Financial Performance Report – Jul 2024 · Financial Performance Report

GENERAL COMMITTEE MEETING                                                              12 AUGUST 2024



Previous Council Consideration
Nil


Finance
As above


Risk & Opportunities
Council’s risk register identifies a number of risks that could impact on its ongoing financial
sustainability. In order to manage and mitigate these risks Council uses various tools which include
monthly ongoing financial reporting to identify and address emerging issues, conservative budgeting,
compliance with the Financial Sustainability Policy, regular budget reviews, effective liquidity
management to ensure sufficient fiscal flexibility, as well as adhering to the Reserves and Restricted
Cash policy which requires that Council maintains both a disaster management reserve and a
minimum 3 months cash cover to fund emergent matters.

Some examples of potential risks that may impact on Council’s operational performance, capital
program delivery, cashflow and cash reserves include:
      •   Substantial damage to or failure of Council infrastructure due to natural disaster or other
          emergent issue that may require significant unplanned investment;
      •   An extended closure of Council facilities impacting operational revenues;
      •   A prolonged IT system failure affecting Council’s ability to deliver services or issue rates
          notices;
      •   Economic conditions affecting ratepayers’ ability to pay rates;
      •   Market driven increases in construction and operational costs significantly above estimates;
      •   Labour and material shortages and delays.
      •   Strategies, plans and projects deliverables that have not been accurately costed




Consultation
External Consultation - Community & Stakeholder
Nil


Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.

Departments consulted:

      Office of the CEO, Mayor &           Community Services               Corporate Services
              Councillors
          Mayor & Councillors        X    Director                    X     Director
  X       Chief Executive Officer         Community Development       X     Financial Services