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06 Financial Performance Report - Dec 2021
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FINANCIAL
PERFORMANCE
REPORT
December 2021
noosa.qld.gov.au
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Section 2
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
4. FINANCIAL PERFORMANCE REPORT – DECEMBER 2021
Author Financial Services Manager (Acting), Pauline Coles
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
Year-to-date (YTD) performance against current budget as at 31 December 2021 is positive with
operating revenues outperforming forecast and operating expenditure slightly under forecast YTD.
Capital revenues are in line with forecast with capital expenditure slightly behind due to the timing
of project delivery.
Budget Review 2 (BR2) which is detailed in a separate report included in the January 2021 General
Committee meeting agenda, includes a number of proposed adjustments which will be
incorporated into next month’s financial performance report once adopted.
YTD Financial Performance Summary
Budget Actual Variance Variance
Status
$m $m $m %
Operating Revenue $52.7 $56.0 $3.3 6.3% On Track
Operating Expense $51.6 $51.3 $0.2 0.4% On Track
Operating Position $1.1 $4.7 $3.6 324.4%
Capital Revenue $9.4 $9.9 $0.6 6.0% On Track
Capital Expenditure* $18.2 $15.3 $3.0 16.2% Below Budget
* 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
$60 $56.0
$52.7
$51.6 $51.3
$50
$40
$30
$20
$10
$-
Operating Revenue Operating Expenditure
YTD Budget ($m) YTD Actual ($m)
Section 3
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Council’s performance against key measures of financial sustainability have been calculated as at
December 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
Current
Target Actual YTD Status
Budget
Operating Surplus Ratio 0-10% -0.6% 8.3% On Track
Net Financial Liabilities Ratio <60% -4.9% -54.6% Above Target
Cash Cover Ratio 3 months 6.8 months 10.8 months Above Target
Asset Sustainability Ratio > 90% 121.9% 31.6% On Track
RECOMMENDATION
That Council note the report by the Financial Services Manager (Acting) to the General Committee
Meeting dated 17 January 2022 outlining December 2021 year to date financial performance
against budget, including changes to the financial performance report with the inclusion of key
financial sustainability indicators.
REPORT
Operating Revenue (YTD Benchmark 50.0%)
Council has received 52% ($56.0 million) of its operating revenue budget ($107.2 million).
Commentary on each revenue category is provided below.
Category Summary Comments
Rates and Levies $37.4 million (50%) of • Waste utility charges $318k above YTD budget (52%
the annual budget of or $6.7 million of $12.9 million budget earned)
$74.6 million has been • General rate (net of discounts) $101k below YTD
earned budget (50% or $28.0 million of $56.3 million budget
earned)
Fees and $5.2 million (72%) of • Development assessment fees $692k above YTD
Charges the $7.2 million annual budget (82% or $1.5 million of $1.8 million budget
budget has been earned)
earned • Plumbing application fees $396k above YTD budget
(81% or $841k of $1.0 million budget earned)
• Building application fees $107k above YTD budget
(59% or $469k of $791k budget earned)
Sale of Goods $6.5 million (63%) of • Waste management sale of recoverable materials
and Services the $10.2 million $492k above YTD budget (106% or $911k of $855k
budget has been budget earned).
received • Waste management disposal fees $352k above YTD
budget (54% or $2.0 million of $3.7 million budget
earned)
• Holiday Park sales $474k above YTD budget (69.5%
or $1.9 million of $2.8 million budget earned) – offset
by higher operating costs
• Community Facilities (NAC, NLC and The J) $160k
above YTD budget (55% or $1.4 million of $2.6 million
budget earned) – offset by higher operating costs
Section 4
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Category Summary Comments
Interest $376k (56%) of the • Interest revenues on cash invested will continue to be
Received $670k annual budget monitored given low interest rates and impacts on term
has been earned deposit / cash fund rate returns
Other Revenue $1.3m (43%) of the • Other revenue is in line with budget expectations at this
$3.1 million budget stage
has been earned
Operating $3.0 million (53%) of • Operating grants are in line with budget expectations
Grants, the $5.8 million budget at this stage.
