V

Statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST) and Goods and Services Tax Government the Victorian such as amounts owing from Statutory receivables, recoverable. input tax credits Contractual receivables, such as debtors in relation to goods and services, loans to third parties, unbilled charges to third to goods and services, loans such as debtors in relation Contractual receivables, and accrued investment income; and • Receivables consist of: • 5.3 5.4 5.1 This section sets out those assets and liabilities that arose from the Corporation’s controlled operations. operations. controlled the Corporation’s from those assets and liabilities that arose This section sets out Structure 5.1 5.2 5. Introduction Current Contractual Service and usage charges Allowance for expected credit losses Allowance for expected credit Other receivables Statutory receivable GST Input tax credit receivables Current Total Non-current Contractual Other receivables Total non-current receivables non-current Total Receivables Total The Corporation holds contractual r Contractual receivables are classified as financial instruments and categorised as financial assets at amortised cost. classified as financial instruments and categorised are Contractual receivables (except for impairment) but are to Contractual receivables similarly and measured recognised are Statutory receivables a contract. from not classified as financial instruments because they do not arise method, less any impairment. interest them subsequently at amortised cost using the effective measures

Goulburn valley water | ANNUAL REPORT 2019| 2020 102 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 103 NOTES TO THE FINANCIAL STATEMENTS 38 29 100 280 8,948 9,270 TOTAL TOTAL 1.11% 3.01% - - 7 25 655 841 120 DAYS 120 DAYS 120 DAYS 120 DAYS was determined as follows PAST DUE PAST PAST DUE PAST MORE THAN MORE THAN - 7 20 20 600 645 DUE DUE MORE THAN MORE THAN 60 DAYS PAST PAST 60 DAYS 60 DAYS PAST PAST 60 DAYS - 9 11 37 977 DUE DUE MORE THAN MORE THAN 30 DAYS PAST PAST 30 DAYS 30 DAYS PAST PAST 30 DAYS - 38 75 198 6,716 6,574 1,210 1.11% 1.11% 1.11% 1.11% 3.01% 3.01% 3.01% 3.01% CURRENT CURRENT for contractual receivables: Contractual receivables are recognised initially at fair value and subsequently measured at amortised cost less an subsequently measured at amortised cost are recognised initially at fair value and Contractual receivables 28 days) for settlement no more than 28 days (2019: receivables. Current receivables are due allowance for impaired sewerage and trade waste receivables. for water, from the date of recognition our raised to meet the cost of extending relate to trade waste customers for charges Non-current receivables terms are due for settlement by instalments over and re-use facilities. These receivables wastewater treatment charges apply to outstanding balances. than seven years. Commercial interest remaining of no more receivables Impairment of contractual approach to measuring expected credit losses which uses a lifetime The Corporation applies AASB 9 simplified expected loss allowance for contractual receivables. of 3.01% as at 30 June 2020 (2019: 1.11%) On this basis, an expected credit loss allowance Loss allowance ($’000’s) Receivables from service and usage charges are written off when there is no reasonable expectation of recovery. expectation of recovery. is no reasonable when there written off are service and usage charges Receivables from of a debtor to include, amongst others, the failure expectation of recovery is no reasonable Indicators that there than 120 days period of greater to make contractual payments for a plan, and a failure engage in a repayment on the Corporation’s (COVID-19) past due. These factors have been assessed in light of the impacts of coronavirus with the implementation of ageing of receivables in the has been some increase customer base and while there of the expected loss rate applied to be materially is no expectation plans for some customers, there repayment impacted. 30 JUNE 2019 Expected loss rate Gross carrying amount – receivables from from amount – receivables carrying Gross ($’000’s) service and usage charges amount – other carrying Gross receivables($’000’s) Gross carrying amount – receivables from from carrying amount – receivables Gross ($’000’s) service and usage charges carrying amount – other Gross receivables($’000’s) 30 JUNE 2020 Expected loss rate Loss allowance ($’000’s) 29 83 2019 7,707 2,291 1,881 $’000 11,991 22 81 2020 4,856 2,633 2,139 $’000 9,731 Payables Statutory payables are recognised and measured similarly to contractual payables but are not classified as financial similarly to contractual payables but are and measured recognised Statutory payables are because they do not arise from instruments and not included in the category of financial liabilities at amortised cost, contracts. Contractual payables classified as financial instruments and measured at amortised cost. Accounts payable at amortised cost. Contractual payables classified as financial instruments and measured prior to the end of the financial year that to the Corporation liabilities for goods and services provided represent unpaid; and are • Payables consist of: • 5.2 Loss allowance on receivables from service and usage charges are presented in direct operational expenses within the operational in direct presented are and usage charges service from Loss allowance on receivables operating statement. comprehensive to non- at 5.00% may be charged interest the invoice date. Thereafter, for the first 28 days from is charged No interest and for other period for sales of goods/services credit on the outstanding balance. The average concession customers determined to be impaired. individually assets that are no material financial are is 40 days. There receivables due or being past them from so as to prevent renegotiated had their terms no financial assets that have are There stated at the carrying amounts as indicated. and they are impaired, Current Contractual creditors Trade Sundry creditors Accrued expenses Statutory GST payable Fringe Benefits Tax payable Fringe Benefits Payables Total Payables for supplies and services have an average credit period of 30 days from the end of month i.e. usually paid period of 30 days from Payables for supplies and services have an average credit within 60 days.

Goulburn valley water | ANNUAL REPORT 2019| 2020 104 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 105 NOTES TO THE FINANCIAL STATEMENTS 3 63 76 938 2019 1,219 1,678 $’000 1,001 $’000 1,222 1,754 - 1 YEAR 3 MONTHS 20 630 843 650 85 1 - 3 871 956 2,794 $’000 3,637 2020 $’000 MONTHS MATURITY DATES MATURITY 814 5,902 1,854 5,674 $’000 7,756 6,488 1 MONTH LESS THAN 5,925 3,703 8,544 3,335 $’000 9,628 AMOUNT NOMINAL 5,925 3,703 8,544 3,335 9,628 11,879 11,879 CARRYING CARRYING AMOUNT $’000 Ageing analysis of contractual payables Ageing analysis of contractual Inventories

5.2.1 Inventories comprise stores and materials used in the construction of new works and for the repair and maintenance repair and materials used in the construction of new works and for the Inventories comprise stores course of for consumption in the ordinary held of existing assets and livestock held for sale. These inventories are assigned to inventory Costs are value. at the lower of cost and net realisable business operations and measured basis. Livestock held for sale is held at fair quantities on hand at balance date on a weighted average cost (WAC) value. Current and materials – at cost Stores Inventories held for sale – at fair value Inventories Total 2020 Supplies and services Other payables Total Total 2019 Supplies and services Other payables Total 5.3 est-bearing liabilities esult to cash flow from operating activities esult to cash flow from e mination of financial assets and liabilities mination of financial est expense e Financed Our Operations Inter Reconciliation of net r Financing facilities Capital commitments Maturity analysis of inter

est Bearing Liabilities 6.1.2 Cash Flow Information 6.2.1 Commitments for Expenditur 6.3.1 Inter 6.1.1 6.2.2 Fair value deter How W

Level 1 – the fair value of financial instrument with standard terms and conditions and traded in active liquid terms and conditions and traded of financial instrument with standard Level 1 – the fair value market prices; to quoted reference determined with markets are for the financial observable quoted prices that are is determined using inputs other than Level 2 – the fair value and or indirectly; either directly asset or liability, with generally accepted pricing models based on discounted Level 3 – the fair value is determined in accordance inputs. cash flow analysis using unobservable market 6.2 Structure 6.1 6.3 6. Introduction of finance utilised by the Corporation during its operations, along on the sources information This section provides Corporation. to financing activities of the and other information related expenses (the cost of borrowings) with interest and cash balances). financial instruments (such as borrowings are of balances that This section includes disclosures instrument disclosures. additional, specific financial Notes 7.1 provides • • • 5.4 determined as follows: are fair values of financial assets and liabilities The fair values and net The Corporation currently holds a range of financial instruments that are recorded in the financial statements where in the financial statements where recorded a range of financial instruments that are holds The Corporation currently or with the of fair value, either due to their short-term nature approximation a reasonable the carrying amounts are period. the end of the 2019-20 reporting expectation that they will be paid in full by

