2023-03-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING REPORT                                                                 13 MARCH 2023


5       FINANCIAL PERFORMANCE REPORT – MARCH 2023

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 2023 is positive with
operating revenues outperforming forecast. Operating expenditure is under forecast YTD, with an
underspend in Employee Costs currently offsetting an overspend in Materials and Services. Capital
revenues are above forecast while capital expenditure is below forecast due to timing of project
delivery.
    YTD Financial Performance Summary
                                    Budget             Actual         Variance      Variance
                                                                                                       Status
                                       $m                 $m               $m             %
    Operating Revenue                $104.3            $109.6                $5.2         5.0%    Above Budget
    Operating Expense                 $75.5             $75.2                $0.3         0.4%      On Track
    Operating Position                $28.8             $34.3                $5.5        19.2%
    Capital Revenue                    $7.7             $21.4               $13.7       177.2%    Above Budget
    Capital Expenditure*              $38.6             $33.4                $5.2        13.5%    Below Budget
* Reflects constructed assets and intangibles only (excludes contributed)

The $5.5 million YTD operating surplus comprises $4.6 million general operating surplus from
activities that are funded through Council’s general rate, regulatory fees and sales of goods and
services; as well an additional $0.7 million from waste operations and $0.2k in unspent levy and
separate charge funds which are constrained in reserve for future use. The general operating
surplus position is also augmented by a number of incomplete grant-funded programs.
                                                                              Budget         Actual       Variance
 Item                                                                            YTD            YTD           YTD
                                                                                  $m             $m             $m
 General business operating position (unconstrained funds)                     $22.9          $27.5            $4.6
 Unspent levies (constrained funds)                                            ($0.5)         ($0.3)           $0.2
 Waste operations                                                                $6.4           $7.1           $0.7
 Total Council Operating Position                                              $28.8          $34.3            $5.5
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.




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