Subsidies has been 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 little
Distributions budget variance risk
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$7.0
$6.5
YTD Budget ($m)
$6.0
$5.2 YTD Actual ($m)
$5.0
$5.0
$3.7
$4.0
$2.9 $3.1
$3.0
$1.9 $1.9
$2.0
$1.0 $1.1
$1.0 $0.6 $0.5
$0.4 $0.4
$0.0
Unitywater
Income
Other
Grants
Charges
Goods &
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 50.0%)
Actual operating expenditure is currently 48% ($51.3 million) of full year budget ($107.9 million).
Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $18.2 million (48%) of the • Under expenditure for permanent staff salaries
annual budget of $37.7 and wages ($1.6 million) partially offset by
million has been expended additional spend on casual staff and external
labour hire ($933k)
Materials and $22.7 million (46%) of the • Waste Management $357k below YTD budget
Services $49.3 million annual budget (46% or $5.1 million of $11.1 million budget
has been expended. spent)
• Mayor and Councillor Support costs $77k above
YTD budget ($81k of $8k budget spent) –
subscription for Council joining the SEQ Council
of Mayors
Section 5
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Category Summary Comments
• CEO’s Office $210k above YTD budget
(132.6% or $402k of $303k budget spent) – Kin
Kin Quarry legal appeal costs
• Holiday Parks $415k above YTD budget (73%
or $1.1 million of $1.4 million budget spent) –
offset by additional revenue.
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Figure 3: Operating Expenditure Position by Type
$25.0
$22.7 $22.7
YTD Budget ($m)
$20.0 $18.4 $18.2 YTD Actual ($m)
$15.0
$9.8 $9.8
$10.0
$5.0
$0.6 $0.6 $0.1 $0.1
$0.0
Finance Costs
Materials
Depreciation
Employees
Other
Tourism and Economic Development Investment Summary
Council resolved to report on a monthly basis, investment details for tourism and economic
development. Expenditure as at 31 December 2021 is outlined below, which includes the first
instalment payment to Tourism Noosa under the funding agreement.
Expenditure Annual Budget YTD Budget YTD Actual YTD Variance
$m $m $m
Payment to Tourism Noosa $2.52 $1.26 $1.26 -
Economic Development $0.95 $0.33 $0.43 ($0.1)
Total $3.47 $1.59 $1.69 ($0.1)
The payment of the second instalment to Tourism Noosa for 2021-22 ($1.26m) is in February 2022.
YTD Economic Development expenditure is below budget due to lower employee costs ($44k) as
the Branch Manager was acting as Director of Environment & Sustainable Development for the
first four months of the financial year 21/22 without additional backfill resourcing. There has also
been a delay in the delivery of initiatives under the Local Economic Plan ($94k).
Tourism and economic development activity is funded through the general rate, with 5.8% ($3.47
million) of the annual $59.7 million general rate committed towards tourism and economic
development. Actual year to date general rate revenue received is 0.36% ($101k) below budget
overall. When apportioned to the 5.8% share for tourism and economic development, this equates
to a $6k shortfall. To ensure full funding remains in place for these activities and contractual
commitments are met this shortfall funded through Council’s other general revenue and reserves.
Section 6
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Legal Cost Summary
Council requested an update on legal costs and associated expenditure. Expenditure as at 31
December 2021 is outlined below.
Legal and associated costs are $206k above YTD budget (58.2% or $914k of $708k budget spent),
this is due largely to costs associated with the Kin Kin Quarry. These additional costs will be
addressed as part of budget review 2 (BR2).
It should be noted legal costs are primarily driven by emergent issues and therefore prior year
expenditure may not be an appropriate comparison for projecting future costs.
Capital Revenue
YTD capital revenue of $9.6 million received comprises cash contributions from developers ($1.6
million) and capital grants ($7.6 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.
