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FINANCIAL
PERFORMANCE
REPORT
July 2021
noosa.qld.gov.au
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Section 2
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
10 FINANCIAL PERFORMANCE REPORT – JULY 2021
Author Manager Financial Services, Trent Grauf
Corporate Services Department
Index ECM/ Subject/ 22.09 – Monthly Financial Performance Report
Attachments 1. Statement of Income and Expenditure (Profit & Loss and Capital)
2. Statement of Financial Position
3. Statement of Cash Flows
4. Summary of Materials and Services Expenditure
EXECUTIVE SUMMARY
Performance against current budget for the first month of the new financial year aligns with YTD
budget. Note that budget review (BR1) carryovers (also included in the Council meeting agenda)
have not yet been adopted and are excluded from these results.
YTD Financial Performance Summary
Budget Actual Variance Variance Status
$m $m $m %
Operating Revenue $41.0 $42.0 $1.0 2.4% On Track
Operating Expense $8.0 $7.4 $0.6 7.8% On Track
Operating Position $33.0 $34.6 $1.6 4.9%
Capital Revenue $0.3 $2.4 $2.0 597.5% Above Budget
Capital Expenditure* $0.3 $0.3 $0.0 9.7% On Track
* Reflects constructed assets and intangibles only (excludes contributed)
Financial statements including Statement of Income & Expenditure, Statement of Financial Position
(balance sheet), and Statement of Cash Flows are included as attachments for information for
Council.
Figure 1: Actual Performance Compared to Budget
$45 $41.0 $42.0
YTD Budget ($m)
$40 YTD Actual ($m)
$35
$30
$25
$20
$15
$10 $8.0 $7.4
$5
$-
Operating Revenue Operating Expenditure
Section 3
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Council’s performance against key measures of financial sustainability have been calculated as at
July 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% 0.3% 82.5% On Track
Net Financial Liabilities Ratio <60% -8.1% -150.7% On Track
Cash Cover Ratio 3 months 7.4 months 10.4 months On Track
Asset Sustainability Ratio > 90% 107.8% 0.8% On Track
RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee Meeting
dated 16 August 2021 outlining July 2021 year to date financial performance against budget,
including performance against key financial sustainability indicators.
REPORT
Operating Revenue (YTD Benchmark 8.3%)
Council has received 39% ($42.0 million) of its operating revenue budget ($106.6 million).
Commentary on each revenue category is provided below.
Category Summary Comments
Rates and Levies $38.7 million (52%) of the Waste utility charges $345k above YTD budget
annual budget of $74.6 (53% or $6.8 million of $12.9 million budget
million has been earned earned)
All other rates and charges in line with YTD
budget
Fees and $1.2 million (16%) of the $7.2 Development assessment fees $143k above
Charges million annual budget has YTD budget (15% or $282k of $1.8 million
been earned budget earned)
Plumbing application fees $40k above YTD
budget (20% or $202k of $1.0 million budget
earned)
Sale of Goods $975k (10%) of the $10.2 Waste management sale of recoverable
and Services million budget has been materials $113k above YTD budget (10% or
received $462k of $4.6 million budget earned).
Holiday Park sales $43k above YTD budget (9%
or $269k of $2.8 million budget earned) –
however will be impacted from COVID-19
pandemic related closures in August. Any
revenue impact will be offset by reduced
operating costs
Community Facilities (NAC, NLC and The J)
$78k above YTD budget (8% or $218k of $2.6
million budget earned) – however will be
impacted from COVID-19 pandemic related
closures in August. Any revenue impact will be
offset by reduced operating costs
Section 4
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Category Summary Comments
Interest $30k (5%) of the $670k Interest revenues on cash invested will need
Received annual budget has been ongoing monitoring given low interest rates and
earned impacts on term deposit / cash fund rate return
Unitywater On track Nil
Dividend and
Tax
Other Revenue $256k (9%) of the $2.9 Other revenue is in line with budget
million budget has been expectations at this stage
earned
Operating $887k (16%) of the $5.4 Operating grants are in line with budget
Grants, million budget has been expectations at this stage.
Subsidies received 50% ($1.2 million) of the financial assistance
grant was again prepaid in June 2021 and may
impact on Council’s 2021/22 final operating
position if the prepayment approach is
discontinued by the Australian government.
Unitywater On track Unitywater distributions are fixed each year so
Distributions little budget variance risk
Unitywater have advised that distributions will
not change due to any COVID-19 impacts on its
financial position
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$1.4
$1.2
$1.2 YTD Budget ($m)
$1.0
$1.0 YTD Actual ($m)
$1.0 $0.9
$0.8 $0.7
$0.7
$0.6
$0.4
$0.2 $0.2 $0.2
$0.0 $0.1 $0.1
$0.0 $- $-
$0.0
Other
Charges
Income
Grants
Goods &
Unitywater
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 8.3%)
Actual operating expenditure is currently 7% ($7.4 million) of full year budget ($106.3 million).
Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $2.5 million (7%) of the Under expenditure for permanent staff salaries
annual budget of $37.7 and wages ($499k) partially offset by additional
million has been expended spend on casual staff and external labour hire
($71k).
Section 5
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Category Summary Comments
Materials and $3.1 million (7%) of the $47.7 Development Assessment legal appeals $87k
Services million annual budget has below YTD budget (0.4% or $4k of $1.1 million
been expended. budget spent)
Waste Management costs for landfill operation
and waste collection $125k below YTD budget
(7% or $769k of $11.1 million budget spent)
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Figure 3: Operating Expenditure Position by Type
$5.0 $4.7 $4.6
YTD Budget ($m)
$4.5
$4.0 YTD Actual ($m)
$3.5
$3.0 $2.6 $2.6
$2.5
$2.0 $1.6 $1.6
$1.5
$1.0
$0.5 $0.1 $0.1 $0.0 $-
$0.0
Finance Costs
Materials
Depreciation
Employees
Other
Tourism and Economic Development Investment
Council resolved to report on a monthly basis investment details for tourism and economic
development. Expenditure as at 31 July 2021 is outlined below. The first instalment payment is due
to Tourism Noosa under the funding agreement in August 2021 following the end of the rates
discount period.
Expenditure Budget YTD Actual
$m Budget $m
$m
Payment to Tourism Noosa $2.52 $0 $0
Economic Development $0.98 $0.06 $0.05
Total $3.50 $0.06 $0.05
Capital Revenue
YTD capital revenue of $2.4 million received comprises cash contributions from developers ($318k)
and capital grants ($2.1 million). Note that the timing of capital grant receipts are generally dependent
on the timing of grant conditions and also capital delivery performance, and that the timing of the
receipt of developer contributions (both cash and contributed) is unpredictable.
Section 6
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Figure 4: Capital Revenue by Type
$2.5
$2.1
$2.0 YTD Budget ($m)
YTD Actual ($m)
$1.5
$1.0
$0.5 $0.3 $0.3
$0.0 $- $-
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Capital Program
Actual capital expenditure (excluding commitments) is $284k (YTD budget $315k). Capital
carryovers included in the budget review will increase the total capital program. Detailed discussion
of progress in the delivery of the capital works program is provided through a separate report by the
Asset Planning Manager.
Figure 5: Capital Program Delivery Performance
$0.3
$0.2
$0.2 YTD Budget ($m)
$0.2
YTD Actual ($m)
$0.2
$0.1 $0.1 $0.1
$0.1
$- $-
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of July was $74 million. Included in this balance are funds held in trust
and for restricted purposes (e.g. unexpended levy and grant funds), the prepaid financial assistance
grant and unspent monies committed for funding capital projects which are underway and will likely
carryover into the 2021/22 financial year.
The pie charts on the following page present the mix of cash held at July 2021 by agency (graph on
the left) and by credit risk rating (graph on the right). All funds have been invested in accordance
with the Investment Policy and in consideration of the principles of ethical investment, preservation
of capital, return on investment and counterparty thresholds
Section 7
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Figure 6: Closing Cash Held by Agency and Credit Rating
CBA A1 +
10% (Commercial Banks)
10%
A1 +
QTC (QTC)
90% 90%
The following chart monitors the year-to-date trend on total cash and the agencies invested. The
bi-annual issue of rates and levies occurred in July, which will increase cash balances from July
through to August.
Figure 7: 12 Month Trend of Cash Invested by Agency
100,000,000
90,000,000
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Bendigo TD Westpac TD NAB TD Suncorp TD CBA TD QTC CBA Operating
Measures of Financial Sustainability
The following table incorporates a set of financial sustainability indicators to further assist in
managing Council financial performance. There are no current emerging risks regarding
performance noting the financial year has only just commenced.
Section 8
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Category Comments
Operating Surplus Ratio Intent: Identifies the extent to
90% 82.5% which revenues cover operational
80%
expenses, to ensure community
equity is not degraded
70%
Target: 0 – 10%
60%
Result: 82.5%
50%
40%
Comment: The high ratio reflects
the levying of rates in July, which
30%
will degrade as expenditure
20%
occurs on operations through the
10%
#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A financial year to 30 June 2022
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Actual Budget Target
Cash Expense Cover Intent: Indicates how long council
14.0 can continue paying its day-to-
12.5 12.2 day expenses from cash at bank
Months (Cash to Cover Operations)
11.5 11.6
12.0 11.1 10.7 10.9 without needing additional cash
10.1 10.1 10.4
9.7 flows
10.0 9.1
Target: > 3 months
8.0
Result: 10.4 months
6.0
Comment: Whilst current cash
4.0 cover remains above target,
business as usual expenditure
2.0
through to 30 June 2022 will
- - - - - - - - - - - - - degrade Council’s cash holdings,
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul albeit not below the target range
Actual Minimum (>0 months) of 3 – 6 months.