Goulburn valley water | ANNUAL REPORT 2019| 2020 106 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 107 NOTES TO THE FINANCIAL STATEMENTS 2019 9,000 $’000 9,000 $’000 94,000 YEARS 94,000 OVER 5 1 - 5 $’000 2020 YEARS $’000 12,000 12,000 102,000 102,000 114,000 103,000 9,000 44,000 50,000 $’000 9,000 44,000 50,000 1 YEAR LESS THAN $’000 AMOUNT NOMINAL $’000 114,000 114,000 12,000 42,000 60,000 103,000 103,000 114,000 114,000 12,000 42,000 60,000 103,000 103,000 AMOUNT CARRYING CARRYING est bearing liabilities est Bearing Liabilities Maturity analysis of inter Inter

6.1.1 Interest bearing liabilities are initially recognised at the fair value of the consideration received less directly attributable directly less at the fair value of the consideration received initially recognised bearing liabilities are Interest between the Any difference at amortised cost. subsequently measured liabilities are bearing transaction costs. Interest in the Comprehensive amount is recognised of transaction costs) and the redemption (net initial amount recognised method. interest liabilities, using the effective the interest-bearing Operating Statement over the period of liabilities unless the Corporation has an unconditional right to defer as current classified bearing liabilities are Interest after the balance sheet date. settlement of the liability for at least 12 months Treasury from sourced are 1987 borrowings and Investment Powers Act with the Borrowings In accordance in the form of a government guarantee. by the Treasurer and secured (TCV) Corporation of Victoria 6.1 Current interest bearing liabilities interest Current TCV Loans from bearing liabilities interest current Total bearing liabilities interest non current Total liabilities bearing interest Total Non-current interest bearing liabilities interest Non-current TCV Loans from 2020 TCV Loans from Total Total 2019 TCV Loans from Total 7 2019 2019 6,432 4,072 1,147 $’000 $’000 6,432 5,226 6 2020 2020 5,919 4,060 1,174 $’000 $’000 5,919 5,240 Cashflow Information Interest expense Interest Cash at bank 6.2 comprise cash on hand and cash at bank and deposits at call. Cash and deposits, including cash equivalents, Interest expense includes costs incurred in connection with the borrowing of funds. Interest costs include interest on costs include interest of funds. Interest the borrowing in connection with expense includes costs incurred Interest to borrowings, relating of discounts or premiums amortisation short term and long-term borrowings, bank overdrafts, charges. financial accommodation levy and bank at fair value and measured in which it is incurred in the period expense is recognised Interest Corporation of held with the Treasury borrowings on short-term and long-term costs include interest Borrowing of the State of Victoria set by the Treasurer Accommodation Levy (FAL) to the Financial and costs relating Victoria the financial benefit is in place to remove 1994. The FAL under section 40N(2) of the Financial Management Act by the State of being guaranteed rates as a result lower than market interest obtained by the Corporation in securing of Victoria. Balance as per Cash Flow Statement 6.1.2 Interest on government loans Interest Financial accommodation levy Financial accommodation Other interest / bank charges expense / bank charges Other interest expense interest Total

Goulburn valley water | ANNUAL REPORT 2019| 2020 108 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 109 NOTES TO THE FINANCIAL STATEMENTS - - 68 200 299 691 770 (54) 200 (141) (316) 2019 2019 1,842 3,182 $’000 $’000 6,622 18,000 (7,362) 24,859 (1,083) 29,377 103,000 121,000 - 45 200 (85) 285 242 379 200 (559) (295) 2020 2020 1,240 1,492 2,893 1,221 $’000 $’000 5,417 23,000 (8,077) 25,658 29,856 114,000 137,000 Reconciliation of net result for the period to cash flow from operating activities the period to cash flow from for result Reconciliation of net Financing facilities Unsecured bank overdraft facility, reviewed annually and payable at call reviewed facility, bank overdraft Unsecured Amount used Amount unused Total Unsecured loan facilities with various maturity dates through to 2019–20 through loan facilities with various maturity dates Unsecured and which may be extended by mutual agreement Amount used Amount unused Total 6.2.1 Net result for the year Net result Add/(Less) Non Cash Flows in the comprehensive result for the year result Flows in the comprehensive Add/(Less) Non Cash Contributed Assets Depreciation Plant and Equipment Property, Loss on sale or disposal of Infrastructure, in Prepayments (Increase) Assets Tax in Deferred (Increase) in Payables Increase in Employee Benefits Increase Liabilities Tax in Deferred Increase Expected credit loss allowance Expected credit written off Capital works in progress Change in Operating Assets and Liabilities in Receivables (Increase)/decrease in Inventories (Increase)/decrease assets in Biological (Increase)/decrease Operating Activities Net cash flows from 6.2.2 978 $’000 9,779 TOTAL - 10,757 - - 15,259 - 13,872 - 10,757 - - 15,259 - (1,387) $’000 OVER 5 YEARS 568 (52) 526 (48) 568 516 526 478 $’000 YEARS 1 AND 5 BETWEEN (926) $’000 9,263 10,189 14,733 (1,339) 10,189 14,733 13,394 1 YEAR LESS THAN es 7.1.1 Financial instruments: categorisation 7.1.2 Financial risk management objectives and policies Contingent Assets and Contingent Liabilities Financial Instruments Specific Disclosur Capital commitments

Risks, Contingencies and Valuation Judgements Risks, Contingencies and Valuation

7.2 Structure 7.1 7. Introduction In addition, it is often necessary to make its activities and outside factors. The Corporation is exposed to risk from in the financial statements. This of items and measurement judgements and estimates associated with recognition to financial risks) as well as those items section sets out financial instrument specific information, (including exposures Corporation related a higher level of judgement to be applied, which for the or require contingent in nature that are mainly to fair value determination. 6.3.1 additional relevant and provides appropriate it is considered contracts; where arising from Capital commitments These commitments are stated. are values of significant individual projects the net present information to users, cease to be disclosed as expenditures These future and inclusive of GST. below at their nominal value recorded in the balance sheet. recognised liabilities are commitments once the related 6.3 Commitments for Expenditure 6.3 Commitments for contracts. Commitments capital commitments arising from include operating and expenditure Commitments for future as follows: are included in this section 2020 commitments payable Capital expenditure Total commitments (inclusive of GST) commitments Total Less GST recoverable Less GST recoverable Total commitments (exclusive of GST) commitments Total 2019 commitments payable Capital expenditure Total commitments (inclusive of GST) commitments Total Less GST recoverable Less GST recoverable Total commitments (exclusive of GST) Total

Goulburn valley water | ANNUAL REPORT 2019| 2020 110 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 111 NOTES TO THE FINANCIAL STATEMENTS For supplies and services Other payables Payables: - - liabilities: bearing Interest Bank overdraft Loans FINANCIAL LIABILITIES es eceivables Financial Instruments Specific Disclosur Financial Instruments For sale of goods and services Other r borrowings payables (excluding statutory payables); and cash and deposits (excluding statutory receivables) receivables 2. 1. 1. 2. Classification of financial instruments are not quoted with fixed and determinable payments that financial instrument assets and cash are Loans, receivables attributable transaction recognised at fair value plus any directly initially are on an active market. These financial assets at amortised cost using the effective measured are receivables loans and costs. Subsequent to initial measurement, method (and for assets, less any impairment). interest following assets in this category: the The Corporation recognises Due to the short-term nature of the financial assets and liabilities held by the Corporation, their carrying value is of the financial assets Due to the short-term nature fair value. their assumed to approximate Cash and deposits Receivables: - - Financial instruments arise out of contractual agreements that give rise to a financial asset of one entity and a financial to a financial asset of one entity and a that give rise arise out of contractual agreements Financial instruments of another entity. liability or equity instrument include: These financial instruments FINANCIAL ASSETS 7.1 Introduction Financial liabilities are initially measured at fair value plus any directly attributable transaction costs. Subsequent to attributable transaction costs. Subsequent at fair value plus any directly initially measured Financial liabilities are between the initial cost with any difference at amortised measured these financial instruments are initial recognition, and loss over the period of the interest profit in value being recognised amount and the redemption recognised the following liabilities in this rate method. The Corporation recognises interest using the effective bearing liability, category: ed nor retained substantially all the risks and rewards of the asset but has transferred control of the asset but has transferred substantially all the risks and rewards ed nor retained ed substantially all the risks and rewards of the asset; or ed substantially all the risks and rewards of the asset. has neither transferr has transferr the Corporation retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in the asset, but has assumed an obligation to pay cash flows from to receive the right the Corporation retains arrangement; or party under a ‘pass through’ full without material delay to a third the asset and either: cash flows from its rights to receive the Corporation has transferred a. b. the rights to receive cash flows from the asset have expired; or the asset have expired; from cash flows the rights to receive 7.1.1 Financial instruments: categorisation at amortised cost in line with AASB 9 are measured All financial assets and financial liabilities of the Corporation Financial Instruments. Impairment of financial assets is objective evidence that a financial there period, the Corporation assesses whether At the end of each reporting value at fair All financial instrument assets, except those measured of financial assets is impaired. asset or group review for impairment. subject to annual or loss, are profit through future estimated of value present the and amount carrying asset’s financial the between difference the is allowance The financial rate. In assessing impairment of statutory (non-contractual) interest cash flows, discounted at the effective using estimates, judgement is applied in assessing materiality not financial instruments, professional assets, which are Impairment losses are with AASB 136 Impairment of Assets. averages and other computational methods in accordance Operating Statement. in the Comprehensive recognised 2. 3. Derecognition of financial assets Derecognition group of similar financial assets) is of a financial asset or part of a applicable, a part where A financial asset (or, when: derecognised 1. Offsetting financial instruments Offsetting and only in the balance sheet when, net amount presented and the offset assets and liabilities are Financial instrument or and intend either to settle on a net basis the amounts concerned has a legal right to offset when, the Corporation the liability simultaneously. the asset and settle to realise the and liabilities. Where of balance sheet assets in an offset arrangements do not result Some master netting is the right to offset amounts, because recognised to offset right have a legally enforceable Corporation does not on a reported they are such as default, insolvency or bankruptcy, events future of only on the occurrence enforceable basis. gross Where the Corporation has neither transferred nor retained substantially all the risks and rewards or transferred or transferred substantially all the risks and rewards nor retained transferred the Corporation has neither Where in the asset. continuing involvement to the extent of the Corporation’s the asset is recognised control,

