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2017-10-16 General Committee Agenda
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AGENDA
General Committee
Meeting
Monday, 16 October 2017
commencing at 10am
Council Chambers, 9 Pelican Street, Tewantin
Committee: Crs Frank Wilkie (Chair), Jess Glasgow, Ingrid Jackson,
Joe Jurisevic, Frank Pardon, Brian Stockwell, Tony Wellington
“Noosa Shire – different by nature”
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Section 2
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
TABLE OF CONTENTS
ITEM PAGE
ATTENDANCE & APOLOGIES -
PRESENTATIONS -
ITEMS REFERRED FROM PLANNING & ENVIRONMENT COMMITTEE -
1. MCU17/0049 DEVELOPMENT APPLICATION FOR MATERIAL CHANGE OF USE FOR
HOME BASED BUSINESS TYPE 3 SWIM SCHOOL AT 8 MCKENNA CT, NOOSAVILLE
(Planning & Environment Committee Agenda,10 October 2017, Item 1, Page 3)
Reason for referral – requested by Cr Jurisevic due to significance of the issue.
2. MCU16/0153 MATERIAL CHANGE OF USE OF PREMISES MULTIPLE HOUSING TYPE
4 CONVENTIONAL (38 UNITS) VISITOR ACCOM TYPE 4 CONVENTIONAL (12 UNITS)
& REC16/0041 RECONFIGURATION OF A LOT (1 LOT INTO 29 LOTS) 215 DAVID LOW
WAY PEREGIAN BEACH QLD 4573
(Planning & Environment Committee Agenda, 10 October 2017, Item 3, Page 26)
Reason for referral – Significance of issue
ITEMS REFERRED FROM SERVICES & ORGANISATION COMMITTEE -
3. FREE HOLIDAY BUSES 2017-18
(Services & Organisation Committee Agenda, 10 October 2017, Item1, Page 3)
Reason for referral – Significance of issue
4. PROPOSED AMENDMENTS TO CURRENT LOCAL LAWS
(Services & Organisation Committee Agenda, 10 October 2017, Item 2, Page 8)
Reason for referral – S&O Committee Councillors suggest further amendments to the
current local laws
REPORTS DIRECT TO GENERAL COMMITTEE 3
5 EXPRESSIONS OF INTEREST RESULTS FOR THE COMMERCIAL LEASE OF
COUNCIL LAND AT 4 JARRAH ST, COOROY 3
6 FINANCIAL PERFORMANCE REPORT - SEPTEMBER 2017 10
CLOSED SESSION -
Page 2 of 18
Section 3
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
REPORTS DIRECT TO GENERAL COMMITTEE
5 EXPRESSIONS OF INTEREST RESULTS FOR THE COMMERCIAL LEASE OF
COUNCIL LAND AT 4 JARRAH ST, COOROY
DOCUMENT INFORM AT ION
Author Property Advisor, Denis Wallace
Corporate Services
Index ECM/Subject/46.15 Use of Council Land/Property/4 Jarrah St Cooroy
Attachments 1. EOI Evaluation Summary Sheet
2. Eco Cottages’ Proposed Factory Development
EXECUTIVE SUMMARY
Council recently undertook an open Expression of Interest (EOI) process seeking a new
commercial tenant for vacant freehold community land in Cooroy’s industrial estate. Only one
formal EOI submission was received from Eco Cottages Pty Ltd, a pre-fabricated building
manufacturer that has operated in the Noosa hinterland since 2006. Eco Cottages proposes to
lease the site to develop a new climate-controlled factory to significantly expand its business.
Council’s EOI assessment panel found the submission to be of a high standard and preliminary
lease provisions have been agreed in principle. The tendered rental achieves a fair market value
and the development poses significant benefits to local employment and economic growth. The
proposal aligns with Noosa’s Local Economic Plan by facilitating growth of a local business
seeking to research new technologies and grow local capacity. The EOI assessment panel
supports Eco Cottages’ submission and recommends Council agree to a commercial lease of the
site for a total term of 10 years.