Target (3 months) Maximum (6 months)
Asset Sustainability Ratio Intent: Measures the extent to
120% which assets are being replaced
107.8%
as their condition degrades to
100% ensure service potential is
90% maintained
80%
Target: 90% of depreciation
60%
budget spent on renewals
annually
40% Result: In line with budget
Comment: The capital program
20%
has only just commenced. It is
1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0% expected that the ratio will
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun progressively increase each
month as expenditure on
Actual Renewal Spend (%) Target (%) Renewals Budget (%)
renewals occurs.
Section 9
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Category Comments
Net Financial Liabilities Ratio Intent: Outlines the level that net
Council debt can be serviced by
100%
operating revenues. A ratio below
60%
zero implies that liabilities are less
50%
than cash (and other current
assets) and there is adequate
0% borrowing capacity available if
Target Budget YTD Actual
-8% needed.
-50%
Target: less than 60%
Result: -151%
-100%
Comment: Council has low debt
levels and strong cash holdings.
-150%
-151% The July rates revenue also
inflates the YTD actual outcome
-200%
Investment Return Intent: Ensure appropriate return
on investment yield for cash at
bank.
Target: 0.25% above current
Bloomberg commonwealth 10
year bond rate yield (0.04%)
Result: 0.48%
Comment: Regardless of the
current levels of low long term
bond and interest rates (due to
current economic conditions),
Council’s investment return still
remains above target
Rates in Arrears Intent: Ensuring that the amount
of unpaid rates remains
12.0%
Percentage of Annual Rates in Arrears
sustainable and does not
9.6% 9.5% negatively impact cash flows
10.0%
Target: 5% industry benchmark
8.0% 7.1% 7.4%
6.0% 5.8% 5.7% 6.2% Result: 5.2%
5.7%
6.0% 5.0% 5.2% Comment: Rates arrears are in
4.5%
line with performance for the
4.0%
previous 6 and 12 monthly cycles.
2.0%
0.0%
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Actual Target
Previous Council Consideration
Nil.
Finance
As above.
Risks & Opportunities
Council’s risk register includes a number of risks that could impact on ongoing financial sustainability.
Effective budget management and reporting is an important risk mitigation tool.
Section 10
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Consultation
External Consultation - Community & Stakeholder
Nil.
Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.
Departments/Sections Consulted:
X Chief Executive Officer X Community Services X Corporate Services
Executive Officer Director X Director
Executive Support Community Development X Financial Services
Community Facilities ICT
Libraries & Galleries Procurement & Fleet
Local Laws Property
Waste & Environmental Health Revenue Services
X Executive Services X Environment & Sustainable Development X Infrastructure Services
Director Director Director
Community Engagement Building & Plumbing Services Asset Management
Customer Service Development Assessment Buildings and Facilities
Governance Economic Development Civil Operations
People and Culture Environmental Services Disaster Management
Strategic Land Use Planning Infrastructure Planning,
Design and Delivery
Section 11
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74,591 38,334 38,683 359 52%
Fees and charges 7,185 1,011 1,157 146 16%
Interest received 670 22 30 8 5%
Sale of Goods and major services 10,224 730 o75 245 10%
Sale of contract and recoverable works 23 - 0 0 0%
Rental & lease income 1,885 151 163 12 9%
Other income a74 73 93 20 10%
Grants, subsidies, contributions and donations 5,432 688 887 199 16%
Unitywater Distributions 5.650 - - - 0%
106,634 41,009 41,998 39%
Expenses
Recurrent Expenses
Employee benefits 37,695 2.814 2,505 309 7%
Materials and services 47,693 3,442 3.125 316 T%
Finance costs 1,114 84 87 (3) 8%
Depreciation 19,589 1,632 1,632 - 8%
Other expenses 233 6 7 a) 3%
106,325 7,979 7,357 7%
OperatingResult, 809 8803 De
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,397 318 318 - 23%
Contributed assets 1,500 - - - 0%
Capital grants and subsidies 20,562 24 2,064 2,040 10%
