2021-03-15 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                         15 MARCH 2021


   Figure 1: Actual Performance Compared to Budget

     $100
                                                 YTD Budget ($m)
                          $85.8       $90.6
      $90
                                                 YTD Actual ($m)
      $80
      $70
                                                                      $63.0      $62.8
      $60
      $50
      $40
      $30
      $20
      $10
        $-
                        Operating Revenue                          Operating Expenditure

   Council’s performance against key measures of financial sustainability have been calculated
   as at February 2021. These indicators enable the reader to assess Council’s success in
   managing its budget, cash and debt as well as undertaking sustainable asset management.
   The table below contains a snapshot of a number of key measures, with full detail included
   in the report.

    YTD Measures of Financial Sustainability
                                       Target      Current         Actual YTD
                                                   Budget
    Operating Surplus Ratio            0-10%        -3.0%             30.7%          On Track
    Net Financial Liabilities Ratio    <60%         -8.5%             -48.4%         On Track
    Cash Cover Ratio                  3 months    7.9 months       12.5 months     Above Target
    Asset Sustainability Ratio         > 90%       100.1%             59.9%          On Track


   RECOMMENDATION
   That Council note the report by the Manager Financial Services to the General Committee
   Meeting dated 15 March 2021 outlining February 2021 year to date financial performance
   against budget, including performance against key financial sustainability indicators.



   REPORT
   Operating Revenue (YTD Benchmark 66.67%)
   Council has received 93% ($90.6 million) of its operating revenue budget ($96.9 million).
   Commentary on each revenue category is provided below.

    Category              Summary                         Comments
    Rates and Levies      $69.3 million (101%) of the     •    Waste utility charges $836k above YTD
                          annual budget of $68.4               budget (107% or $13.2 million of $12.4
                          million has been earned              million budget earned), due to recovery of
                                                               collection services previously impacted
                                                               by the COVID-19 pandemic (partially
                                                               offset by additional contractor operating
                                                               costs)


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