2017-11-16 Ordinary Meeting Agenda

ORDINARY MEETING AGENDA                                                        16 NOVEMBER 2017


7      ORDINARY MEETING REPORTS


1        BUDGET REVIEW 2 (BR2) FOR THE 2017/18 FINANCIAL YEAR

Author             Manager Financial Services, Trent Grauf
                   Corporate Services Department

Index              ECM/ Subject/ 7.16 – 2017-2018 Budget

Attachments        1.   Proposed Operating Budget Submissions
                   2.   Proposed Capital Budget Submissions
                   3.   Revised Capital Program
                   4.   Revised Statement of Comprehensive Income
                   5.   Revised Budget Financial Statements


EXECUTIVE SUMMARY
The Local Government Act 2009 and Local Government Regulation 2012 require Council to
undertake regular reviews of the adopted budget to ensure it remains reflective of planned
activities to be funded through the financial year. This second budget review for the 2017/18
financial year (BR2) incorporates:
 A full review of operating income and expenditure to the end of September 2017 to identify
    financial opportunities (i.e. additional revenue) or risks (i.e. additional expenditure) that have
    occurred since the start of the financial year.
 Any new or emergent capital or operating requests arising from Council resolution,
    Leadership Team and / or Capital Works Executive group endorsement since the adoption of
    the budget in June 2017.

In summary the budget review is proposing a small increase of $48k in Council’s operating
surplus, additional capital grant revenue of $332k and a revised capital expenditure program of
$28.6m.

Item                                Original Budget       Current Budget     Proposed Budget
                                             ($’000)        (BR1) ($’000)        (BR2) ($’000)

Operating Revenue                           $92,202               $92,201              $92,932
Operating Expenditure                       $91,943               $92,187              $92,870
Operating Result                               $259                   $14                   $63
Capital Revenue                               $6,464               $8,186                $8,577
Capital Expenditure                         $24,056               $30,990              $28,580


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Ordinary Meeting dated 16
November 2017 and approve the proposed changes to the budget for the 2017/18 financial year
as outlined in the Revised Budget Financial Statements attached to the report.




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