2014-06-17 Planning & Organisation Committee Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                           17 JUNE 2014


Finance
8                         FINANCIAL PERFORMANCE - MAY 2014
DOCUMENT IN FOR MATI ON




Author                             Manager Financial Services, Wayne Jensen
                                   Corporate Services Department

Index                              ECM / Financial Management / Accounting – Monthly Exception Report

Attachments                        1.   Statement of Comprehensive Income
                                   2.   Capital Works Schedule


EXECUTIVE SUMMARY
Overall, the financial statements are showing a favourable variance for the month of May of
around $1.47 million. Council’s endorsement of budget variations during the month means that
the “Current Budget” column in the reports now reflects the revised budget rather than the
original position.

RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning & Organisation
Committee Meeting dated 17 June 2014.


REPORT
Although there has been progress with finalisation of the balance sheet transfer from Sunshine
Coast Council, the statements presented reflect original estimates of the total amount rather than
any revised position.

1.                        Operating Revenue

 Rates and charges – revenue shown in the reports includes additional income from waste
   charges, but with the overall position distorted by the delay in recognition of prepaid rates
   transferred from Sunshine Coast Council. The final recognition is expected to push revenue
   beyond the forecast level, but this is not likely to happen until the end of June once year-end
   adjustments have been processed.
 Fees and charges – revenue received is generally as forecast, though there are favourable
   variances for planning application fees, holiday park revenue, search fees and changes of
   ownership.
 Interest received – as previously reported, the unfavourable variance with the level of
   revenue from investment of surplus cash is associated with delays in the transfer of the “final”
   cash balance from Sunshine Coast Council. However, the final adjustment will include an
   adjustment for interest on the difference from 1 January 2014 up until the date of transfer.
 Other income – the small favourable variance relates to income from the sale of recyclable
   materials recovered through waste activities.




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