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03 Financial Performance Report - Sep 2021
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FINANCIAL
PERFORMANCE
REPORT
September 2021
noosa.qld.gov.au
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Full text of the other 13 sections
Section 2
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
12 FINANCIAL PERFORMANCE REPORT – SEPTEMBER 2021
Author Manager Financial Services (Acting), Pauline Coles
Corporate Services Department
Index ECM/ Subject/ 22.09 – Monthly Financial Performance Report
Attachments 1. Statement of Income and Expenditure (Profit & Loss and Capital)
2. Statement of Financial Position
3. Statement of Cash Flows
4. Summary of Materials and Services Expenditure
EXECUTIVE SUMMARY
Year-to-date (YTD) performance against current budget as at 30 September 2021 is positive with
both operating revenues outperforming forecast and operating expenditure slightly under forecast
YTD. Capital revenues and expenditures are in line with forecast.
YTD Financial Performance Summary
Budget Actual Variance Variance Status
$m $m $m %
Operating Revenue $44.4 $46.1 $1.7 3.7% On Track
Operating Expense $25.9 $25.6 $0.3 1.3% On Track
Operating Position $18.5 $20.5 $2.0 10.7%
Capital Revenue $4.4 $4.4 $0.0 0.0% On Track
Capital Expenditure* $5.1 $5.0 $0.0 0.5% On Track
* Reflects constructed assets and intangibles only (excludes contributed)
Financial statements including Statement of Income & Expenditure, Statement of Financial Position
(balance sheet), and Statement of Cash Flows are included as attachments for information for
Council.
Figure 1: Actual Performance Compared to Budget
$50
$44.4 $46.1 YTD Budget ($m)
$45
YTD Actual ($m)
$40
$35
$30
$25.9 $25.6
$25
$20
$15
$10
$5
$-
Operating Revenue Operating Expenditure
Section 3
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Council’s performance against key measures of financial sustainability have been calculated as at
September 2021. These indicators enable the reader to assess Council’s success in managing its
budget, cash and debt as well as undertaking sustainable asset management. The table below
contains a snapshot of a number of key measures, with full detail included in the report.
YTD Measures of Financial Sustainability
Target Current Actual YTD
Budget
Operating Surplus Ratio 0-10% -0.6% 44.5% On Track
Net Financial Liabilities Ratio <60% -8.0% -101.8% On Track
Cash Cover Ratio 3 months 7.3 months 12.5 months On Track
Asset Sustainability Ratio > 90% 121.9% 10.1% On Track
RECOMMENDATION
That Council note the report by the Acting Manager Financial Services to the General Committee
Meeting dated 18 October 2021 outlining September 2021 year to date financial performance against
budget, including changes to the financial performance report with the inclusion of key financial
sustainability indicators.
REPORT
Operating Revenue (YTD Benchmark 25.0%)
Council has received 43% ($46.1 million) of its operating revenue budget ($107.2 million).
Commentary on each revenue category is provided below.
Category Summary Comments
Rates and Levies $37.4 million (50%) of the • Waste utility charges $324k above YTD budget
annual budget of $74.6 million (52% or $6.7 million of $12.9 million budget
has been earned earned)
• General rate (net of discount) $139k below YTD
budget (50% or $28.5 million of $57.2 million
budget earned)
Fees and $3.0 million (41%) of the $7.2 • Development assessment fees $405k above
Charges million annual budget has YTD budget (44% or $822k of $1.8 million
been earned budget earned)
• Plumbing application fees $169k above YTD
budget (44% or $452k of $1.0 million budget
earned)
• Building application fees $70k above YTD
budget (32% or $252k of $791k budget earned)
Sale of Goods $3.0 million (29%) of the • Waste management sale of recoverable
and Services $10.2 million budget has been materials $276k above YTD budget (30% or
received $1.4 million of $4.6 million budget earned).
