2016-03-10 Ordinary Meeting Agenda

ORDINARY MEETING AGENDA                                                           10 MARCH 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Ordinary Meeting dated 10
March 2016 providing the February YTD monthly financial performance report for the 2015/16
financial year.


REPORT
Recurrent Revenue (YTD Benchmark 67%)

Council has received 91% ($80.5 million) of its recurrent revenue budget of $88 million as at the
end of February 2016. Commentary on each recurrent revenue type is provided below:

     Rates and Levies – $60.6m (100%) of the annual budget of $60.5m has been recorded
      following the January issue of rate notices and the full allocation of rate discounts and
      rebates. General rates are marginally below forecast levels although waste collection charges
      exceed budget.
     Fees and Charges – Fees and charges earned ($4.3m) totals 85% of the revised full year
      forecast. Parking fees, land use permits, and property change of ownership fees continue to
      exceed current YTD estimates.
     Interest Received – Currently 6.6% above YTD forecast levels due to cash flow timing issues.
      No adjustments to the year-end forecast have been proposed at this stage, but will be
      monitored for possible amendment at the March quarter budget review.
     Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are in line
      with budget forecasts.
     Other Revenue – holiday parks, rental income, learn to swim, and waste fees are marginally
      above budget predictions, with sale of recyclable materials (concrete and scrap metal)
      currently below forecasts. All variances will continue to be monitored to determine whether
      further adjustments should be made as part of the next budget review.
     Grants and Subsidies –Receipts for operational grants are generally tracking in accordance
      with adjustments to the revised budget forecast.

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

    $8.0

    $7.0
                                   YTD Budget ($m)
    $6.0
                                   YTD Actual ($m)
    $5.0

    $4.0

    $3.0

    $2.0

    $1.0

    $0.0
                                                        Other
              Fees




                                                                   Grants
                        Dividend




                                                Tax
                                     Interest




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