Goulburn valley water | ANNUAL REPORT 2019| 2020 112 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 113 NOTES TO THE FINANCIAL STATEMENTS s exposure to market interest rates relates primarily to the Corporation’s long-term interest- long-term to the Corporation’s primarily rates relates to market interest s exposure bearing liabilities and funds invested on the money market. The interest rate on the Corporation’s long-term rate on the Corporation’s bearing liabilities and funds invested on the money market. The interest rate risk. material interest the Corporation is not exposed to any liabilities is fixed and therefore interest-bearing The Corporation’ I 1. nterest rate risk Market risk cash flows of the fair value or future the Market risk is the risk that changes in market prices and will affect exchange risk and other price rate risk, foreign financial instruments. Market risk comprises of interest Corporation’s to foreign exposure is no rate risk; there to market risk is primarily though interest exposure risk. The Corporation’s to other price risks. exchange risk and insignificant exposure the paragraphs below. disclosed in used to manage these risks are Objectives, policies and processes Liquidity risk policy is to obligations as they fall due. The Corporation’s being unable to meet financial Liquidity risk arises from date of the and in the event of dispute make payments within 30 days from settle financial obligations within 60 days resolution. borrowing and reserve banking facilities The Corporation manages liquidity risk by maintaining adequate reserves, of financial profiles and actual cash flows and matching the maturity facilities by continuously monitoring forecasts assets and financial liabilities. Credit risk is the risk of financial loss to the Corporation as a result of a customer or counterparty to a financial result of a customer or counterparty to loss to the Corporation as a risk is the risk of financial Credit receivables. the Corporation’s risk arises principally from obligations. Credit instrument failing to meet its contractual The characteristics of each customer. risk is influenced by the individual to credit exposure The Corporation’s a diverse across spread are and business customers which number of residential a large balance consists of receivable to bad debts is that exposure on an on-going basis to ensure monitored are range of industries. Receivable balances not significant. loses which uses a lifetime to measuring expected credit approach The Corporation applies the AASB 9 simplified Refer to section 5.1. expected loss allowance for all receivables. Credit risk Credit 7.1.2 Financial risk management objectives and policies 7.1.2 Financial risk management risk and liquidity risk. As a of financial risks: market risk, credit activities expose it to a variety The Corporation’s volatility of its financial to manage these risks and the associated seeks risk management program whole, our financial financial is to prudentially manage the Corporation’s purpose in holding financial instruments performance. The main rate liquidity risk and interest risk, risks include credit policy parameters. Our main financial risks within the government risk. by the under policies approved Executive Management Team carried out by the Corporation’s Risk management is identifies, The Financial Accounting Department and the Audit and Compliance Committee. of Directors Board written principles for provides The Board objectives. with the Corporation’s evaluates and hedges financial risks in line risk and investment rate risk, credit such as interest covering specific areas, overall risk management, as well as policies of excess liquidity. - - - - 59 64 64 59 (90) (61) (26) (90) (120) (120) $’000 EQUITY - - - - 64 59 64 59 (90) (61) (26) (90) (120) (120) $’000 +100 BASIS POINTS NET RESULT - - - - 90 61 26 90 (64) (59) 120 (64) (59) 120 $’000 EQUITY INTEREST RATE RISK SENSITIVITY INTEREST RATE - - - - 90 61 26 90 (64) (59) 120 (64) (59) 120 $’000 -100 BASIS POINTS NET RESULT - - 8 6 NON 9,019 9,628 7,659 $’000 9,027 7,665 9,628 BEARING INTEREST - - - - 11,879 RATE 9,000 5,911 6,426 $’000 5,911 6,426 9,000 11,879 INTEREST VARIABLE VARIABLE ------RATE $’000 FIXED 94,000 94,000 102,000 12,000 INTEREST INTEREST RATE EXPOSURE INTEREST RATE - - - - 3.89% 3.32% 102,000 12,000 0.00% 1.06% RATE % RATE INTEREST AVERAGE AVERAGE WEIGHTED 7,659 9,019 9,628 6,432 5,919 $’000 11,879 14,091 14,938 103,000 114,000 114,879 123,628 AMOUNT CARRYING CARRYING Contractual financial liabilities Payables Borrowings financial liabilities Total Net increase/(decrease) Receivables financial assets Total Borrowings financial liabilities Total Net increase/(decrease) 2019 Contractual financial assets Receivables assets financial Total Contractual financial liabilities Payables 2020 Contractual financial assets Interest rate exposure of financial instruments of financial instruments rate exposure Interest in will fluctuate because of changes the risk that the fair value of a financial instrument rate risk is Fair value interest at measured are financial instruments that does not hold any interest-bearing rates. The Corporation market interest rate risk. value interest to fair has no exposure fair value, and therefore because of flows of a financial instrument will fluctuate cash the risk that the future rate risk is Cash flow interest cash rate risks through to cash flow interest has minimal exposure rates. The Corporation changes in market interest at a floating rate. are that and bank overdrafts and deposits, term deposits and the Corporation’s rates are exposed to interest and financial liabilities that The carrying amounts of financial assets set out in the table that follows: are rate risk sensitivity to interest Cash and deposits Cash and deposits

Goulburn valley water | ANNUAL REPORT 2019| 2020 114 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 115 NOTES TO THE FINANCIAL STATEMENTS - - - - 59 64 64 59 (90) (90) (26) (61) (120) (120) $’000 EQUITY - - - - 59 64 64 59 (90) (90) (26) (61) (120) (120) $’000 +100 BASIS POINTS NET RESULT - - - - 90 90 26 61 (59) 120 (64) (64) (59) 120 $’000 EQUITY INTEREST RATE RISK SENSITIVITY INTEREST RATE - - - - 90 90 26 61 120 (64) (59) (64) (59) 120 $’000 -100 BASIS POINTS NET RESULT - - 6 8 NON 7,659 9,019 9,628 $’000 7,665 9,628 9,027 BEARING INTEREST - - 11,879 - - RATE 9,000 6,426 5,911 $’000 6,426 9,000 11,879 5,911 INTEREST VARIABLE VARIABLE ------RATE $’000 FIXED 94,000 94,000 102,000 12,000 INTEREST INTEREST RATE EXPOSURE INTEREST RATE - - - - 3.89% 3.32% 102,000 12,000 1.06% 0.00% RATE % RATE INTEREST AVERAGE AVERAGE WEIGHTED 7,659 9,019 9,628 6,432 5,919 $’000 11,879 14,091 14,938 103,000 114,000 114,879 123,628 AMOUNT CARRYING CARRYING Net increase/(decrease) 2019 Contractual financial assets Receivables financial assets Total Contractual financial liabilities Payables Borrowings financial liabilities Total Net increase/(decrease) Interest rate exposure of financial instruments of financial instruments rate exposure Interest in will fluctuate because of changes the risk that the fair value of a financial instrument rate risk is Fair value interest at measured are financial instruments that does not hold any interest-bearing rates. The Corporation market interest rate risk. value interest to fair has no exposure fair value, and therefore because of flows of a financial instrument will fluctuate cash the risk that the future rate risk is Cash flow interest cash rate risks through to cash flow interest has minimal exposure rates. The Corporation changes in market interest at a floating rate. are that and bank overdrafts and deposits, term deposits and the Corporation’s rates are exposed to interest and financial liabilities that The carrying amounts of financial assets set out in the table that follows: are rate risk sensitivity to interest 2020 Contractual financial assets Receivables assets financial Total Contractual financial liabilities Payables Borrowings financial liabilities Total Cash and deposits Cash and deposits 2019 1,112 $’000 15,311 16,423 - 2020 $’000 17,807 17,807 obligations; or Contingent Assets and Contingent Liabilities Contingent Assets and it is not probable that an outflow of resources embodying economic benefits will be required to settle the required embodying economic benefits will be resources that an outflow of it is not probable the amount of the obligations cannot be measured with sufficient reliability.