• Holiday Park sales $167k above YTD budget
(32% or $908k of $2.8 million budget earned) –
offset by higher operating costs
• Community Facilities (NAC, NLC and The J)
$136k above YTD budget (24% or $620k of $2.6
million budget earned) – offset by higher
operating costs
Section 4
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Category Summary Comments
Interest $193k (29%) of the $670k • Interest revenues on cash invested will need
Received annual budget has been ongoing monitoring given low interest rates and
earned impacts on term deposit / cash fund rate return
Other Revenue $642k (21%) of the $3.1 • Other revenue is in line with budget
million budget has been expectations at this stage
earned
Operating $1.6 million (28%) of the $5.8 • Operating grants are in line with budget
Grants, million budget has been expectations at this stage.
Subsidies received • 50% ($1.2 million) of the financial assistance
grant was again prepaid in June 2021 and may
impact on Council’s 2021/22 final operating
position if the prepayment approach is
discontinued by the Australian government.
Unitywater On track • Unitywater distributions are fixed each year so
Distributions little budget variance risk
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$3.5
$3.0 $3.0 YTD Budget ($m)
$3.0
YTD Actual ($m)
$2.2 $2.4
$2.5
$2.0
$1.6
$1.5
$1.5
$1.0
$0.4 $0.4 $0.3 $0.3
$0.5 $0.2 $0.2
$0.2 $0.2
$0.0
Charges
Other
Income
Grants
Goods &
Unitywater
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 25.0%)
Actual operating expenditure is currently 24% ($25.6 million) of full year budget ($107.9 million).
Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $8.2 million (22%) of the • Under expenditure for permanent staff salaries
annual budget of $37.7 million and wages ($753k) partially offset by additional
has been expended spend on casual staff and external labour hire
($322k).
Materials and $12.1 million (25%) of the • Waste Management $143k below YTD budget
Services $49.3 million annual budget (22.6% or $2.5 million of $11.1 million budget
has been expended. spent)
• Holiday Parks $148k above YTD budget (34.0%
or $488k of $1.4 million budget spent) – offset
by additional revenue
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Section 5
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Figure 3: Operating Expenditure Position by Type
$14.0
$12.3 $12.1 YTD Budget ($m)
$12.0
YTD Actual ($m)
$10.0
$8.4 $8.2
$8.0
$6.0
$4.9 $4.9
$4.0
$2.0
$0.3 $0.3 $0.1 $0.1
$0.0
Finance Costs
Materials
Depreciation
Employees
Other
Tourism and Economic Development Investment
Council resolved to report on a monthly basis investment details for tourism and economic
development. Expenditure as at 30 September 2021 is outlined below, which includes the first
instalment payment to Tourism Noosa under the funding agreement.
Expenditure Annual YTD YTD
Budget Budget Actual
$m $m $m
Payment to Tourism Noosa $2.52 $1.26 $1.26
Economic Development $0.95 $0.16 $0.12
Total $3.47 $1.42 $1.38
Capital Revenue
YTD capital revenue of $4.4 million received comprises cash contributions from developers ($1.0
million) and capital grants ($3.4 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.
Section 6
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Figure 4: Capital Revenue by Type
$4.0
$3.4 $3.4
$3.5
YTD Budget ($m)
$3.0
YTD Actual ($m)
$2.5
$2.0
$1.5
$1.0 $1.0
$1.0
$0.5
$- $-
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Capital Program
Actual capital expenditure (excluding commitments) is $5.0 million (YTD budget $5.1 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.
Figure 5: Capital Program Delivery Performance
$4.5
$4.1 $4.1
$4.0
YTD Budget ($m)
$3.5 YTD Actual ($m)
$3.0
$2.5
$2.0
$1.5
$1.0 $0.6 $0.6
$0.5 $0.4 $0.3
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of September was $91 million. Included in this balance are funds held
in trust and for restricted purposes (e.g. unexpended levy and grant funds), prepaid grants including
the financial assistance grant and other capital works grants, July rates payments received, and
unspent monies committed for funding capital projects which are underway and carrying over from
2020/21 into the 2021/22 financial year.
