2022-09-12 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                                                   12 SEPTEMBER 2022


   Tourism and Economic Development Investment Summary
   Council resolved to report on a monthly basis, investment details for tourism and economic
   development. Expenditure at 31 August 2022 is outlined below:
    Expenditure                            Annual Budget           YTD Budget                YTD Actual                   YTD Variance
                                                     $m                   $m                        $m
    Payment to Tourism                                                                                                                -
                                                   $2.65                             $1.26         $1.26
    Noosa
    Economic                                                                                                                    ($0.06)
                                                   $1.20                             $0.14         $0.20
    Development
    Total                                          $3.84                             $1.40         $1.46                        ($0.06)

   The first instalment payable under the Tourism Noosa agreement for the 2022-23 financial
   year has been made. Work on the renewal of the current agreement, which was extended
   for 12 months to 30 June 2023 will commence in the coming months.
   Economic Development expenditure is above budget due to the delivery timing of the
   Destination Management Plan, this variance is only temporary will resolve over time as the
   budget aligns with actual expenditure.
   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
   YTD capital revenue of $3.0 million received comprises cash contributions from developers
   ($396k) and capital grants ($2.6 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
     $3.0
                                                           $2.6               $2.6
                                                                                             YTD Budget ($m)
     $2.5
                                                                                             YTD Actual ($m)
     $2.0

     $1.5

     $1.0
                  $0.4                   $0.4
     $0.5
                                                                                                  $-                 $-
     $0.0
                         Contributions




                                                                  Subsidies




                                                                                                       Contributed
                                                                   Grants /




                                                                                                         Assets
                            Cash




   Capital Program
   Actual capital expenditure (excluding commitments) is $8.1 million (YTD budget $10.0
   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.

                                                                                                                      Page 75 of 85