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02 Financial Performance Report - Aug 2021
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FINANCIAL
PERFORMANCE
REPORT
August 2021
noosa.qld.gov.au
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Section 2
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
12 FINANCIAL PERFORMANCE REPORT – AUGUST 2021
Author Manager Financial Services, Trent Grauf
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
Performance against current budget for the month of August 2021 aligns with YTD budget at this
early stage of the financial year. The current budget now includes Budget Review 1 (BR1)
adjustments adopted for operational and capital commitments carried over from 2020/21.
YTD Financial Performance Summary
Budget Actual Variance Variance Status
$m $m $m %
Operating Revenue $42.8 $44.0 $1.2 2.8% On Track
Operating Expense $17.8 $17.2 $0.6 3.1% On Track
Operating Position $25.1 $26.8 $1.7 7.0%
Capital Revenue $3.2 $3.6 $0.4 12.9% Above Budget
Capital Expenditure* $3.0 $3.0 $0.0 0.3% 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
$50
$44.0 YTD Budget ($m)
$42.8
$45
YTD Actual ($m)
$40
$35
$30
$25
$20 $17.8 $17.2
$15
$10
$5
$-
Operating Revenue Operating Expenditure
Section 3
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Council’s performance against key measures of financial sustainability have been calculated as at
August 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% 60.9% On Track
Net Financial Liabilities Ratio <60% -8.0% -119.9% On Track
Cash Cover Ratio 3 months 7.3 months 12.8 months On Track
Asset Sustainability Ratio > 90% 121.9% 6.5% On Track
RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee Meeting
dated 13 September 2021 outlining August 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 16.7%)
Council has received 41% ($44.0 million) of its operating revenue budget ($107.2 million).
Commentary on each revenue category is provided below.
Category Summary Comments
Rates and Levies $37.5 million (50%) of the Waste utility charges $239k above YTD budget
annual budget of $74.6 (52% or $6.7 million of $12.9 million budget
million has been earned earned)
All other rates and charges in line with YTD
budget
Fees and $2.4 million (33%) of the $7.2 Development assessment fees $329k above
Charges million annual budget has YTD budget (33% or $606k of $1.8 million
been earned budget earned)
Plumbing application fees $94k above YTD
budget (31% or $323k of $1.0 million budget
earned)
Building application fees $51k above YTD
budget (22% or $122k of $791k budget earned)
Sale of Goods $1.9 million (19%) of the Waste management sale of recoverable
and Services $10.2 million budget has materials $191k above YTD budget (21% or
been received $956k of $4.6 million budget earned).
Holiday Park sales $62k above YTD budget
(19% or $529k of $2.8 million budget earned) –
offset by higher operating costs
Community Facilities (NAC, NLC and The J)
$91k above YTD budget (16% or $414k of $2.6
million budget earned) – offset by higher
operating costs
Section 4
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Category Summary Comments
Interest $54k (8%) of the $670k Interest revenues on cash invested will need
Received annual budget has been ongoing monitoring given low interest rates and
earned impacts on term deposit / cash fund rate return
Other Revenue $461k (15%) of the $3.1 Other revenue is in line with budget
million budget has been expectations at this stage
earned
Operating $1.5 million (26%) 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 so
Distributions little budget variance risk
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$2.4
$2.5
$1.9 YTD Budget ($m)
$1.9
$2.0 YTD Actual ($m)
$1.6
$1.5 $1.5
$1.5
$1.0
$0.5 $0.3 $0.3
$0.1 $0.2 $0.1 $0.2 $0.2
$0.1
$0.0
Charges
Other
Income
Grants
Goods &
Unitywater
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 16.7%)
Actual operating expenditure is currently 16% ($17.2 million) of full year budget ($107.9 million).
Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $5.2 million (14%) of the Under expenditure for permanent staff salaries
annual budget of $37.7 and wages ($779k) partially offset by additional
million has been expended spend on casual staff and external labour hire
($200k).
Materials and $8.5 million (17%) of the Development Assessment legal appeals $122k
Services $49.3 million annual budget below YTD budget (5.6% or $62k of $1.1 million
has been expended. budget spent)
Holiday Parks $82k above YTD budget (21.8%
or $313k of $1.4 million budget spent) – offset
by additional revenue
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Section 5
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Figure 3: Operating Expenditure Position by Type
$10.0
$8.7 $8.5
$9.0
YTD Budget ($m)
$8.0
YTD Actual ($m)
$7.0
$6.0 $5.6
$5.2
$5.0
$4.0 $3.3 $3.3
$3.0
$2.0
$1.0 $0.2 $0.2 $0.0 $0.0
$0.0
Finance Costs
Materials
Depreciation
Employees
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 August 2021 is outlined below, which includes the first instalment
payment to Tourism Noosa under the funding agreement.
Expenditure Budget YTD Actual
$m Budget $m
$m
Payment to Tourism Noosa $2.52 $1.26 $1.26
Economic Development $0.95 $0.09 $0.09
Total $3.47 $1.35 $1.35
Capital Revenue
YTD capital revenue of $3.6 million received comprises cash contributions from developers ($880k)
and capital grants ($2.7 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.
