2016-12-12 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                           12 DECEMBER 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 12 December 2016 providing the November YTD monthly financial performance
report for the 2016/17 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 42%)

Council has recognised 48% ($43.2 million) of its recurrent revenue budget of $89 million as at
the end of November 2016. Commentary on each recurrent revenue category is provided below:
    Rates and Levies – $31.2m (50%) of the annual budget of $62.3m has been earned.
      General rates are at forecast levels and waste collection charges are $22k (net) below
      budget.
    Fees and Charges – Fees and charges earned ($2.8m) totals 61% of the full year forecast.
      Material Change of Use ($82k), Lot Reconfiguration ($19k), and Operational Works ($82k),
      Plumbing Inspection fees ($24k), Change of Ownership fees ($25k) and Property Search
      fees ($48k) all currently exceed YTD budget.
    Interest Received – Interest on invested funds is currently $36k ahead of revised YTD
      forecast levels. Interest from Unitywater shareholder loans also exceeds original forecasts
      ($28k), and interest on outstanding rates is currently $22k above the YTD budget.
    Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are in
      line with YTD budget.
    Other Revenue – Other revenue earned ($4.6m) totals 48% of the full year forecast. Sale of
      Recyclables ($121k ahead), surplus goods auction proceeds ($47k), Lease revenue
      ($36k), Caravan Parks ($62k) and Noosa Aquatic Centre fees ($60k) are all above YTD
      budget.
    Grants and Subsidies – Receipts for operational grants $48k ahead of YTD budget, related
      to the Stronger Communities Grant received towards renovation of the Tait Duke Cottage
      ($20k), plus $7k from RADF, and a further $21k operational funding for Noosa Community
      Support.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $5.0
                                 YTD Budget ($m)
 $4.5
 $4.0                            YTD Actual ($m)

 $3.5
 $3.0
 $2.5
 $2.0
 $1.5
 $1.0
 $0.5
 $0.0
                                                      Other




                                                                 Grants
           Fees




                      Dividend




                                               Tax
                                    Interest




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