2023-03-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING REPORT                                                         13 MARCH 2023


 Category           Summary               Comments
                                           Libraries & Galleries $95.2k below YTD budget (46.37% of
                                             $953.4k of $2.1 million annual budget spent)
                                           Waste Management $91.9k below YTD budget (64.1% or
                                             $8.5million of $13.1 million annual budget spent)
                                           Infrastructure Planning, Design & Delivery $80.9k below
                                             YTD budget (9.6% or $41.3k of $429.9k annual budget
                                             spent)
                                           Cemeteries $49.9k below YTD budget (37.1% or $64.9k of
                                             $175.1k annual budget spent)
 Finance Costs      Currently on track          Whilst existing loan borrowings are set with fixed interest
                                                 rates, any further RBA rate rises will impact finance costs
                                                 on new loan borrowings.
 Depreciation       Currently on track          Current inflationary conditions for construction inputs will
                                                 continue to impact the value of Council’s infrastructure
                                                 assets and depreciation. The annual asset revaluation cycle
                                                 will quantify the financial risk by end of financial year.
 Other Expenses     Currently on track    Nil

Figure 3: Operating Expenditure Position by Type




Tourism and Economic Development Investment Summary
Council resolved to report on a monthly basis, investment details for tourism and economic
development. Expenditure at 28 February 2023 is outlined below:
 Expenditure                  Annual Budget               YTD Budget          YTD Actual      YTD Variance
                                        $m                       $m                  $m
 Payment to Tourism Noosa                $2.65                   $2.65               $2.65                  -

 Economic Development                    $1.20                   $0.64               $0.63             $0.01

 Total                                   $3.85                   $3.29               $3.28             $0.01

All instalments payable under the Tourism Noosa agreement for the 2022-23 financial year have
been made. Work on the renewal of the current agreement, which was extended for 12 months to
30 June 2023, has commenced and will be finalised in the coming months.
Economic Development expenditure is on track with the development of the Destination
Management Plan underway.
Tourism and economic development activity is funded through the general rate, with 5.8% of the
annual general rate committed towards tourism and economic development. Should actual general
rate revenue fall below budget, this does not impact Council’s contractual commitment to fully fund

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