Figure 4: Capital Revenue by Type
$9.0
$7.3 $7.7
$8.0
YTD Budget ($m)
$7.0
YTD Actual ($m)
$6.0
$5.0
$4.0
$3.0
$1.5 $1.6
$2.0
$0.6 $0.7
$1.0
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Capital Program
Actual capital expenditure (excluding commitments) is $15.3 million (YTD budget $18.2 million).
Detailed discussion of progress in the delivery of the capital works program is provided through a
separate quarterly report by the Asset Planning Manager.
Section 7
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Figure 5: Capital Program Delivery Performance
$18.0
$15.7
$16.0
$13.4
YTD Budget ($m)
$14.0
YTD Actual ($m)
$12.0
$10.0
$8.0
$6.0
$4.0
$1.9 $1.2
$2.0
$0.6 $0.6
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of December was $79 million. Included in this balance are funds
held in trust and for restricted purposes (e.g. unexpended levy and grant funds), prepaid grants
including the financial assistance grant and other capital works grants, July rates payments
received, and unspent monies committed for funding capital projects which are underway and will
continue during the financial year.
The following pie charts present the mix of cash held at December 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
Figure 6: Closing Cash Held by Agency and Credit Rating
CBA
6% A1 +
(Commercial
Banks)
6%
A1 +
QTC (QTC)
94% 94%
The following chart monitors the 12 month trend on total cash and the agencies invested. Cash
balances will decline between September and January as cash from the bi-annual issue of rates
and levies in July are utilised to fund Council operations.
Section 8
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Figure 7: 12 Month Trend of Cash Invested by Agency
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
-
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-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 early stage of the financial year.
Category Comments
Operating Surplus Ratio • Intent: Identifies the extent to
90% 82.6%
which revenues cover
80% operational expenses, to
70%
ensure community equity is not
60.9%
60%
degraded
50%
44.5% • Target: 0 – 10%
40% 30.5% • Result: 8.3%
30%
18.3% • Comment: The slowly
20% declining ratio reflects the
8.3%
10% levying of 50% of rates in July
0% and gradual utilisation of these
-10% monies as expenditure occurs
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
on operations through the next
rate run in January 2022 and
Actual Budget Target
then through to the end of the
financial year at 30 June 2022
Section 9
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Category Comments
Cash Expense Cover • Intent: Indicates how long
14.0 council can continue paying its
12.5 12.8 12.5
12.2 11.9 day-to-day expenses from
Months (Cash to Cover Operations)
11.6 11.8
12.0 10.9 10.8 cash at bank without needing
10.1 10.4
9.7
10.0 additional cash flows
• Target: > 3 months
8.0
• Result: 10.8 months
6.0
• Comment: Council is forecast
4.0 to remain above target for the
financial year. Business as
2.0
usual expenditure through to
- - - - - - - - - - - - - 30 June 2022 will continue to
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
diminish Council’s cash
Actual Minimum (>0 months) holdings, albeit not below the
Target (3 months) Maximum (6 months) target range of 3 – 6 months.
Asset Sustainability Ratio • Intent: Measures the extent to
140% which assets are being
121.9% replaced as their condition
120%
degrades to ensure service
100% potential is maintained
90% • Target: 90% of depreciation
80%
budget spent on renewals
60% annually
40%
31.6%
• Result: In line with budget
26.3%
17.2% • Comment: It is expected that
20%
6.5% 10.1% the ratio will progressively
0.9%
0% increase each month as
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun expenditure on renewals
occurs as part of the capital
Actual Renewal Spend (%) Target (%) Renewals Budget (%)
works program.
Net Financial Liabilities Ratio • Intent: Outlines the level that
net Council debt can be
80%
60%
serviced by operating
60% revenues. A ratio below zero
implies that liabilities are less
40% than cash (and other current
20%
assets) and there is adequate
borrowing capacity available if
0% needed.
Target Budget YTD Actual • Target: less than 60%
-20%
-5% • Result: -55%
-40%
• Comment: Council has low
-60%
debt levels and strong cash
-55% holdings. Cash received from
-80% the July rates revenue also
inflates the YTD actual
position.