RECOMMENDATION
That Council note the report by the Property Advisor to the General Committee Meeting dated 16
October 2017 regarding the expressions of interest process undertaken for the commercial lease
of Council land at 4 Jarrah St Cooroy (formally described as Lot 2 RP176126), and:
A. Agree to enter a commercial lease of the site to Eco Cottages Pty Ltd for a four (4) year
term;
B. Agree to an initial rent-free period of 4 months and deferral of a further 3 months’ rent
payments to the second year of the lease; and
C. Authorise the CEO to award two subsequent lease extensions of 3 years, subject to the
lessee complying with the terms of the lease.
REPORT
The purpose of this report is to provide the results of a recent Expression of Interest (EOI)
process for the commercial lease of vacant Council land in Cooroy.
Council owns a 5,800m2 industrial allotment at 4 Jarrah Street, Cooroy in freehold (formally
described as Lot 2 RP176126). The site has been unoccupied since the previous tenant, a
concrete supplier, vacated the site in November 2013. An aerial photograph of the site and its
surrounds is shown at Figure 1.
Page 3 of 18
Section 4
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Figure 1 – Locality Plan
A report proposing an EOI process for a new commercial lessee for the site appeared as Item 2,
page 7 of Services and Organisation Agenda dated 9 May 2017. At the Ordinary Meeting dated
18 May 2017, Council resolved to proceed to an EOI, which was advertised in the Noosa News
and Cooroy Rag and listed on Council’s website. A number of potentially interested parties and
community groups were also advised directly. A 200m2 portion in the North-western corner of
the site was excluded from the land offered for lease to allow for the potential construction of a
future telecommunications tower.
Respondents were invited to submit applications to LG Tenderbox, Council’s e-tender portal, with
applications closing on 1 August 2017. There were 11 downloads of the EOI material from
separate entities through the e-portal. Only 1 formal EOI submission was received from Eco
Cottages Pty Ltd (EC).
An evaluation panel comprising of Council property, finance and economic development staff and
an external procurement consultant reviewed the submission in accordance with the assessment
criteria and obligations under Council’s EOI processes. The panel’s summary evaluation
spreadsheet for the activity is included as Attachment 1 and further detail is provided below.
The assessment panel considered EC’s submission to be of a generally high standard and noted
the following key aspects of its proposal:
Lease/Business Component Eco Cottages’ Proposal
Annual Rent: $30,000
Initial Lease Terms: 4 years
Options to Extend: 2 x 3 year options
Market Rent Reviews: To occur at the end of years 4 & 8 prior to commencement of
years 5 & 9
Proposed Use: Pre-fabricated building manufacture
Page 4 of 18
Section 5
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Lease/Business Component Eco Cottages’ Proposal
Proposed Development: Staged Construction of a 2,600m2 Factory over 1 to 3 years
Employees: 12 existing
+ 8 new proposed with the factory expansion
Environmental Initiatives: ISO 14001 Certification process commenced.
Environmental Policy in place.
Proposed factory to incorporate solar power and water
harvesting.
Cypress pine based building manufacture.
Manufacturing by-product recycling programme.
EC manufactures pre-fabricated modular homes using native cyprus timber. The company,
originally established in Hill Street, Pomona in 2006, and has grown from 2 employees to 10. EC
indicates it benefits from the continuing growth in popularity of pre-fabricated buildings, with the
sector forecast to grow at more than 5% per annum over the next decade. The company is also
federally registered as a Research and Development Entity for its research into the stabilisation
and use of sustainable native cyprus timber, which currently is in limited use in the construction
industry. EC’s R&D recognition allows it to obtain significant tax incentives for much of its
business operation and the incentives would apply to some of the proposed new factory
construction.
