BUDGET REVIEW 2 (BR2) FOR THE 2024/25 FINANCIAL YEAR · Report

GENERAL COMMITTEE MEETING                                                         20 JANUARY 2025



RECOMMENDATION
That Council note the report by the Financial Services Manager to the General Committee Meeting
dated 20 January 2025 regarding Budget Review 2 for the 2024/25 Financial Year and
A. Approve the proposed changes to the budget for the 2024/25 financial year as outlined in the
   Revised Budget Financial Statements provided in Attachment 1 - 4 to the report; and
B. Adopt the proposed general cost recovery fees and commercial charges schedule for Noosa
   Holiday Parks for the period 27 January 2026 to 13 July 2026, and the introduction of an
   application for consideration under the superseded planning scheme fee as detailed in the tables
   contained within the report.


REPORT
Section 170(3) of the Local Government Regulation 2012 allows Council, by resolution, to amend
the budget at any time before the end of the financial year. Consequently, formal budget reviews are
scheduled to occur at least twice annually during August and December, and a third in April if
required, using the latest financial information available as the basis to revise the budget forecast.
The key criteria for budget reviews include:

   1. Council must target compliance with its Financial Sustainability Policy.
   2. The eligible capital or operating projects must be delivery-ready with a commitment to
      complete the project during the year.
   3. Capital submissions will be reviewed and authorised by the Capital Works Executive before
      inclusion as a budget review submission, where the group will consider justification for the
      request, deliverability as well as organisational and community priorities before endorsing
      any capital works.
   4. All operating and capital submissions for additional spend, reallocation of savings or
      additional revenue will be confirmed by the Executive Team based on a business risk
      assessment.
The revised statement of comprehensive income, included as Attachment 3, identifies the financial
statement line items that have been affected by the proposed budget adjustments. The budget
financial statements, included in Attachment 4, also identify the impact of the proposed budget
adjustments to Council’s financial sustainability indicators.

1. Proposed Operating Budget Adjustments

A proposed 42 operational budget adjustments will result in a $278k improvement to the
operating deficit. The following table summarises the operational submissions by type of
funding, with a detailed list contained in Attachment 1. The financial statements in Attachments
3 and 4 outline the revised budget position as a result of these proposed adjustments.

 Type                                    Submissions        Revenue         Expense              Net
                                                              ($’000)        ($’000)         ($’000)
 Additional Revenue                            3                $885           $274            $611
 General Revenue Funded (Emergent)             25             ($159)             $375         ($534)
 Grant Funded                                  13               $582             $381          $201
 Levy Funded                                   1                  $-               $-             $-
 Total                                         42             $1,308          $1,030           $278