Figure 4: Capital Revenue by Type
$3.0 $2.8 $2.8
$2.5
YTD Budget ($m)
YTD Actual ($m)
$2.0
$1.5
$1.0 $0.9
$0.5
$0.5
$- $-
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Section 6
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Capital Program
Actual capital expenditure (excluding commitments) is $3.0 million (YTD budget $3.0 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
$2.5
$2.2 $2.2
YTD Budget ($m)
$2.0
YTD Actual ($m)
$1.5
$1.0
$0.6 $0.6
$0.5
$0.2 $0.2
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of August was $94 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 pie charts on the following page present the mix of cash held at August 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
Figure 6: Closing Cash Held by Agency and Credit Rating
CBA A1 +
7% (Commercial Banks)
7%
A1 +
QTC (QTC)
93% 93%
Section 7
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
The following chart monitors the year-to-date trend on total cash and the agencies invested. The bi-
annual issue of rates and levies occurred in July, which will increase cash balances from July through
to August. During August, $20 million from rates payment was deposited into QTC cash deposits in
line with Council’s Investment of Surplus Funds Policy.
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
-
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-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.
Category Comments
Operating Surplus Ratio Intent: Identifies the extent to
90% 82.6% which revenues cover operational
80%
expenses, to ensure community
70%
equity is not degraded
60.9%
60% Target: 0 – 10%
50% Result: 60.9%
40% Comment: The high ratio reflects
30% the levying of rates in July, which
20% will degrade as expenditure
10% occurs on operations through the
0% financial year to 30 June 2022
-10%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Actual Budget Target
Section 8
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Category Comments
Cash Expense Cover Intent: Indicates how long council
14.0 can continue paying its day-to-
12.5 12.8
12.2 day expenses from cash at bank
Months (Cash to Cover Operations)
11.6
12.0 11.1 10.7 10.9 without needing additional cash
10.1 10.1 10.4
9.7 flows
10.0 9.1
Target: > 3 months
8.0
Result: 12.8 months
6.0
Comment: Whilst current cash
4.0 cover remains above target,
business as usual expenditure
2.0
through to 30 June 2022 will
- - - - - - - - - - - - - degrade Council’s cash holdings,
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug albeit not below the target range
Actual Minimum (>0 months) of 3 – 6 months.
Target (3 months) Maximum (6 months)
Asset Sustainability Ratio Intent: Measures the extent to
140% which assets are being replaced
121.9% as their condition degrades to
120%
ensure service potential is
100% maintained
90% Target: 90% of depreciation
80%
budget spent on renewals
60% annually
40%
Result: In line with budget
Comment: The capital program
20% has only just commenced. It is
6.5%
0.9%
0% expected that the ratio will
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun progressively increase each
month as expenditure on
Actual Renewal Spend (%) Target (%) Renewals Budget (%)
renewals occurs.
Net Financial Liabilities Ratio Intent: Outlines the level that net
Council debt can be serviced by
80%
60% operating revenues. A ratio below
60%
zero implies that liabilities are less
40% than cash (and other current
20% assets) and there is adequate
0% borrowing capacity available if
-20%
Target Budget YTD Actual needed.
-8%
-40% Target: less than 60%
-60% Result: -120%
-80% Comment: Council has low debt
-100% levels and strong cash holdings.
Cash received from the July rates
-120%
-120% revenue also inflates the YTD
-140%
actual position
Section 9
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Category Comments
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: 0.3%
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
Rates in Arrears Intent: Ensuring that the amount
of unpaid rates remains
12.0%
Percentage of Annual Rates in Arrears
sustainable and does not
9.6% 9.5% negatively impact cash flows
10.0%
Target: 5% industry benchmark
8.0% 7.1% 7.4%
6.0% 5.8% 5.7% 6.2% Result: 4.6%
5.7%
6.0% 5.0% 5.2%
4.6%
Comment: Rates arrears are in
line with performance for the
4.0%
previous 6 and 12 monthly cycles.