EC currently rents factory premises directly to the north of the site in Johnson Court and advises
that that factory’s production is unable to meet customer demand. It proposes to construct a new
factory at 4 Jarrah Street to allow it relocate and expand its operations. The proposed factory is
approximately 2,600m2 in area and will more than double EC’s manufacturing area. Preliminary
plans for the factory are included as Attachment 2. Development approvals will need to be
obtained by EC, with the factory use consistent with the site’s Industry Zoning under the Noosa
Plan and subject to code-assessable development applications. At least stage 1 of the factory
construction is intended for completion in the first year to allow EC to relocate but EC aims to be
able to finance the entire construction from the outset.
The assessment panel noted EC’s strong existing contribution to the Noosa economy and local
employment and the potential for significant growth of those contributions posed by the new
factory venture. Eco Cottages suggest the 8 new jobs posed by the factory expansion will
comprise of:
1 full time architect
1 full time office administrator trainee
1 full time qualified carpenter
1 full time qualified cabinet maker
1 apprentice joiner
1 apprentice carpenter
1 apprentice painter
1 apprentice plumber
The panel also noted EC’s development intent and business operation align with the Noosa’s
Local Economic Plan by facilitating growth of a manufacturing business seeking to research new
technologies and grow local capacity. Eco Cottages tendered an annual rental of $30,000, which
is in line with an independent market valuation for the site undertaken by Savills Valuations Pty
Ltd on behalf of Council. It proposes an initial lease term of 4 years, with 2 further options of 3
years.
Council commissioned an independent third-party financial assessment of Eco Cottages’ trading
history, which indicates the company has financial capacity to meet rental obligations. Whilst
development finance would normally be difficult to obtain over the 10 year period proposed, EC
indicates finance is to be sourced from identified private equity investors, rather than commercial
institutions.
Page 5 of 18
Section 6
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Assessment panel members conducted further clarification meetings and correspondence with
Eco Cottages to progress lease provisions reflective of its EOI submission and development
proposal. The following further lease provisions are agreed in principle:
An initial rent free period of 4 months (in line with industry practice), with a further deferral
of 3 months’ rent payments to the second year of the lease to assist Eco Cottages’ cash
flow during the period of it developing Council’s site;
Annual rent increases of CPI or 3%, whichever is the greater;
Market rent reviews to be on an unimproved site (i.e. vacant site) valuation basis; and
Eco Cottages’ buildings and improvements to generally remain its property at all times but
with Council able to require the lessee to remove or forfeit buildings and improvements in
the event of cessation of the lease.
EC indicated some concern with development of Council’s land under a 10 year total lease
period noting there is risk its lease may not be renewed. Whilst unable to commit to a future
Council’s action, Property staff have advised that current provisions of the Local Government
Regulation 2012 provide for a Council to negotiate directly with an existing tenant for renewal of a
lease, in the first instance, rather than obliging it to conduct an open tender.
The assessment panel recommends Council agree to enter a commercial lease with Eco
Cottages Pty Ltd for the 4 Jarrah Street site generally in line with the provisions detailed in this
report.
Previous Council Consideration
Ordinary Meeting Minutes, 18 May 2017, Item 2, Page 8
That Council note the report by the Property Advisor to the Services & Organisation Committee
Meeting dated 9 May 2017 and proceed to an Expression of Interest process for a commercial
lease of Council land at 4 Jarrah St, Cooroy (Lot 2 RP176126), as detailed in the report.
Ordinary Meeting, 1 May 2014, Item 10, Page 9
That Council note the report by Property Officer, Property and Land Management to the General
Committee dated 28 April 2014 and seek Expressions of Interest (EOI) for a Commercial Lease
for 4 Jarrah Street, Cooroy.
Finance & Risk
Preparation of a new commercial lease for the site will incur legal and surveying costs in the
order of $8,000 and would be met by the Property Branch’s operational budget. A new lease
agreement would need to address specific risks associated with the proposed development of
Council’s land and standard risks associated with commercial lessees.
Consultation
External Consultation
Preliminary legal advice on lease provisions has been obtained from a consulting solicitor.
