2014-05-20 Planning & Organisation Committee Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                       20 MAY 2014


Finance
9.    FINANCIAL PERFORMANCE – MAY 2014


Author            Manager Financial Services, Wayne Jensen
                  Corporate Services

Index             ECM / Financial Management / Accounting – Monthly Exception Report

Attachments       1.    Statement of Comprehensive Income
                  2.    Capital Works Schedule



EXECUTIVE SUMMARY
Overall, financial performance to the end of April is tracking a little better than original estimates
with the operating result showing a favourable variance of $1.5million. Specific areas of
significant variance are discussed in the body of the report.

A full budget review of the operating and capital budgets is currently being undertaken with the
proposed changes to be presented to the General Committee Meeting.


RECOMMENDATION
That Council note the Financial Performance Report for April 2014 from the Manager Financial
Services to the Planning and Organisation Committee meeting dated 20 May 2014.



REPORT
There is still no balance sheet provided with this report as agreement on transferring balances
from Sunshine Coast Council has not yet been reached.

1.    Operating Revenue

     Rates and charges – no significant changes since the last report.
      o      Discounts and rebates – have come in under initial levies providing a small
             favourable variance.
      o      Waste charges – revenue has exceeded original forecasts due to additional services
             included in the levy.
     Fees and charges – generally on track, however there are variances within the different
      Council areas. Significant variances will be addressed as part of the budget review.
     Rental income – is generally in accordance with original estimates.
     Interest received – currently below original forecasts as a result of delays in the transfer of
      cash balances from Sunshine Coast Council. It should be noted that Council has received
      the first quarterly instalment from Unitywater related to shareholder loan interest.
     Other income – is generally on par with original forecasts. Included in this revenue stream
      are payments from Unitywater for dividends and tax equivalents. Significant variances will
      be addressed as part of the budget review.
     Grants and subsidies – whilst there are risks associated with the level of financial
      assistance grant funding, the level of grant funds received for the Respite Centre and
      Home Assist is above original estimates.


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