The following pie charts present the mix of cash held at September 2021 by agency (graph on the
left) and by credit risk rating (graph on the right). All funds have been invested in accordance with
Section 7
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
the Investment Policy and in consideration of the principles of ethical investment, preservation of
capital, return on investment and counterparty thresholds
Figure 6: Closing Cash Held by Agency and Credit Rating
CBA A1 +
5% (Commercial Banks)
5%
A1 +
QTC (QTC)
95% 95%
The following chart monitors the year-to-date trend on total cash and the agencies invested. Cash
balances are at the peak of the cycle following the bi-annual issue of rates and levies in July and
payments received to September.
Figure 7: 12 Month Trend of Cash Invested by Agency
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
-
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Bendigo TD Westpac TD NAB TD Suncorp TD CBA TD QTC CBA Operating
Measures of Financial Sustainability
The following table incorporates a set of financial sustainability indicators to further assist in
managing Council financial performance. There are no current emerging risks regarding
performance noting the early stage of the financial year.
Section 8
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Category Comments
Operating Surplus Ratio • Intent: Identifies the extent to
90% 82.6% which revenues cover operational
80% expenses, to ensure community
70% equity is not degraded
60.9%
60% • Target: 0 – 10%
50% 44.5%
• Result: 44.5%
40%
• Comment: The high ratio reflects
30%
the levying of rates in July, which
20%
will degrade as expenditure
10%
occurs on operations through to
0%
the next rate run in January 2022
-10%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
and end of the financial year at 30
June 2022
Actual Budget Target
Cash Expense Cover • Intent: Indicates how long council
14.0 12.8
can continue paying its day-to-
12.5 12.2 12.5
day expenses from cash at bank
Months (Cash to Cover Operations)
11.6
12.0 10.9
10.7
10.1 10.1 10.4 without needing additional cash
9.7
10.0 9.1 flows
8.0
• Target: > 3 months
• Result: 12.5 months
6.0
• Comment: Whilst current cash
4.0 cover remains above target,
2.0 business as usual expenditure
through to 30 June 2022 will
-
Oct
-
Nov
-
Dec
-
Jan
-
Feb
-
Mar
-
Apr
-
May
-
Jun
-
Jul
-
Aug
-
Sep
-
degrade Council’s cash holdings,
albeit not below the target range
Actual Minimum (>0 months) of 3 – 6 months.
Target (3 months) Maximum (6 months)
Asset Sustainability Ratio • Intent: Measures the extent to
140% which assets are being replaced
121.9% as their condition degrades to
120%
ensure service potential is
100% maintained
80%
90%
• Target: 90% of depreciation
budget spent on renewals
60% annually
40% • Result: In line with budget
20%
• Comment: The ratio will
6.5% 10.1% progressively increase each
0.9%
0% month as expenditure on
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
renewals occurs as part of the
Actual Renewal Spend (%) Target (%) Renewals Budget (%) capital works program.
Section 9
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Category Comments
Net Financial Liabilities Ratio • Intent: Outlines the level that net
Council debt can be serviced by
80%
60% operating revenues. A ratio below
60%
zero implies that liabilities are less
40% than cash (and other current
20% assets) and there is adequate
0%
borrowing capacity available if
Target Budget YTD Actual needed.
-20%
-8% • Target: less than 60%
-40%
• Result: -102%
-60%
• Comment: Council has low debt
-80%
levels and strong cash holdings.
-100% Cash received from the July rates
-102% revenue also inflates the YTD
-120%
actual position
Investment Return • Intent: Ensure appropriate return
on investment yield for cash at
bank.
• Target: 0.25% above current
Bloomberg commonwealth 10
year bond rate yield (0.01%)
• Result: 0.74%
• Comment: Regardless of the
current levels of low long term
bond and interest rates (due to
current economic conditions),
Council’s investment return still
remains above target
Rates in Arrears • Intent: Ensuring that the amount
of unpaid rates remains
12.0%
Percentage of Annual Rates in Arrears
10.2% sustainable and does not
10.0% 9.5% negatively impact cash flows
7.4% • Target: 5% industry benchmark
8.0% 7.1%
6.0% 5.8% 5.7% 6.2% • Result: 10.2%
5.7%
6.0% 5.0% 5.2%
4.6% • Comment: Rates arrears are at
4.0%
the high point in the cycle with
payments due in September.