Section 10
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Category Comments
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 (0.06%)
• Result: 0.44%
• 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. QTC at
call rate currently 0.6%.
Closest comparable term
deposit rate from other
institutions is 0.55% and is for
longer investment terms at 12+
months
Rates in Arrears • Intent: Ensuring that the
amount of unpaid rates
12.0%
remains sustainable & does
Percentage of Annual Rates in Arrears
10.2%
10.0% 9.5% not negatively impact cash
flows
8.0% 7.4% 7.3%
6.5%
• Target: 5% industry
6.2% 6.0%
5.7% 5.7% benchmark
6.0% 5.0% 5.2%
4.6% • Result: 6.0%
4.0% • Comment: Rates arrears
continue to decline from the
2.0%
high point in the cycle however
0.0%
they remain slightly above
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec target. Reminder notices were
issued in October. Recovery
Actual Target action may be considered
where appropriate.
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.
Some examples of identified risks within the register that could have potential impact on Council’s
operational performance, capital program delivery, cashflow and cash reserves include:
• Substantial damage to or failure of Council infrastructure due to natural disaster or other
emergent issue that may require significant unplanned investment
• Closure of council facilities due to ongoing Covid 19 restrictions
• A prolonged IT system failure affecting Council’s ability to deliver services or issue rates notices
• Economic conditions affecting ratepayers’ ability to pay rates
• Market driven increases in construction and operational costs significantly above estimates
• Labour and material shortages and delays
Section 11
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Actions to manage and mitigate financial risk on these factors include monthly ongoing financial
reporting to identify and address issues, conservative budgeting and compliance with the Financial
Sustainability Policy, regular budget reviews, effective liquidity management to ensure sufficient
fiscal flexibility, as well as the Reserves and Restricted Cash policy requiring both a disaster
management reserve and 3 months cash cover reserves to fund emergent matters.
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 Support Director X Director
Community Development X Financial Services
Community Facilities Fleet
Libraries & Galleries ICT
Local Laws Procurement
Waste & Environmental Health Property
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 12
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 1
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 1
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74.591 37.152 37,381 50%
Fees and charges 7.185 3,724 5.193 1469 72%
Interest received 670 375 376 1 56%
Sale of Goods and major services 10,224 4.961 6481 1,520 63%
Sale of contract and recoverable works 23 - 0 0 1%
Rental & lease income 1.885 1,050 1,050 1 56%
Other income 1,224 551 522 (30) 43%
Grants, subsidies, contributions and donations 5.797 2.942 3,081 149 53%
Unitywater Distributions 5,650 1.919 1.919 - 34%
107,248 52,674 56,014 3,340 52%
Expenses
Recurrent Expenses
Employee benefits 37,701 18,398 18,217 182 48%
Materials and services 49.303 22,723 22,674 49 48%
Finance costs 1,114 559 568 (10) 51%
Depreciation 19.589 9.795 9.796 (1) 50%
Other expenses 233 101 95 6 41%
107,941 51,575 51,350 225 48%
Operating Result, 682) 099 aS
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,397 1453 1,600 147 115%
Contributed assets 1,500 637 677 40 45%
Capital grants and subsidies 24.984 7,286 7.665 379 31%
(Cash / revenue (24.954 9.505 6.893 (2,611) 28%
New loan borrowings 2.360 - - - 0%
Other capital revenue - - - - 0%
Total CapitalFunding = 85S 188016885208)
Capital Expenditure
Contributed assets 1,500 637 677 40 45%
Capital works - constructed assets 47,605 15,712 13,409 (2,303) 28%
