2017-02-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                             13 FEBRUARY 2017


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 13 February 2017 providing the January YTD monthly financial performance
report for the 2016/17 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 58%)

Council has recognised 90% ($80.8 million) of its recurrent revenue budget of $89 million as at
the end of January 2017. Commentary on each recurrent revenue category is provided below:
    Rates and Levies – $63m (101%) of the annual budget of $62.3m has been earned.
      General rates are marginally above forecast levels ($31k) and waste collection charges are
      $20k (net) below budget, with discounts and pensioner remissions marginally exceeding
      budgeted levels ($33k).
      Fees and Charges – Fees and charges earned ($3.7m) totals 82% of the full year forecast.
        Material Change of Use ($239k), Lot Reconfiguration ($27k), and Operational Works
        ($78k), Plumbing Inspection fees ($30k), Change of Ownership fees ($40k) and Property
        Search fees ($57k) all currently exceed YTD budget. Significant variances will be assessed
        for possible budget adjustments as part of the current budget review being undertaken.
      Interest Received – Interest on invested funds is currently $92k ahead of revised YTD
        forecast levels. Interest on outstanding rates is currently $25k 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 ($6.6m) totals 69% of the full year forecast. Sale of
        Recyclables ($182k), Refuse Tip Fees ($41k) surplus goods auction proceeds ($47k),
        Lease revenue ($36k), Caravan Parks ($124k), Noosa Leisure Centre activities ($35k), and
        Noosa Aquatic Centre fees ($75k) are all above YTD budget.
      Grants and Subsidies – Receipts for operational grants $51k ahead of YTD budget, related
        to the $20k Stronger Communities Grant received towards renovation of the Tait Duke
        Cottage, plus $7k from RADF, and a further $26k operational funding for Noosa
        Community Support.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $7.0
                                   YTD Budget ($m)
 $6.0
                                   YTD Actual ($m)
 $5.0

 $4.0

 $3.0

 $2.0

 $1.0

 $0.0
                                                        Other
             Fees




                                                                  Grants
                        Dividend




                                                Tax
                                     Interest




                                                                                   Page 55 of 61