Meeting papers

GENERAL COMMITTEE MEETING                                                              17 JUNE 2024


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 17 June 2024 outlining May 2024 year to date financial performance against
budget, including changes to the financial performance report with the inclusion of key financial
sustainability indicators.



REPORT


Operating Revenue (YTD Benchmark 91.7%)
Council has received 94.7% ($128.9 million) of its operating revenue budget ($136.2 million).
Commentary on each revenue category is provided below.

 Category            Summary                   Comments
 Rates and Levies    $88.9 million (100.0%)       •   General rate (net of discounts) $173.7k above
                     of the annual budget of          YTD budget (100.2% or $67.2 million of $67.0
                     $88.9 million has been           million annual budget earned)
                     earned                       •   Waste utility charges $97.3k below YTD
                                                      budget (99.4% or $15.8 million of $15.9 million
                                                      annual budget earned)
 Fees and Charges    $8.5 million (76.1%) of      •   Development Assessment $755.3k below
                     the annual budget of             budget (65.7% or $2.5 million of $3.8 million
                     $11.2 million has been           annual budget earned)
                     earned                       •   Local Laws $247.5k below budget (77.8% or
                                                      $1.6 million of $2.0 million annual budget
                                                      earned)
                                                  •   Building & Plumbing Compliance $231.2k
                                                      below budget (82.9% or $2.0 million of $2.4
                                                      million annual budget earned)
                                                  •   Community facility fees $129.1k below budget
                                                      (59.9% or $243.3k of $406.3k annual budget
                                                      earned)
 Sale of Goods and   $15.1 million (101.9%)       •   Holiday Park revenue $740.0k above budget
 Services            of the annual budget of          (107.8% or $4.5 million of $4.1 million annual
                     $14.8 million has been           budget earned). Any revenue upside will be
                     earned                           generally offset by a corresponding increase in
                                                      associated operating costs.
                                                  •   Waste Management fees $413.4k above
                                                      budget (96.9% or $6.9 million of $7.1 million
                                                      annual budget earned)
                                                  •   Sports facility revenue $332.7k above budget
                                                      (105.0% or $2.9 million of $2.7 million annual
                                                      budget earned)
                                                  •   Cultural facility revenue $84.3k above budget
                                                      (105.7% or $580.6k of $549.2k annual budget
                                                      earned)
 Interest Received   $6.5 million (132.6%)        •   Interest revenues are tracking above budget
                     of the $4.9 million              with investment in higher yielding term
                     annual budget has                deposits maximising the return on surplus
                     been earned                      cash holdings. Cash holdings are higher
                                                      compared to previous years due to the
                                                      advanced payment of QRA disaster capital




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