2016-11-14 General Committee Meeting Notes

GENERAL COMMITTEE MEETING AGENDA                                                    14 NOVEMBER 2016


REPORTS DIRECT TO GENERAL COMMITTEE


2                       2015/16 BUDGET WRAP UP
OCUMENT INFORM AT ION




Author                          Director Corporate Services, Michael Shave
                                Corporate Services Department

Index                           ECM/ ECM / Subject / 22.09 – Monthly Financial Performance Report

Attachments                     Nil


EXECUTIVE SUMMARY
Not applicable.

RECOMMENDATION
That Council note the report by the Director Corporate Services to the General Committee
Meeting dated 14 November 2016 providing a summary of Council’s 2015/16 budget
performance.


REPORT
As part of standard monthly financial performance reporting against budget, a report was
provided to the General Committee on 18 July 2016 outlining Council’s interim financial
performance for the full 2015/16 year against budget. Now that the financial statements and
annual report has been completed it is timely that Council is provided with a final summary of
overall performance against budget. A budget wrap up report is considered necessary given that
the detail in the financial statements is different to that reported in the budget reports and
includes adjustments that make it difficult to assess Council’s overall performance against
budget.

Overall Operating Performance

Operating financial performance relates to the business as usual services provided by Council to
the community and excludes the capital program. From a financial sustainability perspective an
operating surplus reflects the fact that services are being appropriately funded and sufficient cash
is being collected to reflect infrastructure consumption (and as such is allowing for ongoing asset
renewal via the capital program).

The table below outlines Council’s operating performance against budget once all year end
adjustments were processed.

         Operating Summary to 30 June 2016
                                        Budget              Actual   Variance $m    Variance
                                             $m                $m                          %
         Recurrent Revenue                $88.2              $90.2           $2.0       2.3%
         Recurrent Expense                $87.2              $83.9           $3.3       3.8%
         Operating Surplus                  $1.0              $6.3           $5.3
         Operating Surplus Ratio           1.1%              7.0%




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