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04 Financial Performance Report - Oct 2021
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FINANCIAL
PERFORMANCE
REPORT
October 2021
noosa.qld.gov.au
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Section 2
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
10 FINANCIAL PERFORMANCE REPORT – OCTOBER 2021
Author Acting Manager Financial Services, 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 31 October 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 $47.8 $50.2 $2.4 5.1% On Track
Operating Expense $35.2 $34.9 $0.3 0.9% On Track
Operating Position $12.6 $15.3 $2.7 21.6%
Capital Revenue $8.4 $8.4 $0.0 0.0% On Track
Capital Expenditure* $8.6 $8.6 -$0.1 -0.6% 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
$60
YTD Budget ($m)
$47.8 $50.2 YTD Actual ($m)
$50
$40
$35.2 $34.9
$30
$20
$10
$-
Operating Revenue Operating Expenditure
Section 3
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Council’s performance against key measures of financial sustainability have been calculated
as at October 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% 30.5% On Track
Net Financial Liabilities Ratio <60% -4.9% -87.1% Above Target
Cash Cover Ratio 3 months 6.8 months 11.9 months Above Target
Asset Sustainability Ratio > 90% 121.9% 17.2% On Track
RECOMMENDATION
That Council note the report by the Acting Manager Financial Services to the General
Committee Meeting dated 15 November 2021 outlining October 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 33%)
Council has received 47% ($50.2 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 $318k above YTD
annual budget of $74.6 budget (52% or $6.7 million of $12.9 million
million has been earned budget earned)
General rate (net of discount) $133k below
YTD budget (50% or $28.5 million of $57.2
million budget earned)
Fees and $3.8 million (53%) of the $7.2 Development assessment fees $541k above
Charges million annual budget has YTD budget (59% or $1.1 million of $1.8
been earned million budget earned)
Plumbing application fees $249k above YTD
budget (57% or $590k of $1.0 million budget
earned)
Building application fees $70k above YTD
budget (40% or $320k of $791k budget
earned)
Sale of Goods $4.1 million (41%) of the Waste management sale of recoverable
and Services $10.2 million budget has materials $342k above YTD budget (72% or
been received $617k of $855k budget earned).
Waste management disposal fees $160k
above YTD budget (35% or $1.3 million of
$3.7 million budget earned)
Holiday Park sales $269k above YTD budget
(42% or $1.2 million of $2.8 million budget
earned) – offset by higher operating costs
Section 4
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Category Summary Comments
Community Facilities (NAC, NLC and The J)
$216k above YTD budget (34% or $889k of
$2.6 million budget earned) – offset by higher
operating costs
Interest $248k (37%) of the $670k Interest revenues on cash invested will
Received annual budget has been continue to be monitored given low interest
earned rates and impacts on term deposit / cash
fund rate returns
Other Revenue $890k (29%) of the $3.1 Other revenue is in line with budget
million budget has been expectations at this stage
earned
Operating $2.1 million (37%) 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
Distributions so little budget variance risk
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$4.5 $4.2 YTD Budget ($m)
$3.8
$4.0
YTD Actual ($m)
$3.5
$3.1
$2.7
$3.0
$2.5
$2.1 $2.2
$2.0
$1.6 $1.6
$1.5
$1.0
$0.5 $0.6
$0.3 $0.2 $0.3 $0.3
$0.5
$0.0
Goods &
Income
Other
Grants
Charges
Unitywater
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 33.33%)
Actual operating expenditure is currently 32% ($34.8 million) of full year budget ($107.9
million). Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $12.5 million (33%) of the Under expenditure for permanent staff
annual budget of $37.7 salaries and wages ($1.1 million) partially
million has been expended offset by additional spend on casual staff and
external labour hire ($656k)
Materials and $15.4 million (31%) of the Waste Management $324k below YTD
Services $49.3 million annual budget budget (29.6% or $3.3 million of $11.1 million
has been expended. budget spent)
Section 5
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Category Summary Comments
Mayor and Councillor Support costs $77k
above YTD budget ($79k of $8k budget
spent) – subscription for Council joining the
SEQ Council of Mayors
CEO’s Office $95k above YTD budget
(89.4% or $271k of $303k budget spent) –
Kin Kin Quarry legal appeal costs
Holiday Parks $230k above YTD budget
(47.3% or $678k of $1.4 million budget
spent) – offset by additional revenue
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Figure 3: Operating Expenditure Position by Type
$18.0
$15.6 $15.4 YTD Budget ($m)
$16.0
YTD Actual ($m)
$14.0 $12.6 $12.5
$12.0
$10.0
$8.0
$6.5 $6.5
$6.0
$4.0
$2.0
$0.4 $0.4 $0.1 $0.1
$0.0
Materials
Finance Costs
Employees
Depreciation
Other
Tourism and Economic Development Investment
Council resolved to report on a monthly basis investment details for tourism and economic
development. Expenditure as at 31 October 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 $0.23 $0.18
Total $3.47 $1.49 $1.44
Capital Revenue
YTD capital revenue of $8.4 million received comprises cash contributions from developers
($1.2 million) and capital grants ($7.1 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 15 NOVEMBER 2021
Figure 4: Capital Revenue by Type
$8.0
$7.1 $7.1
$7.0
YTD Budget ($m)
$6.0
YTD Actual ($m)
$5.0
$4.0
$3.0
$2.0 $1.2 $1.2
$1.0
$0.0 $0.0
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Capital Program
Actual capital expenditure (excluding commitments) is $8.6 million (YTD budget $8.6 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
$8.0 $7.5 $7.6
$7.0
YTD Budget ($m)
$6.0
YTD Actual ($m)
$5.0
$4.0
$3.0
$2.0
$0.6 $0.6
$1.0
$0.4 $0.4
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of October was $87 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 October 2021 by agency (graph on the
left) and by credit risk rating (graph on the right). All funds have been invested in accordance
with the Investment Policy and in consideration of the principles of ethical investment,
preservation of capital, return on investment and counterparty thresholds
Section 7
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
CBA A1 +
4% (Commercial Banks)
4%
QTC A1 +
96% (QTC)
96%
Figure 6: Closing Cash Held by Agency and Credit Rating
The following chart monitors the 12 month 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 October.
