2018-08-13 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                           13 AUGUST 2018



6                        BUDGET REVIEW 1 (BR1) FOR THE 2018/19 FINANCIAL YEAR
DOCUMENT INFORM AT ION




Author                            Manager Financial Services, Trent Grauf
                                  Corporate Services Department

Index                             ECM/ Subject/ 7.20 – 2018-2019 Budget

Attachments                       1.   Proposed Operating Budget Submissions
                                  2.   Proposed Capital Budget Submissions
                                  3.   Revised Capital Program
                                  4.   Revised Statement of Income and Expenditure
                                  5.   Revised Budget Financial Statements


EXECUTIVE SUMMARY
The Local Government Act 2009 and Local Government Regulation 2012 require Council to
undertake regular reviews of the adopted budget to ensure it remains reflective of planned
activities to be funded through the financial year. This first budget review for the 2018/19 financial
year (BR1) incorporates:
 Any capital or operating projects that were incomplete with unspent budgets at the close of
    the 2017/18 financial year and are eligible for carryover into the current budget year.
 Any new or emergent actions arising from Council resolution, Executive Team or Capital
    Works Executive Committee action since the adoption of the original budget in July 2018.

In summary the budget review is proposing a decrease of $139k to Council’s operating surplus
resulting in a revised operating surplus of $14k.Capital grant revenue has increased by $11k and
the revised capital expenditure program equates to $31.2m.

Item                                                   Original Budget      Adjustments Proposed Budget
                                                                ($’000)          ($’000)    (BR1) ($’000)

Operating Revenue                                              $95,669              $55           $95,724
Operating Expenditure                                          $95,515             $194           $95,709
Operating Result                                                  $154            ($139)             $14
Capital Grants and Contributions Revenue                        $3,264             $111            $3,375
Capital Works Expenditure                                      $29,061           $2,180           $31,241

RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 13 August 2018 and approve the proposed changes to the budget for the 2018/19
financial year as outlined in the Revised Budget Financial Statements attached to the report.


REPORT
Section 170(3) of the Local Government Regulation 2012 allows Council, by resolution, to amend
the budget at any time before the end of the financial year. Consequently, formal budget reviews
are scheduled to occur during August, November and April using the latest financial information
available as the basis to revise the budget forecast.



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