2016-06-13 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                                   13 JUNE 2016


REPORTS DIRECT TO GENERAL COMMITTEE
4                        FINANCIAL PERFORMANCE REPORT - MAY 2016
DOCUMENT INFORM AT ION




Author                            Acting Manager Financial Services, Megan Macmichael
                                  Corporate Services Department

Index                             ECM / Subject / 22.09 – Monthly Financial Performance Report

Attachments                       1.    Statement of Comprehensive Income
                                  2.    Statement of Financial Position

EXECUTIVE SUMMARY
Overall 2015/16 financial performance for the 11 months to 31 May 2015 shows a positive year-
to-date variance against budget, with both operating revenue and expenditure above and below
budget respectively. Current YTD budget figures now reflect adjustments approved by Council as
part of budget review 4.

Given Council’s prudent budgeting approach a reasonable operating surplus above that budgeted
is expected at the end of the financial year without compromising service levels. Current financial
performance demonstrates Council’s compliance with its financial sustainability policy and will
ensure that at year end all 3 key financial ratios are within target levels set by the state government.

                  Financial Performance Summary to 31 May 2016
                                          Current YTD Actual            Variance      Variance    Status
                                             YTD           $m                $m           YTD
                                          Budget                                            %
                                              $m
                  Recurrent Revenue         $84.9        $86.7                 $1.8      2.1%    On track
                  Recurrent Expense         $75.9        $73.5                 $2.4      3.2%    On track

                  Capital Revenue               $7.3          $7.0             $0.2      3.2%    On track
                  Capital Expenditure          $31.7         $26.0             $5.7       18%    On track

Financial statements including Statement of Comprehensive Income and Statement of Financial
Position are included as attachments for information of Council.
Figure 1: Actual Performance Compared to YTD Budget
               $100
                $90
                $80
                $70
                $60
                $50
                $40
                $30
                $20
                $10
                 $-
                                YTD Budget ($m)                 YTD Actual ($m)

                                 Operating Revenue     Operating Expenditure




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