2.0%
0.0%
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Actual Target
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
Section 10
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
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 13 SEPTEMBER 2021
Attachment 1
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 1
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74.581 37,272 37,526 254 5%
Fees and charges 7.185 1,850 2.384 514 3%
Interest received 670 54 bond 1 8%
Sale of Goods and major services 10.224 1,586 1.949 364 19%
Sale of contract and recoverable works 23 - 0 0 o%
Rental & lease income 1,885 292 311 12 17%
Other income 1224 155 150 (6) 12%
Grants, subsidies, contributions and donations 57o7 1,462 1,501 40 26%
Unitywater Distributions 5,650 161 161 - 3%
107.248 42,822 44.017 1,196 41%
Expenses
Recurrent Expenses
Employee benefits 37,701 5,565 5,189 376 14%
Materials and services 49.203 8,688 8536 162 17%
Finance costs 114 184 71 13 15%
Depreciation 19,589 3,265 3.285 - 17%
Other expenses 233 46 42 4 18%
107,941 17,7358 17.204 SM 16%
Operating Result 8506
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,397 463 880 417 63%
Contributed assets 1500 - - - o%
Capital grants and subsidies 24.084 2.764 2764 - 11%
Cash / revenue 24.054 (196) (623) (426) -2%
New loan borrowings 2360 - - - o%
Other capital revenue - - - - o%
Total CapitalFunding S508
Capital Expenditure
Contributed assets 1.500 - - - o%
Capital works - constructed assets 47579 2,183 2.191 8 5%
Capital works - other capital 4818 199 182 (17) 4%
Loan redemption 1297 648 68 - 50%
scpaaes es - - - - o%Section 12
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 2
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 2
Current Assets
Cash and cash equivalents 49,747 93,936 68,895
Trade and other receivables 10,137 15,397 7467
Inventories 181 146 144
Contract Assets - 487 487
Other current assets 2,912 4.150 4.955
62,978 114,116 81,948
Non Current Assets held for sale : - -
Total Current Assets 62,978 114,116 81,948
Non Current Assets
Trade and other receivables 49,593 49,468 49,468
Other non current Assets - - -
Investments 88,040 88,040 88,040
Investment property 3,000 2,900 2,900
Property, plant and equipment 1,009,996 952,808 953,659
Right of Use Assets 161 89 89
Intangible assets 8,128 8,047 8,132
Total Non Current Assets 1,158,917 1,101,352 1,102,288
Total Assets 1,221,895 1,215,468 1,184,236
Current Liabilities
Trade and other payables 7,151 12,412 10,468
Contract Liabilities - 4,377 4,377
Borrowings 848 419 955
Liabliti . 25 25
Provisions 7,582 4,947 4.947
Other 4,780 2,264 2,898
Total Current Liabilities 20,361 24,445 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 61,324 60,549
Net Community Assets 1,164,128 1,154,144 1,123,687
Community Equity
Asset Revaluation Surplus 121,483 109,553 109,553
Retained Surplus / (Defeciency) - - -
Shire Capital 1,042,645 1,004,202 999,504
Current Year Net Earnings - 40,389 14,630
Total Community Equity 1,164,128 1,154,144 1,123,687Section 13
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 3
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 3
Cash flows from operating activities
‘Cash Flows from Operating Activities
Receipts from Customers 92,622 35,206 93,975
Payments to Suppliers and Employees (87,376) (13,003) (84,528)
5,246 22,203 0447
Investment and Interest Revenue Received 3.270 54 3,401
Rental Income 1,874 311 1,365
Non Capital Grants and Contributions 5,765 1,501 6,085
Income Tax Equivalent Received 1,200 161 1,450
Income from Equity Investments 1,850 - 1,600
Payments:
Borrowing Costs - - (2,499)
Interest Expense (516) (4) (131)
‘Net Cash Inflowi(Outflow) from Operating Activities = = 48,690) 24.228 20,719
‘Cash Flows from Investing Activities
Proceeds of Sale of Property, Plant and Equipment - - 217
Grants, Subsidies, Contributions and Donations 26,381 3,644 13,679
Payments:
Payments of Property, Plant and Equipment (51,568) (2,258) (22,721)
Payments for Intangible Assets (829) (72) (1,385)
Net Movement in Loans and Advances - 125 125
‘Cash Flows from Financing Activities
Proceeds from Borrowings 2,360 - 2,500
Payments:
Repayment of Borrowings (736) (626) (1,263)
‘Net Increasei(Decrease) in Cash and Cash Equivalents held = (5,704) 25,081 14,871
Cash and Cash Equivalents at the beginning of the reporting period 55,461 68,894 57,023Section 14
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 4
GENERAL COMMITTEE MEETING AGENDA 13 SEPTEMBER 2021
Attachment 4
Materials and services
Advertising and Marketing 227 28 14 14 6%
Administration Supplies and Consumables 751 127 133 (6) 18%
Audit Expenditure 174 11 11 - 7%
Communications and IT 684 113 168 (55) 25%
Commission Paid 1,079 177 196 (19) 18%
Consultancy Services 1,166 143 139 5 12%
Contract Services 23,482 3,022 2,895 127 12%
Contributions, Donations, Sponsorship and Prizes 3,471 1,479 1,484 (5) 43%
Electricity 1,729 283 268 16 15%
Internal Fleet Costs and External Plant Hire 1,668 250 252 (2) 15%
Grants Paid to Community Organisations 1,934 576 590 (14) 31%
Insurance 690 604 624 (20) 90%
Legal Expenses 1,272 188 83 105 7%
Operating Leases and Rentals 292 72 70 3 24%
Software and Maintenance 2,166 462 468 (6) 22%
Subscriptions and Registrations 291 165 169 (4) 58%
Waste Levy Payments 1,460 243 366 (123) 25%
Water and Sewerage Charges 1,084 170 135 36 12%
All Other Materials and Services 5,684 584 473 110 8%
49,303 8,698 8,536 162 17%