Internal Consultation
Director Corporate Services
Property Manager
Procurement & Fleet Manager
Property Officer
Page 6 of 18
Section 7
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Departments/Sections Consulted:
Chief Executive Officer Community Services X Corporate Services
Executive Officer to the Mayor & CEO Community Facilities X Financial Services
Executive Support Community Development ICT
Libraries & Galleries X Procurement & Fleet
Local Laws X Property & Facilities
Waste & Environmental Health Revenue Services
X Executive Office Planning & Infrastructure
Community Engagement Building & Plumbing Services
Customer Service Civil Operations
X Economic Development Disaster Management
Governance Infrastructure Planning & Design
Human Resources Planning & Environment
Sustainability Strategic Land Use Planning
Page 7 of 18
Section 8
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 1
Page 8 of 18
Attachment 1
NOOSA SHIRECOUNCIL — Weighted Attribute Evaluation Spreadsheet - Final Evaluation
Commercial Lease of 4 Jarrah Street Gooroy
No. NAME OF TENDERER PRICE
* |(Conforming Tenders Only) (excl of GST)
1 [Eco Cottages Pty lid
2
Sf
4
Sp
6
Ty
Sp
Dp
a (
NON-CONFORMING TENDERS
1 2 3 4 5 6 7 8 9 10
Resultant Resultant x Resultant Resultant Resultant Resultant Resultant Resultant Resultant
Evaluation Criteria Weighting (%) sultant score) Score score x Score score x Score score x Score score x score x Score score x Score score x Score score x
xweighting ee aonb ror rer rer ooh 008 rer
weighting weighting weighting weighting weighting weighting weighting weighting
Reductions
Investment Plan
Total Fees (Pc) 35% $120,000 $0 $0 $0 so
Average Fees (Pav) $........ccesereseseee $120,000
Price Score 100 0 0 0 0
[Normalised Price Score (Pn) 100 0 0 0 0
Weighted Price Score (Pw)
The Contract Administrator confirms the above scores
Contract Administrator & Assesment Panel Member 1 Property Advisor (PW) and weightings of this evaluation
Assesment Panel Member 2
Assesment Panel Member 3 Property Manager () Contract Administrator's signature: Property Advisor (PW)
Assesment Panel Member 4 Consulting Contracts & Procurement Advisor (AH)
Assesment Panel Member 5 po
Page 8 of 18Section 9
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 2
Page 9 of 18
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 2
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Type C Construction
Class 8
All construction to relevant
Australian Standards and Codes
Eco Cottages
QBSA Licence No. 1151985
e se sere Proposed Factory
E: eaGocoretgencom. Sittin 4 Jarrah Street
© 2012 Eco Cottages Pty Ltd co ges Cooroy
pty
Page 9 of 18Section 10
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
6 FINANCIAL PERFORMANCE REPORT - SEPTEMBER 2017
DOCUMENT INFORM AT ION
Author Manager Financial Services, Trent Grauf
Financial Services Branch
Index ECM / Subject / 22.09 – Monthly Financial Performance Report
Attachments 1. Statement of Comprehensive Income
2. Statement of Financial Position
3. Statement of Cash Flows
EXECUTIVE SUMMARY
Overall year to date financial performance to September 2017 aligns with budget at this stage of
the financial year.
YTD Financial Performance Summary to September 2017
Budget Actual Variance Variance Status
$m $m $m %
Recurrent Revenue $39.7 $40.3 $0.6 1.6% On Track
Recurrent Expense $22.5 $22.2 $0.3 1.3% On Track
Operating Position $17.2 $18.1 $0.9 5.4%
Capital Revenue $0.6 $0.7 $0.1 5.5% On Track
Capital Expenditure $3.1 $3.9 $0.8 25.5% On Track
Financial statements including Statement of Comprehensive Income (profit & loss), Statement of
Financial Position (balance sheet), and Statement of Cash Flows are included as attachments for
information of Council.
Figure 1: Actual Performance Compared to 2017/18 Budget
$40
$35
$30
$25
$20
$15
$10
$5
$-
YTD Budget ($m) YTD Actual ($m)
Operating Revenue Operating Expenditure
RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 16 October 2017 outlining September year to date financial performance against
budget.
