2016-10-17 General Committee Meeting Notes

GENERAL COMMITTEE MEETING AGENDA                                               17 OCTOBER 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 17 October 2016 providing the September YTD monthly financial performance
report for the 2016/17 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 25%)

Council has recognised 43% ($38.3 million) of its recurrent revenue budget of $89 million as at
the end of September 2016. Commentary on each recurrent revenue category is provided below:

      Rates and Levies – $31.1m (50%) of the annual budget of $62.3m has been earned.
        General rates are at forecast levels and waste collection charges are $43k below budget.
      Fees and Charges – Fees and charges earned ($1.8m) totals 42% of the full year forecast.
        Material Change of Use ($86k), Lot Reconfiguration and Operational Works ($33k),
        Plumbing Inspection fees ($11k), Change of Ownership fees and Property Search fees
        ($26k) all currently exceed YTD budget.
      Interest Received – Interest on invested funds is currently $114k ahead of YTD forecast
        levels due to a higher opening actual cash balance than originally estimated. Interest from
        Unitywater shareholder loans also exceeds original forecasts ($28k), and interest on
        outstanding rates is currently $8k below the YTD budget due to proactive debt recovery
        activities undertaken.
      Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are in
        line with YTD budget.
      Other Revenue – Other revenue earned ($2.6m) totals 27% of the full year forecast. Sale of
        Recyclables ($82k ahead), Ringtail quarry auction proceeds ($47k), Lease revenue ($15k),
        Caravan Parks ($45k) and Noosa Aquatic Centre fees ($38k) are all above YTD budget,
        with Waste Disposal fees ($27k) slightly below YTD budget.
      Grants and Subsidies – Receipts for operational grants $22k ahead of YTD budget, related
        to the Stronger Communities Grant received towards renovation of the Tait Duke Cottage
        ($20k).

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $3.0

                                   YTD Budget ($m)
 $2.5
                                   YTD Actual ($m)
 $2.0

 $1.5

 $1.0

 $0.5

 $0.0
                                                        Other
              Fees




                                                                   Grants
                        Dividend




                                                Tax
                                     Interest




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