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
-
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-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 15 NOVEMBER 2021
Category Comments
Operating Surplus Ratio Intent: Identifies the
90% 82.6% extent to which revenues
80%
cover operational
70%
expenses, to ensure
60.9%
60%
community equity is not
44.5%
degraded
50%
40% Target: 0 – 10%
30.5%
30% Result: 30.5%
20% Comment: The slowly
10% declining ratio reflects the
0% levying of 50% of rates in
-10% July and gradual
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun utilisation of these
monies as expenditure
Actual Budget Target
occurs on operations
through the next rate run
in January 2022 and to
then end of the financial
year at 30 June 2022
Cash Expense Cover Intent: Indicates how
14.0 long council can continue
12.5 12.8 12.5
12.2 11.9 paying its day-to-day
Months (Cash to Cover Operations)
11.6
12.0 10.9 expenses from cash at
10.1 10.1 10.4
9.7 bank without needing
10.0 9.1
additional cash flows
8.0
Target: > 3 months
6.0 Result: 11.9 months
4.0 Comment: Council is
forecast to remain above
2.0
target for the financial
- - - - - - - - - - - - - year. Business as usual
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct expenditure through to 30
Actual Minimum (>0 months) June 2022 will continue
Target (3 months) Maximum (6 months) to diminish Council’s cash
holdings, albeit not below
the target range of 3 – 6
months.
Asset Sustainability Ratio Intent: Measures the
140% extent to which assets
121.9% are being replaced as
120%
their condition degrades
100% to ensure service
90% potential is maintained
80%
Target: 90% of
60% depreciation budget
spent on renewals
40%
annually
17.2%
20%
6.5% 10.1% Result: In line with
0.9% budget
0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Comment: It is expected
that the ratio will
Actual Renewal Spend (%) Target (%) Renewals Budget (%)
progressively increase
each month as
expenditure on renewals
occurs as part of the
capital works program.
Section 9
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Category Comments
Net Financial Liabilities Ratio Intent: Outlines the level
that net Council debt can
80%
60% be serviced by operating
60% revenues. A ratio below
40%
zero implies that liabilities
are less than cash (and
20% other current assets) and
0% there is adequate
Target Budget YTD Actual borrowing capacity
-20% -5%
available if needed.
-40% Target: less than 60%
-60% Result: -87%
-80% Comment: Council has
low debt levels and
-100% -87%
strong cash holdings.
Cash received from the
July rates revenue also
inflates the YTD 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: 0.38%
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
Section 10
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Category Comments
Rates in Arrears Intent: Ensuring that the
amount of unpaid rates
12.0%
Percentage of Annual Rates in Arrears
10.2% remains sustainable and
10.0% 9.5% does not negatively
impact cash flows
7.4% 7.3%
8.0%
Target: 5% industry
6.0% 5.8% 5.7% 6.2%
6.0%
5.7%
5.2%
benchmark
5.0%
4.6%
Result: 7.3%
4.0%
Comment: Rates arrears
2.0%
continue to decline from
the high point in the cycle
0.0% with payments coming
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct due in September.
Actual Target
Reminder notices were
issued in October, and
arrears will continue to
stabilise through to
January as they are
collected and payment
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.
