2016-01-11 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                11 JANUARY 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee Meeting
dated 11 January 2016 providing the December monthly financial performance report for the
2015/16 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 50%)

Council has received 52% ($45.9 million) of its recurrent revenue budget of $87.5 million as at the
end of December 2015. Commentary on each recurrent revenue type is provided below:

 Rates and Levies – $30.2m (50%) of the annual budget of $60.5m has been recorded.
 Fees and Charges – Fees and charges earned ($3.6m) totals 76% of the full year forecast.
   Favourable variances exist for cemetery operations, parking, and development related fees.
   All variances will be monitored to determine whether further adjustments should be made as
   part of the December quarter budget review.
 Interest Received – Currently 4.6% above forecast levels due to higher cash balances than
   originally estimated.
 Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are generally
   in line with budget forecasts.
 Other Revenue – areas including waste fees are marginally above budget predictions, with sale
   of recyclable materials currently below forecasts. All variances will be investigated to determine
   whether adjustments should be made as part of the next budget review.
 Grants and Subsidies – Overall receipts for operational grants are generally in accordance with
   the revised budget forecast with variances due to additional funding received not included in
   the original budget.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)

 $6.0

                                  YTD Budget ($m)
 $5.0
                                  YTD Actual ($m)
 $4.0

 $3.0

 $2.0

 $1.0

 $0.0
                                                         Other
            Fees




                                                                    Grants
                       Dividend




                                               Tax
                                    Interest




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