06 Financial Performance Report - Dec 2021

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.