Capital works - other capital 4.792 1,883 1,235 (648) 26%
Loan redemption 1,297 648 648 - 50%
Other oie ponditure - - 866 866 0%Section 13
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 2
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 2
Current Assets
Cash and cash equivalents 49,747 78,744 68,895
Trade and other receivables 10,137 7,693 7 467
Inventories 181 154 144
Contract Assets - 487 487
Other current assets 2,912 3,634 4,955
62.978 90,712 81,948
Non Current Assets held for sale - - -
Total Current Assets 62,978 90,712 81,948
Non Current Assets
Trade and other receivables 49,593 49,468 49,468
Other non current Assets - - -
Investments 88,040 92,434 92,434
Investment property 3,000 2,900 2,900
Property, plant and equipment 1,009,996 957,422 952,579
Right of Use Assets 161 89 89
Intangible assets 8.128 2.839 3,036
Total Non Current Assets 1,158,317 1,105,151 1,100,506
Total Assets 1,221,895 1,195,863 1,182,454
Current Liabilities
Trade and other payables 7,151 10,055 10,468
Contract Liabilities - 4.377 4.377
Borrowings 848 586 955
Lease Liablities - 25 25
Provisions 7,582 5,052 4,947
Other 4.780 3.157 2,898
Total Current Liabilities 20,361 23,252 23,669
Non Current Liabilities
Borrowings 21,989 20,258 20,258
Lease Liabilities 110 66 66
Provisions 15,307 16,555 16,555
Total Non Current Liabilities 37,406 36,879 36,879
Total Liabilities 57,767 60,131 60.549
Net Community Assets 1,164,128 1,135,732 1,121,905
Community Equity
Asset Revaluation Surplus 121,483 108,561 108,473
Retained Surplus / (Defeciency) - - -
Shire Capital 1,042,645 1,008,596 1,004,202
Current Year Net Earnings - 18,576 9,230
Total Community Equity 1,164,128 1,135,732 1,121,905Section 14
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 3
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 3
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 92.622 53,703 93,975
Payments to Suppliers and Employees (87.376) (44.433) (84,528)
5,246 9,270 9,447
Investment and Interest Revenue Received 3,270 880 3,401
Rental Income 1,874 1,050 1,365
Non Capital Grants and Contributions 5,765 3,091 6,085
Income Tax Equivalent Received 1,200 785 1,450
Income from Equity Investments 1,850 630 1,600
Payments:
Borrowing Costs - - (2.499)
Interest Expense (516) (78) (131)
Cash Flows from Investing Activities
Proceeds of Sale of Property, Plant and Equipment - 103 217
Grants, Subsidies, Contributions and Donations 26.381 9,265 13,679
Payments:
Payments of Property, Plant and Equipment (51,568) (14,373) (22,721)
Payments for Intangible Assets (829) (273) (1,385)
Net Movement in Loans and Advances - 125 125
Cash Flows from Financing Activities
Proceeds from Borrowings 2.360 - 2,500
Payments:
Repayment of Borrowings (736) (626) (1,263)
Cash and Cash Equivalents at the beginning of the reporting period 55.451 68,894 57,023Section 15
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 4
GENERAL COMMITTEE MEETING AGENDA 17 JANUARY 2022
Attachment 4
Materials and services
Advertising and Marketing 227 124 123 1 54%
Administration Supplies and Consumables 751 354 336 18 45%
Audit Expenditure 174 11 12 (1) 7%
Communications and IT 684 409 448 (39) 66%
Commission Paid 1,079 541 761 (220) 70%
Consultancy Services 1,166 508 610 (103) 52%
Contract Services 23,482 10,569 10,130 439 43%
Contributions, Donations, Sponsorship and Prizes 3.471 1,739 1,661 78 48%
Electricity 1,729 860 819 41 47%
intemal Fleet Costs and External Plant Hire 1,668 797 922 (125) 55%
Grants Paid to Community Organisations 1,934 961 1,060 (99) 55%
Insurance 690 654 642 12 93%
Legal Expenses 1,272 558 762 (204) 60%
Operating Leases and Rentals 292 146 145 1 50%
Software and Maintenance 2.166 1,129 1,134 (4) 52%
Subscriptions and Registrations 201 199 290 (91) 99%
Waste Levy Payments 1.460 730 771 (42) 53%
Water and Sewerage Charges 1,084 451 429 22 40%
All Other Materials and Services 5.684 1,983 1,619 364 28%
49,303 22,723 22,674 49 46%