. 2 present obligations that arise from past events but are not recognised because: not recognised past events but are obligations that arise from present 1. possible obligations that arise from past events, whose existence will be confirmed only by the occurrence or non- confirmed only by the occurrence past events, whose existence will be possible obligations that arise from of the entity; or events not wholly within the control uncertain future of one or more occurrence ii. Contingent assets – entitlements sale of groundwater Final settlement for the agreed and complete settlement application to transfer entitlements to purchase including site and technical assessments, by the is subject to approval, authority regulatory Contribution of assets to be built by developers in new land subdivisions – to the Corporation in the future assets to be gifted Contingent liabilities Contingent liabilities are: i. Contingent assets only by the past events, whose existence will be confirmed assets that arise from possible Contingent assets are of the entity. within the control events not wholly uncertain future of one or more or non-occurrence occurrence or disclosed of the following material contingent assets not recorded dates, the Corporation is aware At the reporting in the accounts. 7.2 disclosed and, if in the balance sheet but are recognised not are Contingent assets and contingent liabilities receivable inclusive of GST presented value. Contingent assets and liabilities are at nominal measured quantifiable, are or payable respectively. Interest rate risk sensitivity Interest economic forecasts expectations, performance, future above has taken into consideration past The sensitivity analysis believes that a movement the financial markets. The Corporation knowledge and experience of and management’s Cash rate risk analysis is applied to Cash and Interest over the next year. rates is reasonable of 1.0% in interest exposed to market fluctuations as they are Liabilities / short-term Interest-Bearing Equivalents and current As at the 2019-20 reporting date, the Corporation has no known contingent liabilities. As at the 2018–19 reporting date, the Corporation has no known contingent liabilities. As at the 2018–19 reporting As at the 2019-20 reporting date, the Corporation had no known contingent liabilities.

Goulburn valley water | ANNUAL REPORT 2019| 2020 116 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 117 NOTES TO THE FINANCIAL STATEMENTS - - - - 19 2019 2,865 1,289 9,487 2,846 $’000 2,865 1,289 2,865 - - - - 9 506 506 2020 2,334 7,751 2,325 $’000 2,334 2,334 onmental Contribution 8.2.1 Environmental commitments 8.2.1 Environmental 8.1.1 Income Tax liabilities tax assets and 8.1.2 Deferred Dividends T Envir Income tax T Statutory Obligations

Income statement tax expense (paid or payable) income Current income tax expense Deferred differences Temporary 8.3 by the Australian (NTER), which is administered Equivalent Regime Tax The Corporation is subject to the National on the receivable revenue for the period is the expected tax payable or or Office. The income tax expense Taxation income tax rate of 30%, adjusted by changes in taxable income based on the national corporate period’s current liabilities between the tax bases of assets and differences tax assets and liabilities attributable to temporary deferred statements, and to unused tax losses. and their carrying amounts in the financial are result. The differences the amount calculated on the net from year differs The income tax expense for the financial as follows: reconciled 8.2 8.1 8.1.1 ax in the Income Statement Income tax reported This section included disclosures in relation to the Corporation’s statutory obligations. to the Corporation’s in relation disclosures This section included Structure 8.1 ax 8. Introduction Statement of changes in Equity tax – credited/(debited) Current to Note 8.1.2) to equity (refer directly tax – debited/(credited) Net deferred in equity Income tax reported Tax reconciliation Tax income tax expense before Net result Tax at the Australian tax rate of 30% (2019: 30%) Tax Non deductable items Other tax before Income tax on profit Adjustment in respect of income tax of previous year of income tax of previous Adjustment in respect 30 65 410 316 2019 2,324 2,829 2,513 3,182 1,289 $’000 2,829 99,532 36,613 124,412 119,941 (11,733) 124,412 84 82 506 559 506 2020 2,716 3,388 2,829 2,893 $’000 3,388 33,284 (5,511) 127,811 124,412 100,038 127,811 Deferred tax assets and liabilities Deferred 8.1.2 rates expected to apply when at the tax for temporary differences recognised are tax assets and liabilities Deferred enacted or substantially enacted. on those tax rates which are settled, based liabilities are or recovered the assets are to differences of deductible and taxable temporary applied to the cumulative amounts tax rates are The relevant to these temporary in relation is recognised tax asset or liability deferred No tax asset or liability. the deferred measure or either accounting profit did not affect a transaction that at the time of the transaction in if they arose differences and unused tax losses differences recognised for deductible temporary tax assets are or loss. Deferred taxable profit and losses. temporary differences amounts will be available to utilise those taxable that future only if it is probable purposes recognised tax assets. For disclosure level of deferred tax liabilities exceed the The Corporation's deferred tax liabilities only in the balance sheet. deferred against Losses have been offset Tax Deferred tax assets tax Deferred attributable to: The balance comprises temporary differences Operating Statement: in the Comprehensive Amounts recognised receivables Impaired Employee benefits Accrued expenses Depreciation tax assets deferred Total Movements: Opening balance at 1 July Charged to the Comprehensive Operating Statement Comprehensive to the Charged Closing balance at 30 June tax liabilities Deferred Movements: Opening balance at 1 July Operating Statement Comprehensive to the Charged Deferred Tax Liabilities Tax Deferred attributable to: The balance comprises temporary differences Operating Statement: in the Comprehensive Amounts recognised Depreciation losses Tax in equity: directly Amounts recognised plant and equipment property, Revaluation of infrastructure, income comprehensive to other Charged Closing balance at 30 June

Goulburn valley water | ANNUAL REPORT 2019| 2020 118 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 119 NOTES TO THE FINANCIAL STATEMENTS - 2019 3,479 $’000 $’000 15,000 TOTAL 15,000 15,000 - 2020 3,479 $’000 $’000 11,250 11,250 11,250 1 YEAR MORE THAN - 3,750 $’000 3,750 3,750 1 YEAR LESS THAN onmental commitments onmental Contribution Envir Envir Dividends

An obligation to pay a dividend only arises after consultation between the Board, the Minister for Water and the the Minister for Water An obligation to pay a dividend only arises after consultation between the Board, has not Though this process Following this consultation, a formal determination is made by the Treasurer. Treasurer. year is of the current estimate in respect dividend preliminary date, the Board’s yet been completed at the reporting 1983 with the Public Authorities (Dividend) Act by the State Government in accordance prescribed nil. Dividends are adjusted net profit. year’s of the previous percentage based on a prescribed At 30 June 2020, the Corporation had outstanding environmental contribution commitments, to be paid as follows: environmental At 30 June 2020, the Corporation had outstanding 2020 8.2.1 Water Industry Act 1994 to make Industry the Water Contributions) Act 2004 (the Act) amended (Environmental Industry The Water to be paid by water authorities. The Act establishes an obligation for contributions for environmental provision June 1 October 2004 to 30 annual contribution for the first period, from authorities to pay into a consolidated fund which sets out the amounts payable by each schedule of payments, with the pre-established 2008 in accordance been extended until 30 June 2024. Corporation. The contribution period has contribution is set out in the Act, and the funding may be used for financing The purpose of the environmental initiatives. water-related of water or address the sustainable management initiatives that seek to promote contribution to the Department of Environment, to pay an environmental The Corporation has a statutory obligation period as incurred. as an expense during the reporting is recognised and Planning. This contribution Land, Water 8.2 Environmental contribution levy Environmental Environmental contribution levy commitments Environmental Total commitments (inclusive of GST) Total Less GST recoverable Less GST recoverable Total commitments (exclusive of GST) Total 8.3 - 2019 2018 2,313 $’000 $’000 19,155 - 2020 2019 2,618 $’000 $’000 20,031 233,549 233,549 228,669 228,669 233,549 233,549 251,318 250,137 ds issued that are not yet effective ds issued that are es evaluation reserve evaluation reserve Ex-gratia Expense Changes in Accounting Policies Australian Accounting Standar Events Occurring After the Balance Date Responsible Persons Related Parties Remuneration of Executives Remuneration of Auditors Equity 9.1.1 Contributed capital 9.1.2 Asset r 9.1.3 Accumulated surplus Asset r Contributed capital Equity Other Disclosur

