2014-08-19 Planning & Organisation Committee Agenda - Pages 102-155

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                             19 AUGUST 2014


2.    Operating Expenses

Operating expenses overall show a favourable variance against budget, with key areas
highlighted below:

 Employee costs – the majority of areas are performing in accordance with budget forecasts,
   however the minor restructure associated with service reviews undertaken has resulted in
   some employee payments which has resulted in a variance for July. The budget will be
   reviewed in October to account for savings that will offset these up-front payments.
 Materials and Services – there is a favourable variance shown for July, which has generally
   been attributed to the end-of-financial year and seasonal factors.
 Finance Costs – no significant variances shown.
 Other Expenses – generally in accordance with budget.

3.    Capital Works

 Expenditure on capital works, as shown in the Capital Works Schedule, has been primarily
   focused on completing projects carried forward from 2013/14 (refer separate report to this
   meeting), with the major focus for the 2014/15 program being on design works. This report is
   for information only, and provides a summary of expenditure recorded against the projects.

4.    Investment Performance

 The total interest yield for the month of July was $112,771, which represents a weighted
   average return of 3.14%, and compares favourably with the industry benchmark (UBS Bank
   Bill Index) of 2.73%. The investment portfolio was held 100% with A1+ rated agencies, as
   shown in the following graph:


                                  QTC     Westpac   CBA




                                    11%




                          22%




                                                      67%




Previous Council Consideration

Nil




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