Financial Performance Report – October 2023 · Financial Performance Report

GENERAL COMMITTEE MEETING                                                    13 NOVEMBER 2023




Figure 3: Operating Expenditure Position by Type




Tourism and Economic Development Investment Summary
Council resolved to report on a monthly basis, investment details for tourism and economic
development. Expenditure at 31 October 2023 is outlined below:


 Expenditure                   YTD Budget          YTD Actual       Variance
                                      $m                  $m             $m
 Payment    to    Tourism                                                  $-
                                     $1.26              $1.26
 Noosa
 Economic Development                $0.30              $0.30              $-

 Total                               $1.56              $1.56              $-


The first instalment payable under the Tourism Noosa agreement for the 2023-24 financial year was
made in July.

Tourism and economic development activity is funded through the general rate, with 5.8% of the
annual general rate committed towards tourism and economic development. Should actual general
rate revenue fall below budget, this does not impact Council’s contractual commitment to fully fund
its contribution to Tourism Noosa and all associated tourism activity. Any general rate revenue
shortfall is funded through other general revenue sources to ensure all planned activities are
undertaken in full.

Capital Revenue
Full Year Capital revenue of $7.3 million received comprises cash contributions from developers
($286.3k) and capital grants ($6.3 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.

Council has funding approval from the Queensland Reconstruction Authority for reconstruction
works relating to the Black Mountain landslip and several other flood impacted sites, which
occurred during the February 2022 rain event. Council has received upfront payments of $24.4
million to fund these works.