Page 10 of 18
Section 11
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
REPORT
Operating Revenue (YTD Benchmark 25.0%)
Council has received 44% ($40.3 million) of its operating revenue budget ($92.2 million).
Commentary on each revenue category is provided below:
Rates and Levies – $31.9 million (50.1%) of the annual budget of $63.8m has been earned.
General rates are slightly above budget, offset by waste utility charges and the Tourism
and Economic Levy being slightly below budget.
Fees and Charges –$1.9 million (37.7%) of the $5.1 million annual budget has been
earned. Search fees, change of ownership, local laws, development applications as well as
building and pool compliance fees are all slightly above YTD budget. This is partially offset
by plumbing application fees, Noosa Community Support fees and cemetery fees being
slightly below budget.
Sale of Goods and Services - $2.1 million (26.2%) of the $8.3 million budget has been
received. Holiday parks, Noosa Aquatic Centre and landfill disposal sales are all above
YTD budget.
Interest Received – $1.1 million (25.6%) of the $4.4 million annual budget has been earned
and is slightly ahead of YTD budget.
Dividend and Tax – Unitywater distributions are in line with budget.
Other Revenue – Revenue for Building and Plumbing, The J, Local Laws, Waste
Management and Fleet ahead of budget. However, Community Properties and Local Laws
charges are slightly below budget.
Operating Grants, Subsidies and Contributions – Operational grants of $1.2 million (23.9%)
are tracking slightly above YTD budget. Community Development grant for the Sport and
Active Recreation Plan of $66k (not budgeted), Library grant for $25k (make a space
Cooroy not budgeted), Local Laws trainee subsidy of $13k (not budgeted) and Noosa
Community Support funding also $12k ahead of budget.
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$2.0
$1.8
$1.6
YTD Budget ($m)
$1.4
YTD Actual ($m)
$1.2
$1.0
$0.8
$0.6
$0.4
$0.2
$0.0
Other
Grants
Fees
Dividend
Tax
Interest
Page 11 of 18
Section 12
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Operating Expenditure (YTD Benchmark 25.0%)
Actual operating expenditure is currently 24.4% ($22.2 million) of full year budget ($92.2 million).
Detailed commentary for each expenditure category is provided below:
Employee Costs – $6.7 million (22.0%) of the annual budget of $30.3 million has been spent,
which is in line with YTD budget.
Materials and Services – $10.2m (25.1%) of the $40.7 million annual budget has been spent.
Contract services are below YTD budget ($370k) across a range of areas including Libraries
and other Community Facilities, Waste Management, Executive Services, Economic
Development, Community Development, ICT, Fleet, Properties and Facilities as well as
Infrastructure Planning and Design.
Finance Costs – in accordance with YTD budget.
Depreciation Expense – in accordance with YTD budget.
Other Expenses – actuals $14k ahead of YTD budget (emergency management levy on
Council properties not budgeted).
Figure 3: Operating Expenditure Position by Type
$10
YTD Budget ($m)
$9
YTD Actual ($m)
$8
$7
$6
$5
$4
$3
$2
$1
$0
Finance Costs
Materials
Depreciation
Employees
Other
Capital Revenue
YTD capital revenue of $698k received comprises cash contributions from developers ($357k)
and capital grants ($342k). Note that the timing of capital grant receipts are generally dependent
on the timing of associated capital expenditure, and that the timing of the receipt of developer
contributions (both cash and contributed) is unpredictable.
Page 12 of 18
Section 13
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Figure 4: Capital Revenue by Type
$0.5
$0.5 YTD Budget ($m)
$0.4 YTD Actual ($m)
$0.4
$0.3
$0.3
$0.2
$0.2
$0.1
$0.1
$0.0
Contributed assets
Cash contributions
Grants / subsidies
Capital Program
Actual capital expenditure (excluding commitments) is $3.9 million (YTD budget $3.1 million).
Detailed discussion of progress in the delivery of the capital works program is provided through a
separate report by the Infrastructure Planning & Design Manager.
