2020-07-10 Special Meeting Agenda

SPECIAL MEETING AGENDA                                                                 10 JULY 2020


Finance Costs

Finance costs of $1.5 million includes $1.2 million for interest payments on Council borrowings with
Queensland Treasury Corporation, future landfill rehabilitation cost provisioning and bank and
merchant fees.

Depreciation

The budget includes asset consumption costs of $19 million which is utilised to assist with funding
Council’s capital renewal and replacement program.

Other Expenses

Other expenses are estimated at $189k for 2020/21.

7     Capital Budget

Council’s 2020/21 capital budget of $27 million includes an investment of $16 million to renew
existing infrastructure, $9 million for new and upgrade works and an additional $2.4m allocated to
repay existing debt. Council intends to sustainably fund the capital program via a mix of grants ($7
million) and cash ($20 million).

A number of significant value projects are included in the 2020/21 financial year including the
completion of the Peregian Beach Rufous St precinct development, commencement of the Cooroy
Hinterland Playground construction, and the replacement of three key bridges as part of the
Australian Government bridge renewal program. The full list of projects for the 2020/21 financial
year is contained in the Noosa Council 2020/21 Budget document.

Previous Council Consideration
Council adopted its 2019/20 Budget at a Special Meeting of Council on 28 June 2019.

Finance
The Revenue Policy and Statement is the head of power that allows Council to levy rates and
charges on an annual basis.

Risks & Opportunities
Adoption of the annual budget is required under section 107A of the Local Government Act 2009
to provide Council the power to levy rates and charges, charge fees and expend funds on delivering
services to the community.

Consultation
External Consultation - Community & Stakeholder
Specific local associations and ratepayer groups have been consulted where required with respect
to the development of special rates for the 2020/21 financial year.

Internal Consultation
All areas of Council have been involved in the development of the proposed budget and a number
of workshops have been held with Councillors

Departments/Sections Consulted:

 X   Chief Executive Officer   X   Community Services                   X   Corporate Services
     Executive Officer             Director                             X   Director


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