2.0% Reminder notices will be issued in
October, and will stablise through
0.0%
to January as arrears are
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
collected and payment
Actual Target arrangements implemented.
Previous Council Consideration
Nil.
Finance
As above.
Risks & Opportunities
Council’s risk register includes a number of risks that could impact on ongoing financial sustainability.
Effective budget management and reporting is an important risk mitigation tool.
Section 10
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Consultation
External Consultation - Community & Stakeholder
Nil.
Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.
Departments/Sections Consulted:
X Chief Executive Officer X Community Services X Corporate Services
Executive Officer Director X Director
Executive Support Community Development X Financial Services
Community Facilities ICT
Libraries & Galleries Procurement & Fleet
Local Laws Property
Waste & Environmental Health Revenue Services
X Executive Services X Environment & Sustainable Development X Infrastructure Services
Director Director Director
Community Engagement Building & Plumbing Services Asset Management
Customer Service Development Assessment Buildings and Facilities
Governance Economic Development Civil Operations
People and Culture Environmental Services Disaster Management
Strategic Land Use Planning Infrastructure Planning,
Design and Delivery
Section 11
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 1
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 1
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74,591 37,197 37,403 206 50%
Fees and charges 7,185 2.225 2,958 733 41%
Interest received 670 192 193 1 29%
Sale of Goods and major services 10,224 2,366 2,967 601 29%
Sale of contract and recoverable works 23 - 0° 0 0%
Rental & lease income 1,885 406 437 un 23%
Other income 1,224 221 205 (16) 17%
Grants, subsidies, contributions and donations 5,797 1,515 1,610 96 28%
Unitywater Distributions —_ 5.650 825 GH
107,248 44,447 46,098 1,651 43%
Expenses
Recurrent Expenses
Employee benefits 37,701 8,377 8,240 137 22%
Materials and services 49,03 12,303 12,103 200 25%
Finance costs 1,114 287 292 (5) 26%
Depreciation 19,589 4,897 4,899 (1) 25%
Other expenses 233 87 64 3 27%
107,941 25,932 25,598 334 24%
OperatingResutt = 692) 18.515 20,500 98
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,397 1,049 1,049 0 75%
Contributed assets 1,500 - - - 0%
Capital grants and subsidies 24,984 3,373 3,373 - 13%
Cash / revenue 24,954 645 664 20 3%
New loan borrowings 2,360 - - - 0%
Other capital revenue - - - - 0%
TotalCapitalFunding 855067 5 08G
Capital Expenditure
Contributed assets 1,500 - - - 0%
Capital works - constructed assets 47,579 4,051 4,052 1 9%
Capital works - other capital 4,818 368 sO (27) 7%
Loan redemption 1,297 648 648 - 50%
Other capital expenses - - 45 45 0%
Total CapitalExpenditure 85H S06T 508Section 12
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 2
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 2
Current Assets
Cash and cash equivalents 49,747 90,954 68,895
Trade and other receivables 10,137 10,775 7,467
Inventories 181 149 144
Contract Assets - 487 487
Other current assets 2,912 4661 4,955
62,978 107,026 81,948
Non Current Assets held for sale - - -
Total Current Assets 62,978 107,026 81,948
Non Current Assets
Trade and other receivables 49,593 49,468 49,468
Other non current Assets - - -
Investments 88,040 92,434 92,434
Investment property 3,000 2,900 2,900
Property, plant and equipment 1,009,996 952,140 952,579