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 15 NOVEMBER 2021
Attachment 1
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 1
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74,501 37,177 37,380 203 50%
Fees and charges 7.185 2717 3,773 1,057 53%
Interest received 670 258 248 (10) 7%
Sale of Goods and major services 10.224 3,138 4,153 1.014 41%
Sale of contract and recoverable works 2B - 0 0 1%
Rental & lease income 1,885 540 626 85 33%
Other income 1,224 204 264 (30) 2%
Grants, subsidies, contributions and donations 5797 2,053 2,150 oT 37%
Unitywater Distributions 5,650 1,612 1,612 - 20%
107,248 47,790 30,206 2416 47%
Expenses
Recurrent Expenses
Employee benefits 37,701 12,608 12,519 oo 33%
Materials and 40,203 15,504 15,379 215 31%
Finance costs 1114 381 382 (1) w%
Depreciation 19.589 6,530 6,531 (1) 2%
Other expenses 233 72 63 3 20%
107,941 35,185 34,880 305 32%
Operating Result ROSS Te
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,397 1,230 1,230 - 88%
Contributed assets 1,500 45 45 - a
Capital grants and subsidies 24.984 7,105 7,105 - 23%
Cash / revenue 24,054 222 2 113 1%
New loan borrowings 2.360 - - - o%
Other capital revenue - - - - o%
Total Capital Funding SSA BO
Capital Expenditure
Contributed assets 1,500 45 45 - 3%
Capital works - constructed assets 47,579 7,515 7,569 sed 16%
Capital works - other capital 4818 401 402 1 8%
Loan redemption 1.297 ass oe - 50%
oi Capel Ex oad - - 58 58 o%Section 12
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 2
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 2
Current Assets
Cash and cash equivalents 49,747 85,658 68,895
Trade and other receivables 10,137 12,544 7,467
Inventories 181 147 144
Contract Assets - 487 487
Other current assets 2,912 4,351 4,955
62,978 103,188 81,948
Non Current Assets held for sale = = =
Total Current Assets 62,978 103,188 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 1,009,996 954,164 952,579
Right of Use Assets 161 89 89
Intangible assets 8,128 2,862 3,036
Total Non Current Assets 1,158,917 1,101,917 1,100,506
Total Assets 1,221,895 1,205,104 1,182,454
Current Liabilities
Trade and other payables 7,151 9.321 10,468
Contract Liabilities - 4377 4377
Borrowings 848 500 955
Lease Liablities - 25 25
Provisions 7,582 5,021 4,947
Other 4,780 3,340 2,898
Total Current Liabilities 20,361 22,584 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 59,464 60,549
Net Community Assets 1,164,128 1,145,641 1,121,905
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 Eamings - 28,484 9,230
Total Community Equity 1,164,128 1,145,641 1,121,905Section 13
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 3
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 3
‘Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 92,622 43,397 93,975
Payments to Suppliers and Employees (87.376) (31,181) (84,528)
5,246 12.216 9447
Receipts:
Investment and Interest Revenue Received 3,270 752 3.401
Rental Income 1,874 626 1,365
Non Capital Grants and Contributions 5,765 2.150 6,085
Income Tax Equivalent Received 1,200 477 1,450
Income from Equity Investments 1,850 630 1,600
Payments:
Borrowing Costs - - (2.499)
Interest Expense (516) (55) (131)
‘Cash Flows from Investing Activities
Receipts:
Proceeds of Sale of Property, Plant and Equipment - 103 217
Grants, Subsidies, Contributions and Donations 26,381 8.335 13,679
Payments:
Payments of Property, Plant and Equipment (51,568) (7.832) (22,721)
Payments for Intangible Assets (829) (139) (1,385)
Net Movement in Loans and Advances - 125 125
‘Cash Flows from Financing Activities
Receipts:
Proceeds from Borrowings 2,360 - 2,500
Payments:
Repayment of Borrowings (736) (626) (1,263)
Cash and Cash Equivalents at the beginning of the reporting period 55,451 68.894 57,023Section 14
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 4
GENERAL COMMITTEE MEETING AGENDA 15 NOVEMBER 2021
Attachment 4
Materials and services
Advertising and Marketing 227 68 63 6 28%
Administration Supplies and Consumables 751 241 227 14 30%
Audit Expenditure 174 11 13 (2) 8%
Communications and IT 684 297 298 (1) 44%
Commission Paid 1,079 358 480 (122) 44%
Consultancy Services 1,166 304 293 1 25%
Contract Services 23,482 6,666 6,363 303 27%
Contributions, Donations, Sponsorship and Prizes 3,471 1,598 1,628 (29) 47%
Electricity 1,729 543 533 10 31%
Intemal Fleet Costs and External Plant Hire 1,668 488 553 (64) 33%
Grants Paid to Community Organisations 1,934 813 817 (4) 42%
Insurance 690 645 635 10 92%
Legal Expenses 1,272 386 509 (124) 40%
Operating Leases and Rentals 292 145 140 5 48%
Software and Maintenance 2,166 782 810 (27) 37%
Subscriptions and Registrations 291 183 269 (86) 92%
Waste Levy Payments 1,460 487 496 (9) 34%
Water and Sewerage Charges 1,084 304 204 100 19%
All Other Materials and Services 5,684 1,274 1,048 225 18%
49,303 15,594 15,379 215 31%