Contributed capital Balance 1 July Capital contributions Balance 30 June as contributed capital. recognised Additions to net assets that have been designated as contributions by owners are distributions by owners have also been designated as of contributions to or in the nature Other transfers that are contributions by owners. 9.1.2 Land Buildings 9.8 9.9 9.1 9.1.1 9.3 9.4 9.5 9.6 9.7 Infrastructure This section includes additional material disclosures required by accounting standards or otherwise, for the or otherwise, standards by accounting required additional material disclosures This section includes report. financial understanding of this Structure 9.1 9. Introduction 9.2

Goulburn valley water | ANNUAL REPORT 2019| 2020 120 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 121 NOTES TO THE FINANCIAL STATEMENTS - (506) 2019 1,687 6,622 $’000 $’000 TOTAL 250,137 190,855 251,318 197,477 - - - 2020 5,417 $’000 197,477 $’000 202,894 228,669 228,669 INFRASTRUCTURE - 436 (131) 2,313 $’000 2,618 BUILDINGS - (375) 1,251 $’000 LAND 19,155 20,031 Accumulated surplus Events Occurring After the Balance Date Movements during the reporting period reporting Movements during the Opening balance Revaluation adjustment Revaluation increment 9.1.3 Tax effect of revaluation – increment/ of revaluation effect Tax adjustment Closing balance The coronavirus (COVID-19) pandemic has created unprecedented economic activity. Actual economic events and economic activity. unprecedented (COVID-19) pandemic has created The coronavirus by date. As responses Corporation at reporting to those estimated by the may be different conditions in the future of reliably estimate, with any degree to that it is difficult Government continue to evolve, management recognises future operations, it’s date on the Corporation, it’s the potential impact of COVID-19 after the reporting certainty, extended on 16 August 2020 until 13 September Victoria was in and financial position. The State of Emergency results in place at the time of reporting. 2020 and the State of Disaster remains or which significantly affected period have arisen since the end of the reporting No other matters or circumstances of the results of those operations, or the state of affairs the operations of the Corporation, the may significantly affect financial years. Corporation in future Accumulated surplus year Accumulated surplus at beginning of financial for the year Net profit Accumulated surplus at End of Financial Year 9.2 Period of appointment 1/5/2016 – 30/6/2020 1/4/2020 – 30/6/2020 1/7/2019 – 30/11/2019 1/7/2019 – 30/6/2020 (a) 1/7/2019 – 29/2/2020 (b) 1/7/2019 – 30/9/2019 1/7/2019 – 30/9/2019 1/7/2019 – 30/6/2020 1/4/2020 – 30/6/2020 1/4/2020 – 30/6/2020 1/10/2019 – 30/6/2020 1/10/2019 – 30/6/2020 1/7/2019 – 30/6/2020 1/7/2019 – 30/6/2020 (c) Title Minister for Water Chairman Chair Deputy Chair Deputy Chair Director Director Director Director Director Director Director Director Managing Director/Accountable Officer Managing Director/Accountable Responsible Persons Appointed to Deputy Chair on 1/03/2020 and acted as Chair for the period 1/03/2019 to 31/03/2020. Appointed to Deputy Chair on 1/03/2020 and acted as Chair for the period 1/03/2019 Acted as Chair for the period 1/12/2019 to 29/2/2020. longer than 5 days. that were for the full year and took no breaks Managing Director Was 9.3 Act Minister for Finance under the Financial Management issued by the Directions with the Ministerial In accordance by AASB as required period, persons for the reporting responsible made regarding are 1994, the following disclosures Accountable Officers in who held the positions of Ministers and . The names of persons 124 Related Party Disclosures as follows: the Corporation are as follows: persons of the Corporation are The responsible Name The Hon. Lisa Neville MP M. Stone AM C. Scott L. Nieuwenhuizen D. Heeps T. Fehring T. F. Merrylees F. C. Cussen T. Atkins T. D. Flett M. Burns J. Wilson H. Pound P.A. Quinn P.A. Notes: (a) (b) (c)

Goulburn valley water | ANNUAL REPORT 2019| 2020 122 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 123 NOTES TO THE FINANCIAL STATEMENTS - - - 1 6 1 8 NO. 2019 $562,946 - 1 4 1 6 1 13 NO. 2020 $556,242 Related Parties all departments and public sector entities that are controlled and consolidated into the whole of state consolidated controlled all departments and public sector entities that are financial statements. all key management personnel and their close family members and personal business interests (controlled entities, (controlled interests all key management personnel and their close family members and personal business and entities they have significant influence over); joint ventures all cabinet ministers and their close family members; and 9.4 • • • Total numbers Total entity of the State of Victoria. The Corporation is a wholly owned and controlled Related parties of the Corporation include: $20,000-$29,999 $30,000-$39,999 $40,000-$49,999 $320,000-$329,999 remuneration Total INCOME BANDS $0-$9,999 $10,000-$19,999 Remuneration of responsible persons Remuneration of responsible connection with the management of the by Responsible Persons in or receivable received The remuneration income bands: relevant period is summarised as follows in their reporting Corporation during the Remuneration the in connection with the management of by the Accountable Officer or receivable received The remuneration $329,999 (2018-19: $350,000 - $359,999). period was in the range: $320,000 - reporting Corporation during the All related party transactions have been entered into on an arm’s length basis. into on an arm’s party transactions have been entered All related 44 98 37 141 2019 2019 3,479 1,234 1,412 $’000 $’000 11 87 159 155 2020 2020 3,479 1,675 1,917 $’000 $’000 There were no retirement benefits paid during the financial year in connection with KMP. benefits no retirement were There Cash receipts programs Consultancy fees and community and conservation rebate to customers provided as expense Payments recognised contribution Environmental Department of Environment, Land, Water and Planning Land, Water Department of Environment, the Corporation for implementing the and Planning leads and directs Land, Water The Department of Environment, for water management and sustainability. responsibilities Government’s framework for achieving the Victorian and Planning which passed Land, Water of Environment, the Department funding from The Corporation has received In addition, the Corporation makes funding for consultancy works. and received on to customers as a claimed rebate as expenses. recognised and Planning which are Land, Water various payments to the Department of Environment, Notes: 1. entities Significant transactions with government-related and made payments of $24.114 million (2018–19: $20.548 million) and $19.417 funding The Corporation received During the year the entities. to a number of government-related million (2018–19: $25.834 million), respectively, entity transactions: Corporation had the following government-related Short-term employee benefits Post-employment benefits Other long-term benefits Total COMPENSATION OF KMPS COMPENSATION Licencing, monitoring and valuation fees Key management personnel Key management personnel and for planning, directing authority and responsibility those persons having are Key management personnel and the independent Directors this comprises or indirectly, the activities of the Corporation, directly controlling ) includes (as defined in AASB 124 Related Party Disclosures Key management personnel Managing Director. and persons in note 9.3 who have the authority responsible listed under and all Directors the Portfolio Minister the during or indirectly, the Corporation directly the activities of controlling and for planning, directing responsibility financial year. receives. The Minister’s the Portfolio Minister below excludes the salaries and benefits The compensation detailed within Act is set by the Parliamentary Salaries and Superannuation 1968 and is reported and allowances remuneration report. financial the Department of Parliamentary Services’