Figure 5: Capital Program Delivery Performance
$4.5
$4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
YTD Budget ($m) YTD Actual / Committed ($m)
Capital works Other capital
Cash Management and Investment Performance
Total cash on hand at the end of September was $82 million. Included in this balance are funds
held in trust and for restricted purposes (e.g. unexpended levy and grant funds).
At the start of the month, the majority of cash was held in Council’s CBA working accounts
following receipt of July rates and ready for investment. Council viewed and refined the approach
to investment in line with the Investment Policy’s principles of maximising return, minimising risk,
ensuring appropriate liquidity and adherence to ethical investing principles. Consequently, $31
million was invested during September across a range of institutions including QTC ($15 million),
Westpac ($8 million) and NAB ($8 million).
Page 13 of 18
Section 14
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
The following figures present the mix of cash held at September 2017 by agency (graph on the
left) and by credit risk rating (graph on the right).
Figure 6: Closing Cash Held by Agency and Credit Rating
Bendigo A3
Westpac 5% 5%
10%
NAB
10% A1 +
(Other)
35%
A1 +
QTC (QTC)
CBA 60% 60%
16%
The following chart monitors the year-to-date trend on total cash and the agencies invested.
Figure 7: Year to Date Trend of Cash Invested by Agency
100,000,000.00
90,000,000.00
80,000,000.00
70,000,000.00
60,000,000.00
50,000,000.00
40,000,000.00
30,000,000.00
20,000,000.00
10,000,000.00
-
Jul-17 Aug-17 Sep-17
Bendigo Suncorp Westpac NAB QTC CBA
Actual interest revenue for September was $120k with a weighted average yield of 1.71% against
the industry benchmark (Bloomberg AusBond Bank Bill Index) of 1.70%. Yield in future months is
anticipated to be higher than the industry benchmark due to the new investments with higher
returns.
Previous Council Consideration
Nil
Page 14 of 18
Section 15
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Finance & Risk
Finance – as above.
Risk – Council’s risk register includes a number of risks that could impact on ongoing financial
sustainability. Effective budget management and reporting is an important risk mitigation tool.
Consultation
External Consultation - Community & Stakeholder
Nil.
Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.
Departments/Sections Consulted:
x Chief Executive Officer x Community Services x Corporate Services
Executive Officer Community Development Financial Services
Executive Support Community Facilities ICT
Libraries & Galleries Procurement & Fleet
Local Laws Property
Waste & Environmental Health Revenue Services
x Executive Services x Environment & Sustainable Development x Infrastructure Services
Community Engagement Building & Plumbing Services Asset Management
Customer Service Development Assessment Buildings and Facilities
Governance Economic Development Civil Operations
People and Culture Environmental Services Disaster Management
Strategic Land Use Planning Infrastructure Planning,
Design and Delivery
Page 15 of 18
Section 16
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 1
Page 16 of 18
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 1
Noosa Council
Statement of Comprehensive Income
For the Year Ended 30 June 2018
As at 30 September 2017
Current Current
Budget Budget Actual Variance Annual
2018 YTD YTD YTD Budget
($"000) ($'000) ($'000) ($'000) %
Revenue
Recurrent Revenue
Rates, levies and charges 63,848 31,924 31,912 (11) 50%
Fees and charges 5,080 1,781 1,914 134 38%
Dividend income 1,860 925 925 - 50%
Interest received 4,390 1,092 1,122 29 26%
Tax equivalents 1,200 300 300 - 25%
Sale of Goods and major services 8,312 1,929 2,178 249 26%
Sale of contract and recoverable works 16 4 4 0 6%
Rental & lease income 1,322 353 370 17 28%
Other income 1,110 280 374 93 34%
