2019-06-28 Special Meeting Agenda

SPECIAL MEETING AGENDA                                                             28 JUNE 2019


5                        STATEMENT OF ESTIMATED FINANCIAL POSITION FOR THE 2018-19 FINANCIAL
                         YEAR
DOCUMENT INFORM AT ION




Author                           Manager Financial Services, Trent Grauf
                                 Corporate Services Department

Index                            ECM/ Subject/ 2019 - 2020 Budget

Attachments                      1.   Statement of Estimated Financial Position



EXECUTIVE SUMMARY
Not applicable.

RECOMMENDATION
That Council note the report by the Manager Financial Services to the Special Meeting dated 28
June 2019 and pursuant to section 205 of the Local Government Regulation 2012, note the
Statement of Estimated Financial Position for the 2018/19 Financial Year which is provided as
Attachment 1 to the report.



REPORT
The Statement of Estimated Financial Position is a statement that must be presented to the
Council as part of the Council’s annual budget meeting and is a requirement under section 205 of
the Local Government Regulation 2012.

The Statement of Estimated Financial Position is a document that states the estimated financial
operations and financial position of Council for the 2018/19 financial year.

The financial statements as provided in Attachment 1 provides a comparison between the
2018/19 original budget and the latest forecast (being the current budget or Budget Review 3
adopted at Council’s Ordinary Meeting on 18 April 2019).

The estimated financial position does not include any finance costs or fees associated with the
early repayment of $10 million of loan borrowings to be made on 28 June 2019, as adopted at
Council’s Ordinary Meeting on 16 May 2019 (subsequent to adoption of Budget Review 3).

It should also be noted that end of financial year adjustments such as changes in employee
payables in addition to asset adjustments may change the final financial position once known.

As part of transparent reporting processes interim financial performance is reported to Council in
the July round of meetings, with a final financial year-end wrap up report provided following
completion of the audit by the Queensland Audit Office (usually November or December each
year).




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