2020-07-10 Special Meeting Agenda

SPECIAL MEETING AGENDA                                                             10 JULY 2020


5    STATEMENT OF ESTIMATED FINANCIAL POSITION FOR THE 2019-20 FINANCIAL
     YEAR


Author           Manager Financial Services, Trent Grauf
                 Corporate Services Department

Index            ECM/ Subject/ 2020 - 2021 Budget

Attachments      1.    Statement of Estimated Financial Position



EXECUTIVE SUMMARY
Not applicable.

RECOMMENDATION
That Council note the report by the Manager Financial Services to the Special Meeting dated 10
July 2020 and pursuant to section 205 of the Local Government Regulation 2012 note the
Statement of Estimated Financial Position for the 2019/20 Financial Year, provided as Attachment
1 to the report.



REPORT
The Statement of Estimated Financial Position must be presented to Council as part of the
Council’s annual budget meeting and is a requirement under section 205 of the Local Government
Regulation 2012.

The Statement of Estimated Financial Position is a document that states the estimated financial
operations and financial position of Council for the 2019/20 financial year.

The financial statements as provided in Attachment 1 provides a comparison between the 2019/20
original budget, current budget (being the Budget Review 2 adopted at Council’s Ordinary Meeting
on 21 November 2019) and the latest forecast 30 June 2020 position (incorporating an estimate of
the financial impacts from the COVID-19 pandemic on Council’s operating position).

It should also be noted that end of financial year adjustments such as new accounting standards,
changes in employee payables in addition to asset adjustments may change the final financial
position once known.

As part of transparent reporting processes interim financial performance is reported to Council in
the July round of meetings, with a final financial year-end wrap up report provided following
completion of the audit by the Queensland Audit Office (usually November or December each
year).

Previous Council Consideration
Special Meeting Minutes, 28 June 2019, Item 5, Page 10
That Council note the report by the Manager Financial Services to the Special Meeting dated 28
June 2019 and pursuant to section 205 of the Local Government Regulation 2012, note the
Statement of Estimated Financial Position for the 2018/19 Financial Year which is provided as
Attachment 1 to the report.



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