2015-06-23 Planning & Organisation Committee Meeting Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                23 JUNE 2015


9                        MARCH 2015 QUARTERLY BUDGET REVIEW REPORT
DOCUMENT INFORM AT ION




Author                           Manager Financial Services, Wayne Jensen
                                 Corporate Services Department

Index                            ECM / Subject / 7.06 – 2014-15 Budget

Attachments                      1.   Budget Financial Statements
                                 2.   Summary of Operating Adjustments
                                 3.   Summary of Capital Adjustments


EXECUTIVE SUMMARY
Overall budget performance for the 9 months to 31 March 2015 is positive, but there are a
number of material variances that have been addressed with this budget review.

Budget adjustments to capital projects have been made to account for jobs completed either
under or over original estimates, and to account for new projects or where tenders exceed
the original bids.

Proposed increases in expenditure have been fully funded through either allocated savings,
or from additional revenue. As such the forecast operating surplus has increased from $50k
to $103k.


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning &
Organisation Committee Meeting dated 23 June 2015 and approve the requested changes
to the budget for the 2014/15 financial year, as outlined in the attached Budget Financial
statements.



REPORT
A full review of budget performance of all activity areas has been undertaken based on
actual income and expenditure for the 9 months to 31 March 2015, and including additional
information that has come to light since the last budget review.

In summary, the forecast operating position has improved by $52,661, plus proceeds from
the sale of assets in which Council has an interest to provide net revenue of $280,600. The
capital program has increased by $234,000. The proposed changes have no significant
impact on any of Council’s 3 long term financial sustainability indicators.

Note also that there have been re-classification of accounts within the report made in
accordance with advice from the Queensland Audit Office which makes direct comparison
with earlier reports difficult.

Recurrent Revenue

Details of the proposed changes are outlined in the attached statements, with summary
information provided below for significant categories:




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