Goulburn valley water | ANNUAL REPORT 2019| 2020 124 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 125 NOTES TO THE FINANCIAL STATEMENTS - 30 57 205 2019 2019 2019 4,138 1,003 1,158 $’000 $’000 $’000 15,000 15,000 - - 75 147 2020 2020 2020 3,729 1,018 9,000 1,162 $’000 $’000 $’000 20,000 Cash receipts received revenue Interest borrowings from Proceeds as expense Payments recognised costs Finance and interest Act 1989. Water of the Victorian is a statutory Corporation established under the provisions Goulburn Murray Water river systems. The Corporation transacts solely with and unregulated manages both regulated Goulburn Murray Water and delivery of bulk water entitlements. This non-potable water is delivered for the purchase Goulburn Murray Water customers. In and non-residential residential and then delivery to the Corporation’s to the Corporation for treatment also incurred. addition, farm irrigation entitlements, licence and other fees are Cash receipts New employee LSL transfer as expense Payments recognised and delivery charges of water Purchase The Corporation borrows from, and invests with, the Treasury Corporation of Victoria with transactions based on with transactions based on Corporation of Victoria and invests with, the Treasury from, The Corporation borrows advisory and administrative services under normal also provides Corporation of Victoria rates. Treasury market interest rate). in the interest included terms (these services are commercial Other payments Repayment of borrowings Goulburn Murray Water Farm irrigation entitlements, licence and other fees Department of Treasury and Finance Department of Treasury Act Financial Management 1994 Act 1989 and the and Finance administers the Water The Department of Treasury to comply. is required with which the Corporation as recognised and Finance which are of Treasury various payments to the Department The Corporation makes expenses. Payments recognised as expense Payments recognised Financial Accommodation Levy Regional Water and Sewerage Recovery Fee Regional Water Treasury Corporation of Victoria Treasury - 2 4 87 404 573 2019 2019 2019 $’000 $’000 $’000 - - 5 106 398 582 2020 2020 2020 $’000 $’000 $’000 Payments recognised as expense Payments recognised Licence and levy fees and Resources Department of Economic, Development, Jobs, Transport focuses on driving economic and Resources The Department of Economic, Development, Jobs, Transport support the community. to Victoria across development and job creation Cash receipts Capital grant as expense Payments recognised Goods received The Environment Protection Agency is the Victorian Government’s agency that regulates the environment – to protect – to protect the environment that regulates agency Government’s Agency is the Victorian Protection The Environment and waste. The Corporation makes pollution harm from and reducing and people by preventing the environment fees. licence payment for regulatory State Revenue Office State Revenue Office The State Revenue Office is agency. major tax collection Victorian Government’s is the The State Revenue Office of the falls within the portfolio responsibilities and Finance, which Department of Treasury a service agency of the legislation and collects a range of taxes, taxation Victoria’s State Revenue Office administers The of Victoria. Treasurer the State Revenue and makes various payments to payments from various Corporation receives duties and levies. The Office. Cash receipts reimbursements Customer rebate as expense Payments recognised tax Payroll Other payments Unclaimed monies Authority Victoria Protection Environment

Goulburn valley water | ANNUAL REPORT 2019| 2020 126 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 127 NOTES TO THE FINANCIAL STATEMENTS 30 2019 5,070 $’000 30 2020 3,630 $’000 include long service leave, other long-service benefit or deferred compensation. compensation. include long service leave, other long-service benefit or deferred , when payable, include termination of employment payments, such as severance packages. , when payable, include termination of employment payments, such as severance Remuneration of Executive Officers 9.5 remuneration total and their The number of executive officers, other than the Minister and the accountable officer, a measure annualised employee equivalents provides Total shown in the table below. period are during the reporting reporting period. of full time equivalent executive officers over the ) in all forms of consideration Remuneration comprises employee benefits (as defined in AASB 119 Employee Benefits Accordingly, in exchange for services rendered. or on behalf of the entity, by the entity, paid, payable or provided following categories. is determined on an accrual basis, and is disclosed in the remuneration Short-term employee benefits usually include amounts such as wages, salaries, annual leave or sick leave that are or subsidised goods as allowances and free basis, as well as non-monetary benefits such paid or payable on a regular or services. Post-employment benefits basis when on a discrete benefits paid or payable include pensions and other retirement employment has ceased. benefitsOther long-term no such benefits payable in 2019–20 or 2018–19. were There Termination benefits Termination Given the breadth and depth of Corporation activities, related parties transact with the Corporation in a manner related and depth of Corporation activities, Given the breadth Further employment of processes e.g. water usage and service charges. consistent with other members of the public conditions consistent with the Public Administration Act 2004 public sector occur on terms and within the Victorian occur processes Public Sector Commission. Procurement Victorian issued by the and Codes of Conduct and Standards requirements. Board Government Procurement Victorian on terms and conditions consistent with the party transactions with the Minister during the financial year. have been no related There parties. related from for impairment of receivables recognised, nor any expense has been required, No provision party transactions that no related were with the Corporation, there Outside of normal citizen type transactions involved key management personnel and their close family members. Department of Health and Human Services Department of Health services to the community including the a number of and Human Services provides The Department of Health holders. and grants to concession of rebates provision Act. Safe Drinking Water the contribution towards payment to the Department as its annual The Corporation makes as an expense. This payment is recognised Cash receipts reimbursements Customer rebate Payments recognised as expense Payments recognised Act administration fee Safe Drinking Water Transactions with key management personnel and other related parties personnel and other related with key management Transactions 55 51 36 15 295 106 12.6 2019 2019 2,166 2,497 $’000 $’000 56 47 12 12 248 118 103 2020 2020 2,272 2,638 $’000 $’000 (b) of executive officers includes persons who meet the definition of Key Management of executive officers includes persons who (a) The total number Personnel (KMP) of the entity under AASB 124 Related Party Disclosures and are also reported within the also reported and are 124 Related Party Disclosures Personnel (KMP) of the entity under AASB (Note 9.4). parties note disclosure related period. on the time fraction worked over the reporting Annualised employee equivalent is based Remuneration of Auditors Total number of executives number Total employee equivalents annualised Total Victorian Auditor General’s Office Victorian Auditor General’s of the financial statements Audit or review RSM Australia Pty Ltd Audit of Corporation activities per the internal audit program of auditors remuneration Total 9.6 Notes: (a) (b) Remuneration benefits Short-term employee Post-employment benefits Post-employment benefits Other long-term benefits Total remuneration remuneration Total

Goulburn valley water | ANNUAL REPORT 2019| 2020 128 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 129 NOTES TO THE FINANCIAL STATEMENTS 19 19 2019 $’000 13 13 2020 $’000 (i) (ii) Changes in Accounting Policies Ex-gratia Expense $1,000. Relates to the forgiveness of debt for customers experiencing hardship. Individual amounts are typically less than typically less Individual amounts are for customers experiencing hardship. of debt Relates to the forgiveness in Note 3.4 Administrative and other operating expenses. The total for ex-gratia expenses is also presented 9.8 AASB Revenue 15 from contracts with customers 1 July 2019 (date of contracts with customers from 15 Revenue from The Corporation has transitioned to AASB in AASB 15 and as mandated by FRD 121 Transitional provisions with the transition initial application). In accordance has been Contracts with Customers, this new standard 15 Revenue from on the application of AASB requirements financial year have not method). Comparatives for the 2019 retrospective (under the modified adopted retrospectively recognised in therefore are this new standard and the adjustments arising from The reclassifications been restated. contracts’ at the not ‘completed earnings on 1 July 2019 only for contracts that are the opening balance of retained 15 and no adjustment was initial adoption of AASB no transitional impacts from were date of initial application. There earnings. to retained required not-for-profits for Income AASB 1058 with the 1 July 2019. In accordance from The Corporation has transitioned to AASB 1058 Income for not-for-profits on the application of requirements in AASB 1058 and as mandated by FRD 122 Transitional transition provisions (under the modified retrospectively has been adopted Entities, this new standard AASB 1058 Income of Not-for-Profit retrospectively apply this standard method). Under this transition method, the entity has elected to retrospective the date of initial application. A completed not completed contracts at only to contracts and transactions that are with AASB all of the income in accordance contract is a contract or transaction for which the entity has recognised reclassifications and the restated. The 1004 Contributions. Comparatives for the 2019 financial year have not been earnings on 1 opening balance of retained in the recognised therefore are this new standard adjustments arising from of AASB 1058 and no adjustment was required the initial adoption no transitional impacts from were July 2019. There earnings. to retained AASB Leases 16 provisions with the transition 1 July 2019. In accordance The Corporation has transitioned to AASB 16 Leases from 16 Leases, the new on the application of AASB requirements in AASB 16 and as mandated by FRD 123 Transitional method). Comparatives for the 2019 retrospective (under the modified rules have been adopted retrospectively are from the new leasing rules and the adjustments arising reclassifications restated. The financial year have not been initial was no transitional impact from 1 July 2019. There earnings on in the opening balance of retained recognised earnings. to retained adoption of AASB 16 and no adjustment was required Notes: (i) (ii) the total the Corporation must disclose in aggregate of Ex-gratia Expenses with FRD 11A Disclosure In accordance $5,000) expenses. than amount of material (greater 9.7 Forgiveness or waiver of debt Forgiveness Total ex-gratia expenses Total IMPACT ON PUBLIC SECTOR ENTITY IMPACT FINANCIAL STATEMENTS The assessment has indicated that no significant impact for will be there the public sector. The standard is not expected to The standard have a significant impact on the public sector. APPLICABLE FOR ANNUAL REPORTING PERIODS BEGINNING ON 1 January 2021 1 January 2020 The new Australian standard seeks The new Australian standard to eliminate inconsistencies and weaknesses in existing practices by a single principle-based providing framework to account for all types of insurance contracts, including contracts that an insurer reissuance requirements holds. It also provides to and disclosure for presentation enhance comparability between entities. not does currently This standard public apply to the not-for-profit sector entities. This Standard principally amends This Standard of Financial AASB 101 Presentation Statements and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. and The amendments refine clarify the definition of material in AASB 101 and its application and the wording by improving AASB aligning the definition across and other publications. Standards The amendments also include in some supporting requirements AASB 101 in the definition to give and clarify the prominence it more explanation accompanying the definition of material. SUMMARY Australian Accounting Standards issued that are not yet effective that are issued Standards Australian Accounting AASB 2018-7 Amendments to Australian Accounting – Definition Standards of Material STANDARD/ STANDARD/ INTERPRETATION AASB 17 Insurance Contracts 9.9 the operative dates stated: periods commencing after for reporting effective The following AASs become the 30 June 2020 not mandatory for have been published that are (AAS) Accounting Standards Certain new Australian of their applicability and advises the Corporation new standards period. DTF assesses the impact of all these reporting applicable. and early adoption where

