2015-08-18 Planning and Organisation Committee Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                               18 AUGUST 2015


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning &
Organisation Committee Meeting dated 18 August 2015 providing the July 2015 monthly
financial performance report for the 2015/16 financial year.

REPORT
Recurrent Revenue

Council has received 40% ($34.5 million) of its recurrent revenue budget of $87.3 million as
at the end of July 2015, with the majority of income related to the first half-yearly levy of
rates and utility charges. Commentary on each recurrent revenue type is provided below:

    Rates and Levies – $30.9m (51%) of the annual budget of $60.5m has been recorded.
    Fees and Charges – Fees and charges earned ($0.9m) totals 18% of the full year
      budget. There are a number of fee areas that are marginally above budget forecasts,
      but being only one month into the financial year it is not prudent to be making any
      predictions for revised forecasts.
    Interest Received – Generally in accordance with forecast levels.
    Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are
      in line with budget forecasts.
    Other Revenue – Generally in accordance with budget predictions.
    Grants and Subsidies – Overall receipts for operational grants are in accordance with
      budgeted levels.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $2
 $2
 $2
 $1                                   YTD Budget ($m)
 $1                                   YTD Actual ($m)
 $1
 $1
 $1
 $0
 $0
 $0
                                                        Other




                                                                 Grants
          Fees




                     Dividend




                                               Tax
                                Interest




Recurrent Expenditure

Operating expenditure is currently 7% of the full year budget spend. The favourable budget
variance generally relates to accounting adjustments for the end-of-year. Detailed
commentary for significant items appears below.

    Employee Costs – Actuals of $1.6m against a YTD budget of $2.1m equates to 6% of
      the full year budget. The variances can be attributed to the overlap of the pay period
      with 2014/15 financial year.


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