2015-06-23 Planning & Organisation Committee Meeting Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                     23 JUNE 2015


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning &
Organisation Committee Meeting dated 23 June 2015 providing the May 2015 monthly
financial performance report for the 2014/15 financial year.

REPORT
Recurrent Revenue
Council has received 97% ($83 million) of its recurrent revenue budget of $85 million as at
the end of May 2015. Note that reporting category changes have been made to satisfy audit
requirements, with some elements previously included as Fees and Charges now shown
under Sale of Goods and Major Services. Commentary on each recurrent revenue type is
provided below:

        Rates and Levies – $59.3m (99.8%) of the annual revenue budget of $59.4m has been
          recognised now the July 2014 and January 2015 rates and levies have been issued
          (note that there are minor changes to waste charges included in the March Quarter
          Budget Review).
        Fees and Charges – Fees and charges earned ($4.3m) totals 94% of the full year
          budget (compared to the YTD benchmark of 92%). Development related fees,
          cemetery fees and search fees remain ahead of forecasts, but this is offset by revenue
          under recovery in some other fee lines. Significant variances have been identified and
          included in the March quarter budget review.
        Interest Received – Remains ahead of forecast due to higher levels of cash available
          for investment and has been amended with the budget review.
        Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are
          in line with budget forecasts.
        Other Revenue – Generally in accordance with budget predictions, with sale of
          recyclables continuing to track above budget. Significant variances have been included
          in the quarterly budget review.
        Grants and Subsidies – Overall receipts to date for operational grants are in
          accordance with budgeted levels.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $10
     $9
     $8
                                        YTD Budget ($m)
     $7
     $6                                 YTD Actual ($m)

     $5
     $4
     $3
     $2
     $1
     $0
                                                          Other
               Fees




                                                                     Grants
                          Dividend




                                                  Tax
                                     Interest




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