Cash / revenue 22,578 (27) (2,097) (2,070) 2%
New loan borrowings 2,360 - - - 0%
Other capital revenue - - - - 0%
Total Capital Funding: 8397
Capital Expenditure
Contributed assets 1,500 - - - 0%
Capital works - constructed assets 42,005 227 196 (31) 0%
Capital works - other capital 3,595 88 88 0 2%
Loan redemption 1,297 - - - 0%
Other a I ae - - - - 0%Section 12
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Current Assets
Cash and cash equivalents 53,042 74,055 68,895
Trade and other receivables 10,087 41,484 5,502
Inventories 181 171 167
Contract Assets - 27 27
Other current assets 2,912 4,299 4,946
66,222 120,035 79,536
Non Current Assets held for sale = = =
Total Current Assets 66,222 120,035 79,536
Non Current Assets
Trade and other receivables 49 593 49, 593 49,593
Other non current Assets - - -
Investments 88,040 88,040 88,040
Investment property 3,000 3,000 3,000
Property, plant and equipment 1,003,268 952,208 953,514
Right of Use Assets 161 161 161
Intangible assets 8,059 8,006 8,049
Total Non Current Assets 1,152,120 1,101,007 1,102,356
Total Assets 1,218,342 1,221,042 1,181,892
Current Liabilities
Trade and other payables 7,018 14,589 10,434
Contract Liabilities - 1,568 1,568
Borrowings 848 1,000 955
Lease Liablities - 54 54
Provisions 7,582 2,601 5,067
Other 4,780 1,175 782
Total Current Liabilities 20,228 20,986 18,859
Non Current Liabilities
Borrowings 21,989 20,258 20,258
Lease Liabilities 110 110 110
Provisions 15,307 15,399 15,399
Total Non Current Liabilities 37,406 35,767 35,767
Total Liabilities 57,034 56,753 54,626
Net Community Assets 1,160,708 1,164,289 1,127,266
Community Equity
Asset Revaluation Surplus 121,483 109,584 109,584
Retained Surplus / (Defeciency) - - -
Shire Capital 1,039,225 1,003,273 998,575
Current Year Net Earmings - 51,432 19,107
Total Community Equity 1,160,708 1,164,289 1,127,266Section 13
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 92,418 6,367 93,975
Payments to Suppliers and Employees (85,893) (4,381) (84,528)
6,525 1,986 9,447
Receipts:
Investment and Interest Revenue Received 3,269 30 3,401
Rental Income 1,875 163 1,365
Non Capital Grants and Contributions 5,405 887 6,085
Income Tax Equivalent Received 1,200 - 1,450
Income from Equity Investments 1,850 - 1,600
Payments:
z ing Cost - - (2,499)
Interest Expense (516) (4) (131)
Net Cash Infiow/(Outflow) from Operating Activities == 49,608 3,083 20,719
Cash Flows from Investing Activities
Receipts:
Proceeds of Sale of Property, Plant and Equipment - - 217
Grants, Subsidies, Contributions and Donations 21,959 2,381 13,679
Payments:
Payments of Property, Plant and Equipment (44,840) (249) (22,721)
Payments for Intangible Assets (760) (35) (1,385)
Net Movement in Loans and Advances - - 125
Net Cash Inflowi(Outflow) from Investing Activities == (23,641) 09710085)
Cash Flows from Financing Activities
Receipts:
Proceeds from Borrowings 2,360 - 2,500
Payments:
Repayment of Borrowings (736) - (1,263)
Net Cash Inflowi(Outflow) from Financing Activities 4628 HT
Net Increasel(Decrease) in Cash andCashEquivalentsheld = _ (2.409) 51600 14,874
Cash and Cash Equivalents at the beginning of the reporting period 55,451 68,894 57,023Section 14
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
GENERAL COMMITTEE MEETING AGENDA 16 AUGUST 2021
Materials and services
Advertising and Marketing 224 19 5 14 2%
Administration Supplies and Consumables 745 46 41 5 5%
Audit Expenditure 174 - - - 0%
Communications and IT 684 56 42 14 6%
Commission Paid 1,079 88 95 (7) 9%
Consultancy Services 1,166 63 47 16 4%
Contract Services 21,891 1,368 1,210 158 6%
Contributions, Donations, Sponsorship and Prizes 3,471 1 - 1 0%
Electricity 1,729 128 132 (4) 8%
Internal Fleet Costs and External Plant Hire 1,668 140 134 6 8%
Grants Paid to Community Organisations 1,920 222 222 - 12%
Insurance 690 373 393 (21) 57%
Legal Expenses 1,272 91 (4) 96 0%
Operating Leases and Rentals 292 72 60 11 21%
Software and Maintenance 2,166 208 208 (0) 10%
Subscriptions and Registrations 291 160 153 7 53%
Waste Levy Payments 1,460 122 122 (1) 8%
Water and Sewerage Charges 1,084 79 65 14 6%
All Other Materials and Services 5,687 207 199 7 4%
47,693 3,442 3,125 316 7%