Goulburn valley water | ANNUAL REPORT 2019| 2020 130 NOTES TO THE FINANCIAL STATEMENTS Goulburn valley water | ANNUAL REPORT 2019| 2020 131 NOTES TO THE FINANCIAL STATEMENTS IMPACT ON PUBLIC SECTOR ENTITY ON PUBLIC SECTOR IMPACT FINANCIAL STATEMENTS The standard is not expected to The standard on the have a significant impact public sector. APPLICABLE FOR ANNUAL REPORTING PERIODS BEGINNING ON 1 January 2022. 301 ED However, has been issued with the intention to defer application to 1 January 2023. This Standard amends AASB 101 amends AASB 101 This Standard for the to clarify requirements of liabilities in the presentation position as statement of financial A liability or non-current. current if an is classified as non-current entity has the right at the end of the period to defer settlement reporting of the liability for at least 12 months period. The after the reporting meaning of settlement of a liability is also clarified. SUMMARY AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements – Removal of Special Purpose AASB 2020-2 Amendments to Australian Accounting Standards Entities. Private Sector for Certain For-Profit 2 Tier and Not-for-Profit for For-Profit AASB 1060 General Purpose Financial Statements – Simplified Disclosures Entities. AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New IFRS Standards of New IFRS Standards of the Effect – Disclosure Accounting Standards AASB 2019-5 Amendments to Australian Issued in Australia. Not Yet in Special Purpose Financial – Disclosure AASB 2019-4 Amendments to Australian Accounting Standards Sector Entities on Compliance with Recognition and Measurement Private Statements of Not-for-Profit Requirements. AASB 2018-6 Amendments to Australian Accounting Standards – Definition of a Business. Accounting Standards AASB 2018-6 Amendments to Australian to the Conceptual Framework. – References Accounting Standards AASB 2019-1 Amendments to Australian Rate Benchmark Reform. – Interest Accounting Standards AASB 2019-3 Amendments to Australian • • • • • • • In addition to the new standards and amendments above, the AASB has issued a list of other amending standards above, the AASB has issued a list of other amending standards and amendments In addition to the new standards include period (as listed below). In general, these amending standards for the 2019-20 reporting not effective that are reporting. expected to have insignificant impacts on public sector changes that are editorial and reference AASB 2020-1 Amendments to Australian Accounting – Classification Standards or of Liabilities as Current Non-Current STANDARD/ STANDARD/ INTERPRETATION 132

DIRECTORS’, ACCOUNTABLE OFFICER Goulburn valley water AND CHIEF FINANCIAL OFFICER DECLARATION Independent Auditor’s Report To the Board of the Goulburn Valley Region Water Corporation

| The attached financial statements for Goulburn Valley Region Water Corporation have been prepared in accordance

ANNUAL REPORT 2019| pinion I have audited the financial report of the Goulburn Valley Region Water Corporation (the with Standing Direction 5.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, corporation) which comprises the: Australian Accounting Standards including Interpretations, and other mandatory professional reporting requirements. • balance sheet as at 30 June 2020 We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, Balance • comprehensive operating statement for the year then ended Sheet, Statement of Changes in Equity, Cash Flow Statement and accompanying Notes, presents fairly the financial transactions during the year ended 30 June 2020 and the financial position of the Corporation at 30 June 2020. • statement of changes in equity for the year then ended

2020 • cash flow statement for the year then ended At the time of signing, we are not aware of any circumstance which would render any particulars included in the • notes to the financial statements, including significant accounting policies financial statements to be misleading or inaccurate. • directors', accountable officer's and chief finance officer's declaration. We authorise the attached financial statements for issue on the 19 August 2020. In my opinion, the financial report presents fairly, in all material respects, the financial position of the corporation as at 30 June 2020 and its financial performance and cash flows for the year then ended in accordance with the financial reporting requirements of Part 7 of the Financial Management Act 1994 and applicable Australian Accounting Standards. Signed on behalf of the Corporation: sis or I have conducted my audit in accordance with the Audit Act 1994 which incorporates the pinion Australian Auditing Standards. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report. My independence is established by the Constitution Act 1975. My staff and I are

NOTES TO THE FINANCIAL STATEMENTS independent of the corporation in accordance with the ethical requirements of the M. Stone AM P. Quinn S. Thomson Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Board Chairman Managing Director Chief Financial Officer Professional Accountants (the Code) that are relevant to my audit of the financial report in Goulburn Valley Water Goulburn Valley Water Goulburn Valley Water Victoria. My staff and I have also fulfilled our other ethical responsibilities in accordance

Date: 19 August, 2020 with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

ord’s The Board of the corporation is responsible for the preparation and fair presentation of the responsiiities financial report in accordance with Australian Accounting Standards and the Financial or te Management Act 1994, and for such internal control as the Board determines is necessary inni to enable the preparation and fair presentation of a financial report that is free from report material misstatement, whether due to fraud or error. In preparing the financial report, the Board is responsible for assessing the corporation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is inappropriate to do so.

Independent Auditor’s Report To the Board of the Goulburn Valley Region Water Corporation

pinion I have audited the financial report of the Goulburn Valley Region Water Corporation (the corporation) which comprises the:

• balance sheet as at 30 June 2020 • comprehensive operating statement for the year then ended • statement of changes in equity for the year then ended • cash flow statement for the year then ended • notes to the financial statements, including significant accounting policies • directors', accountable officer's and chief finance officer's declaration. In my opinion, the financial report presents fairly, in all material respects, the financial position of the corporation as at 30 June 2020 and its financial performance and cash flows for the year then ended in accordance with the financial reporting requirements of Part 7 of the Financial Management Act 1994 and applicable Australian Accounting Standards.

sis or I have conducted my audit in accordance with the Audit Act 1994 which incorporates the pinion Australian Auditing Standards. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report. My independence is established by the Constitution Act 1975. My staff and I are independent of the corporation in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Victoria. My staff and I have also fulfilled our other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

ord’s The Board of the corporation is responsible for the preparation and fair presentation of the responsiiities financial report in accordance with Australian Accounting Standards and the Financial or te Management Act 1994, and for such internal control as the Board determines is necessary inni to enable the preparation and fair presentation of a financial report that is free from report material misstatement, whether due to fraud or error. In preparing the financial report, the Board is responsible for assessing the corporation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is inappropriate to do so.