Right of Use Assets 161 89 89
Intangible assets 8.128 7,987 8115
Total Non Current Assets 1,158,917 1,105,017 1,105,585
Total Assets 1,221,895 1,212,043 1,187,532
Current Liabilities
Trade and other payables 7,151 13,302 10,468
Contract Liabilities - 4377 4,377
Borrowings 848 461 955
Lease Liablities - 25 25
Provisions 7,582 2497 4,947
Other 4.780 2,555 2,898
Total Current Liabilities 20,361 23,216 23,669
Non Current Liabilities
Borrowings 21,989 20,258 20,258
Lease Liabilities 110 66 66
Provisions 15,307 16,555 16,555
Total Non Current Liabilities 37,406 36,879 36,879
Total Liabilities 57,767 60,095 60,549
Net Community Assets 1,164,128 1,151,948 1,126,984
Community Equity
Asset Revaluation Surplus 121,483 108,561 108,473
Retained Surplus / (Defeciency) - - -
Shire Capital 1,042,645 1,008,596 1,004,202
Current Year Net Earnings - 34,791 14,309
Total Community Equity 1,164,128 1,151,948 1,126,984Section 13
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 3
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 3
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 92,622 42,513 93,975
Payments to Suppliers and Employees (87,376) (22,606) (84,528)
5,246 19,907 9,447
Receipts:
Investment and Interest Revenue Received 3,270 193 3,401
Rental Income 1,874 437 1,365
Non Capital Grants and Contributions 5,765 1,610 6,085
Income Tax Equivalent Received 1,200 325 1,450
Income from Equity Investments 1,850 - 1,600
Payments:
Borrowing Costs - - (2,499)
Interest Expense (516) (44) (131)
Net Cash Inflowi(Outflow) from Operating Activities == 18,6900 22.428 20,719
Cash Flows from Investing Activities
Receipts:
Proceeds of Sale of Property, Plant and Equipment - 103 217
Grants, Subsidies, Contributions and Donations 26,381 4,422 13,679
Payments:
Payments of Property, Plant and Equipment (51,568) (4,286) (22,721)
Payments for Intangible Assets (829) (106) (1,385)
Net Movement in Loans and Advances - 125 125
Net Cash Inflow/(Outflow) from Investing Activities == (26,017) 288 (10,085),
Cash Flows from Financing Activities
Receipts:
Proceeds from Borrowings 2,360 - 2,500
Payments:
Repayment of Borrowings (736) (626) (1,263)
Net Cash Inflow/(Outflow) from Financing Activities = 4,628 (626) 8,287
Net Increase/(Decrease) in Cash and Cash Equivalents held = (5,704) 22,060 14,871
Cash and Cash Equivalents at the beginning of the reporting period 56,451 68,894 57,023
‘Cash and Cash Equivalents at the end of the reporting period. §= 49,747, 90,954 68,884Section 14
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 4
GENERAL COMMITTEE MEETING AGENDA 18 OCTOBER 2021
Attachment 4
Materials and services
Advertising and Marketing 227 47 43 5 19%
Administration Supplies and Consumables 751 177 172 5 23%
Audit Expenditure 174 11 12 (1) 7%
Communications and IT 684 240 242 (2) 35%
Commission Paid 1,079 272 340 (68) 32%
Consultancy Services 1,166 216 209 7 18%
Contract Services 23,482 4,904 4,708 195 20%
Contributions, Donations, Sponsorship and Prizes 3,471 1,596 1,568 28 45%
Electricity 1,729 431 406 25 24%
Intemal Fleet Costs and External Plant Hire 1,668 334 422 (88) 25%
Grants Paid to Community Organisations 1,934 743 728 16 38%
Insurance 690 641 627 14 91%
Legal Expenses 1,272 292 363 (71) 29%
Operating Leases and Rentals 292 73 73 (0) 25%
Software and Maintenance 2,166 612 628 (17) 29%
Subscriptions and Registrations 291 170 172 (3) 59%
Waste Levy Payments 1,460 365 375 (10) 26%
Water and Sewerage Charges 1,084 260 204 56 19%
All Other Materials and Services 5.684 919 809 109 14%
49,303 12,303 12,103 200 25%