2022-03-14 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                                               14 MARCH 2022


4         FINANCIAL PERFORMANCE REPORT – FEBRUARY 2022

Author                Financial Services Manager (Acting), Pauline Coles
                      Corporate Services Department

Index                 ECM/ Subject / 22.09 – Monthly Financial Performance Report

Attachments           1.       Statement of Income and Expenditure (Profit & Loss and Capital)
                      2.       Statement of Financial Position
                      3.       Statement of Cash Flows
                      4.       Summary of Materials and Services Expenditure


EXECUTIVE SUMMARY
Year-to-date (YTD) performance against current budget as at 28 February 2022 is positive with
operating revenues outperforming forecast and operating expenditure below budget. The YTD
budget and actual operating position is high reflecting revenue associated with the second annual
rates and charges levied in January. This will degrade through to June as expenditure is incurred
for service delivery. The Capital revenues are in line with forecast with capital expenditure behind
due to the timing of project delivery.

     YTD Financial Performance Summary
                                       Budget            Actual        Variance     Variance
                                                                                                  Status
                                          $m                $m              $m            %
     Operating Revenue                    $97.8           $99.3              $1.6       1.6%     On Track
     Operating Expense                    $70.1           $68.8              $1.3       1.8%     On Track
     Operating Position                   $27.3           $30.5              $3.2      11.6%
     Capital Revenue                      $12.5           $12.8              $0.4       3.1%     On Track
     Capital Expenditure*                 $24.8           $20.6              $4.2      16.9%   Below Budget
* Reflects constructed assets and intangibles only (excludes contributed)


Financial statements including Statement of Income & Expenditure, Statement of Financial
Position (balance sheet), and Statement of Cash Flows are included as attachments for information
for Council.

Figure 1: Actual Performance Compared to Budget

 $120
                           $97.8       $99.3
 $100

    $80
                                                                            $70.3    $68.8

    $60

    $40

    $20

     $-
                       Operating Revenue                               Operating Expenditure
                                    YTD Budget ($m)          YTD Actual ($m)


                                                                                                 Page 17 of 29