Auditor’s As reuired the Audit Act resonsiilit is to eress an oinion on the financial rsosiiitis reort ased on the audit oecties for the audit are to otain reasonale assurance or t udit aout hether the financial reort as a hole is free fro aterial isstateent hether o t ii due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable rort assurance is a high leel of assurance ut is not a guarantee that an audit conducted in accordance ith the Australian Auditing Standards ill alas detect a aterial isstateent hen it eists isstateents can arise fro fraud or error and are considered aterial if indiiduall or in the aggregate the could reasonal e eected to influence the econoic decisions of users taen on the asis of this financial reort As art of an audit in accordance ith the Australian Auditing Standards eercise rofessional udgeent and aintain rofessional sceticis throughout the audit also

• identif and assess the riss of aterial isstateent of the financial reort hether due to fraud or error design and erfor audit rocedures resonsie to those riss and otain audit eidence that is sufficient and aroriate to roide a asis for oinion he ris of not detecting a aterial isstateent resulting fro fraud is higher than for one resulting fro error as fraud a inole collusion forger intentional oissions isreresentations or the oerride of internal control • otain an understanding of internal control releant to the audit in order to design audit rocedures that are aroriate in the circustances ut not for the urose of eressing an oinion on the effectieness of the cororation’s internal control • ealuate the aroriateness of accounting olicies used and the reasonaleness of accounting estiates and related disclosures ade the Board • conclude on the aroriateness of the Board’s use of the going concern basis of accounting and ased on the audit eidence otained hether a aterial uncertaint eists related to eents or conditions that a cast significant dout on the cororation’s ability to continue as a going concern. If I conclude that a material uncertaint eists a reuired to dra attention in my auditor’s report to the related disclosures in the financial reort or if such disclosures are inadeuate to odif oinion conclusions are ased on the audit eidence otained u to the date of my auditor’s report. However, future events or conditions a cause the cororation to cease to continue as a going concern • ealuate the oerall resentation structure and content of the financial reort including the disclosures and hether the financial reort reresents the underling transactions and eents in a anner that achiees fair resentation counicate ith the Board regarding aong other atters the lanned scoe and tiing of the audit and significant audit findings including an significant deficiencies in internal control that identif during audit

EBE Paul artin Seteer 00 as deleate for the Auditoreneral of ictoria

135

DISCLOSURE INDEX Goulburn valley water Auditor’s As reuired the Audit Act resonsiilit is to eress an oinion on the financial rsosiiitis reort ased on the audit oecties for the audit are to otain reasonale assurance or t udit aout hether the financial reort as a hole is free fro aterial isstateent hether o t ii due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable

rort assurance is a high leel of assurance ut is not a guarantee that an audit conducted in The Annual Report of Goulburn Valley Region Water Corporation is prepared in accordance with all relevant Victorian | ANNUAL REPORT 2019| accordance ith the Australian Auditing Standards ill alas detect a aterial legislations. This index facilitates identification of the Corporation’s compliance with statutory disclosure requirements. isstateent hen it eists isstateents can arise fro fraud or error and are considered aterial if indiiduall or in the aggregate the could reasonal e eected LEGISLATION REQUIREMENT PAGE REFERENCE to influence the econoic decisions of users taen on the asis of this financial reort Ministerial Reporting Directions As art of an audit in accordance ith the Australian Auditing Standards eercise MRD 01 Performance Reporting 60 MRD 02 Water Consumption and Drought Response 33, 34

2020 rofessional udgeent and aintain rofessional sceticis throughout the audit also MRD 03 Environmental and Social Sustainability Reporting 39 MRD 04 Information on Bulk Entitlement 28 • identif and assess the riss of aterial isstateent of the financial reort hether MRD 05 Annual Reporting of Major Non-Residential Water Users 37 due to fraud or error design and erfor audit rocedures resonsie to those riss MRD 06 Greenhouse Gas and Energy Reporting 45 and otain audit eidence that is sufficient and aroriate to roide a asis for MRD 07 Disclosure of Information on Letter of Expectation Various Climate Change, E2 43 oinion he ris of not detecting a aterial isstateent resulting fro fraud is Climate Change, E3 44 higher than for one resulting fro error as fraud a inole collusion forger Customer and community outcomes, CR1 62 intentional oissions isreresentations or the oerride of internal control Customer and community outcomes, CR4 62 Customer and community outcomes, C2 52 • otain an understanding of internal control releant to the audit in order to design Water for Aboriginal cultural, spiritual and economic values, AC1 26 audit rocedures that are aroriate in the circustances ut not for the urose Water for Aboriginal cultural, spiritual and economic values, AC2 26 of eressing an oinion on the effectieness of the cororation’s internal control Water for Aboriginal cultural, spiritual and economic values, AC3 27 Resilient and liveable cities and towns, L1 40 • ealuate the aroriateness of accounting olicies used and the reasonaleness of Resilient and liveable cities and towns, L2 38 accounting estiates and related disclosures ade the Board Resilient and liveable cities and towns, L3 51 • conclude on the aroriateness of the Board’s use of the going concern basis of Resilient and liveable cities and towns, L4 50 Recognising recreational values, Rec 1 52 DISCLOSURE INDEX accounting and ased on the audit eidence otained hether a aterial Leadership and culture, G1 20, 25 uncertaint eists related to eents or conditions that a cast significant dout on Leadership and culture, G3 22 the cororation’s ability to continue as a going concern. If I conclude that a material Financial Sustainability, F1 – F7 54 uncertaint eists a reuired to dra attention in my auditor’s report to the Report of Operations related disclosures in the financial reort or if such disclosures are inadeuate to odif oinion conclusions are ased on the audit eidence otained u to Charter and purpose FRD 22H Manner of establishment and the relevant Minister 5 the date of my auditor’s report. However, future events or conditions a cause the FRD 22H Objectives, functions, powers and duties 5 cororation to cease to continue as a going concern FRD 22H Nature and range of services provided 5 • ealuate the oerall resentation structure and content of the financial reort Management and structure including the disclosures and hether the financial reort reresents the underling FRD 22H Organisational structure 10 transactions and eents in a anner that achiees fair resentation FRD 22H Directors of the Board 10 FRD 22H Audit committee membership 16 counicate ith the Board regarding aong other atters the lanned scoe and FRD 22H Board committees 16 tiing of the audit and significant audit findings including an significant deficiencies in internal control that identif during audit Financial and other information FRD 10A Disclosure index 135 FRD 12B Disclosure of major contracts 56 FRD 15E Executive officer disclosures 2, 64, 132 FRD 22H Performance against output performance measures All FRD 22H Workforce data 20 FRD 22H Employment and conduct principles 20 FRD 22H Public sector values and employment principles 20 FRD 22H Occupational Health and Safety 22 FRD 22H Five-year financial summary 54 EBE Paul artin FRD 22H Current year financial review 55 Seteer 00 as deleate for the Auditoreneral of ictoria FRD 22H Significant changes in financial position 55 FRD 22H Subsequent events 59 FRD 22H Consultancy expenditure 55

2 58 20 65 64 72 70 71 73 70 64 56 57 58 58 64 56 56 56 57 58 57 55 80 89 73 84 74 89 All All All All All 132 119 129 132 105 108 112 123 120 37, 46 2, 64, 132 PAGE REFERENCE PAGE Presentation and reporting of performance information and reporting Presentation of annual reports for the publication requirements Standard Statement of Changes in Equity Operating Statement Comprehensive Balance Sheet Cash Flow Statement Declaration of financial statements Responsible Body Declaration Compliance with Ministerial Directions Compliance with Model Report 1994 Victorian Auditor General Report Financial Management Act 1994 Victorian Local Jobs First data disclosure Workforce declaration Accountable Officer’s online Publication of report requirements Sign-off Financial Management Compliance Attestation Financial Management Compliance Attestation other authoritative and Compliance with Australian accounting standards pronouncements Accounting for Dividends Government advertising expenditure Government advertising ICT expenditure of Information Freedom available on request Additional information Policy Competitive Neutrality Building Act 1993 Act 2013 Disclosures Public Interest impacts Office-based environmental of ex-gratia payments Disclosure inflation and discount rates for employee benefits Wage Responsible person and executive officer disclosures Inventories Non-financial physical assets costs Borrowing Impairment of assets Cash flow statements Defined benefit superannuation obligations Financial Instruments – General Government Entities and public non-financial corporations contributed capital through Transfer period applicable to the reporting pronouncements Accounting and reporting assets Infrastructure REQUIREMENT FRD 27C FRD 30D SD 5.2.1 SD 5.2.1 SD 5.2.1 SD 5.2.1 SD 5.2.2 SD 5.2.3 SD 5.2.1 SD 5.2.1(b) Building Act 1993 Act 2012 Disclosures Protected Local Jobs First Act 2003 Financial Management Act 1994 Freedom of Information Act 1982 of Information Freedom Legislation FRD 25C FRD 29C SD 5.2.1(a) SD 5.2.1(c) SD 5.2.1 Other disclosures as required by FRD in notes to the financial statements FRD 03A Other requirements Standing DirectionsOther requirements Standing SD 5.2.1 SD 5.1.4 FRD 22H FRD 22H FRD 22H FRD 22H FRD 22H FRD 22H FRD 22H FRD 24C Financial Statements required under Part 7 of the FMA FRD 11A FRD 17B FRD 21C FRD 102 FRD 103G FRD 105A FRD 106 FRD 110A FRD 112D FRD 114B FRD 119A FRD 120L FRD 121 LEGISLATION

Goulburn valley water | ANNUAL REPORT 2019| 2020 136 DISCLOSURE INDEX