04 Financial Performance Report - Oct 2021

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