2019-02-12 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                         12 FEBRUARY 2019


REPORTS FOR NOTING BY THE COMMITTEE

6                         PEREGIAN DIGITAL HUB - HALF-YEARLY UPDATE TO 31 DECEMBER 2018
DOCUMENT INFORM AT ION




Author:                              Digital Hub Director, Chris Boden
                                     Environment and Sustainable Development Department

Index                                ECM/ Subject/ 45.04 Economic Development

Attachments                          Nil


EXECUTIVE SUMMARY
Not applicable.

RECOMMENDATION
That Council note the report by the Digital Hub Director to the Council Meeting dated 12 February
2019 providing an update on the activities of the Peregian Digital Hub for the period 1 July 2018
to 31 December 2018.

REPORT
The purpose of this report is to update Council on the Peregian Digital Hub’s (The Hub) activities
for the half-year ending 31 December 2018.
The Hub is a purpose-built facility designed to house multiple digital companies and individual
workers in an open, modern environment suited to collaboration and co-working. The Hub’s
cutting-edge architecture accommodates a mix of established technology enterprises in private
office spaces as well as individual entrepreneurs, digital specialists and technologists operating
in a co-working environment.
The Hub’s Co-Lab space hosts an exciting program of events and activities. It features a creative
studio and makerspace, presentation space with grandstand and a modular classroom for
mentoring and skills development. An on-site barista and reception service (Barception) operates
from the Hub’s canteen.
1.                        FINANCE
The viability of the Hub is tightly coupled to the health of Noosa’s nascent digital ecosystem.
Without a strong base of technology entrepreneurs and digital businesses, there will be
insufficient demand to sustain the Hub’s facilities and services.
The objective of the Hub is therefore to operate a commercially sustainable co-work facility whilst
delivering public service outcomes that develop the digital ecosystem and assist to meet the
objectives of Council’s Local Economic Plan.
For the half-year period ended 31 December 2018, the Hub’s operating result is in line with
budget.
Digital Hub financial performance for the period ending 31 December 2018
                         Statement of Income and     2018/19        2018/19        2018/19             YTD
                                Expenses             Current         YTD            YTD              Variance
                                                     Budget         Budget         Actuals               $
                                                        $               $              $
         Total Revenue                                   150,000          75,000         85,988          10,988
         Operational Expenditure                       (240,750)      (114,426)      (121,730)           (7,304)
         Depreciation & Amortization                     (82,013)      (41,006)       (41,006)                 0
         Operating Result                              (172,763)       (80,432)       (76,748)             3,684

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