2016-11-14 General Committee Meeting Notes

GENERAL COMMITTEE MEETING AGENDA                                                14 NOVEMBER 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 14 November 2016 providing the October YTD monthly financial performance
report for the 2016/17 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 33%)
Council has recognised 46% ($40.8 million) of its recurrent revenue budget of $89 million as at
the end of October 2016. Commentary on each recurrent revenue category is provided below:

•          Rates and Levies – $31.1m (50%) of the annual budget of $62.3m has been earned.
           General rates are at forecast levels and waste collection charges are $24k below YTD
           budget.
•          Fees and Charges – Fees and charges earned ($2.3m) totals 52% of the full year
           forecast. Development related material change of use fees ($129k), lot reconfiguration
           ($54k), and operational works ($53k) exceed YTD budget, with plumbing inspection fees
           ($17k), change of ownership fees and property search fees ($40k) all also exceeding YTD
           budget.
•          Interest Received – Interest on invested funds is currently $159k ahead of YTD forecast
           levels due to a higher opening actual cash balance than originally estimated in addition to
           interest on outstanding rates ($22k above YTD budget).
•          Dividend and Tax – Dividends and tax payments from Unitywater are in line with YTD
           budget.
•          Other Revenue – Other revenue earned ($3.6m) totals 38% of the full year forecast. Sale
           of recyclables ($96k ahead), Ringtail quarry auction proceeds ($47k), lease revenue
           ($25k), holiday parks ($59k) and Noosa aquatic centre fees ($39k) are all above YTD
           budget.
•          Grants and Subsidies – Receipts for operational grants $52k ahead of YTD budget,
           related to the Stronger Communities Grant received towards renovation of the Tait Duke
           Cottage ($20k), in addition to $32k from RADF.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)

    $4.0
                                      YTD Budget ($m)
    $3.5
                                      YTD Actual ($m)
    $3.0

    $2.5

    $2.0

    $1.5

    $1.0

    $0.5

    $0.0
                                                           Other




                                                                      Grants
                 Fees




                           Dividend




                                                   Tax
                                        Interest




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