Grants, subsidies, contributions and donations 5,063 1,081 1,211 130 24%
92,201 39,667 40,308 641 44%
Expenses
Recurrent Expenses
Employee benefits 30,338 6,689 6,688 (1) 22%
Materials and services 40,696 10,481 10,200 (281) 25%
Finance costs 2,464 619 595 (25) 24%
Depreciation and amortisation 18,577 4,644 4,644 - 25%
Other expenses 112 35 49 14 44%
92,187 22,468 22,176 (292) 24%
Operating Result 15 17,199 18,132 933
Capital Revenue
Capital contributions and donations 1,867 467 357 (110) 19%
Grants, subsidies, contributions and donations 4,009 185 342 157 9%
Other capital revenue - - - -
Total Capital Revenue 5,876 651 699 47
Page 16 of 18Section 17
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 2
Page 17 of 18
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 2
Noosa Council
Statement of Financial Position
For the Year Ended 30 June 2018
As at 30 September 2017
Current Actual Actual
Budget YTD Full Year
2018 2018 2017
($'000) ($'000) ($'000)
Current Assets
Cash and cash equivalents 48,418 78,927 65,463
Trade and other receivables 8,381 7,914 7,101
Inventories 156 335 330
Other current assets 468 2,887 2,796
57,424 90,063 75,690
Non Current Assets held for sale - - -
Total Current Assets 57,424 90,063 75,690
Non Current Assets
Trade and other receivables 49,218 49,218 49,218
Other non current Assets - - -
Investments 69,141 60,978 60,978
Investment property 4,150 4,405 4,405
Property, plant and equipment 935,214 916,638 913,152
Intangible assets 3,837 3,879 3,497
Total Non Current Assets 1,061,560 1,035,118 1,031,249
Total Assets 1,118,984 1,125,180 1,106,939
Current Liabilities
Trade and other payables 4,501 15,093 11,819
Borrowings 3,040 1,705 3,745
Provisions 4,394 2,307 4,076
Other 548 555 645
Total Current Liabilities 12,483 19,659 20,285
Non Current Liabilities
Trade and other payables - - -
Borrowings 35,005 34,291 34,291
Provisions 9,305 9,879 9,843
Total Non Current Liabilities 44,310 44,169 44,133
Total Liabilities 56,793 63,828 64,418
Net Community Assets 1,062,191 1,061,352 1,042,521
Community Equity
Asset Revaluation Surplus 46,961 26,892 26,892
Retained Surplus / (Defeciency) - - -
Shire Capital 1,015,230 1,000,677 1,000,677
Current Year Net Earnings - 33,783 14,951
Total Community Equity 1,062,191 1,061,352 1,042,521
Page 17 of 18Section 18
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 3
Page 18 of 18
GENERAL COMMITTEE MEETING AGENDA 16 OCTOBER 2017
Attachment 3
Noosa Council
Statement of Cash Flows
For the Year Ended 30 June 2018
As at 30 September 2017 Actual Actual
YTD Full Year
2018 2017
($'000) ($000)
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 40,128 79,270
Payments to Suppliers and Employees (24,408) (66,156)
15,719 13,114
Receipts:
Investment and Interest Revenue Received 1,111 4,908
Rental Income 370 1,227
Non Capital Grants and Contributions 1,682 5,206
Income Tax Equivalent Received 293 1,144
Income from Equity Investments 925 1,864
Payments:
Borrowing Costs - -
Interest Expense (73) (734)
Net Cash Inflow/(Outflow) from Operating Activities 20,028 26,729
Cash Flows from Investing Activities
Receipts:
Proceeds of Sale of Property, Plant and Equipment - 259
Grants, Subsidies, Contributions and Donations 699 11,552
Payments:
Payments of Property, Plant and Equipment (3,904) (23,313)
Payments for Intangible Assets (399) (1,176)
Net Cash Inflow/(Outflow) from Investing Activities (3,604) (12,678)
Cash Flows from Financing Activities
Receipts:
Proceeds from Borrowings - 2,697
Payments:
Repayment of Borrowings (2,569) (2,270)
Net Cash Inflow/(Outflow) from Financing Activities (2,569) 427
Net Increase/(Decrease) in Cash and Cash Equivalents held 13,855 14,477
Cash and Cash Equivalents at the beginning of the financial year 67,064 52,586
Cash and Cash Equivalents at the end of the financial year 80,919 67,064
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