2018-04-16 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                              16 APRIL 2018


7                        BUDGET REVIEW 3 (BR3) FOR THE 2017/18 FINANCIAL YEAR
DOCUMENT INFORM AT ION




Author                            Manager Financial Services, Trent Grauf
                                  Corporate Services Department

Index                             7.16 – 2017-2018 Budget

Attachments                       1.   Proposed Operating Budget Submissions
                                  2.   Proposed Capital Budget Submissions
                                  3.   Revised Capital Program
                                  4.   Revised Statement of Income and Expenditure
                                  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 third budget review for the 2017/18 financial year
(BR3) incorporates:
 A full review of operating income and expenditure to the end of March 2018 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, Executive
    Team and / or Capital Works Executive endorsement since the adoption of the budget in June
    2017.

In summary the budget review is proposing a decrease of $60k to Council’s operating surplus
resulting in a revised operating surplus of $2k.Capital grant revenue of $334k has been deferred
to the 2018/19 year and a revised capital expenditure program of $30.9m.

 Item                                            Original Budget     Current Budget    Proposed Budget
                                                          ($’000)      (BR2) ($’000)       (BR3) ($’000)

 Operating Revenue                                       $92,202            $92,932             $93,206
 Operating Expenditure                                   $91,943            $92,870             $93,204
 Operating Result                                            $259               $62                  $2
 Capital Revenue                                            $6,464           $8,577              $8,242
 Capital Expenditure                                     $24,056            $28,580             $30,939



RECOMMENDATION
That Council note the report by the Manager Financial Services to the Ordinary Meeting dated 16
April 2018 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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