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05 Financial Performance Report - Nov 2021
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FINANCIAL
PERFORMANCE
REPORT
November 2021
noosa.qld.gov.au
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Section 2
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
11 FINANCIAL PERFORMANCE REPORT – NOVEMBER 2021
Author Manager Financial Services (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 30 November 2021 is positive with
operating revenues outperforming forecast and operating expenditure slightly under forecast YTD.
Capital revenues are in line with forecast with capital expenditure slightly behind due to the timing of
project delivery. The second budget review (BR2) for the financial year is currently underway and
will be presented at the January 2022 round of Council meetings. This will incorporate any budget
variations and emergent matters that have arisen year to date.
YTD Financial Performance Summary
Budget Actual Variance Variance Status
$m $m $m %
Operating Revenue $50.2 $53.0 $2.8 5.1% On Track
Operating Expense $43.4 $43.3 $0.1 0.9% On Track
Operating Position $6.8 $9.7 $2.9 21.6%
Capital Revenue $9.3 $9.6 $0.2 0.0% On Track
Capital Expenditure* $13.9 $11.9 $1.9 14.1% Below Budget
* Reflects constructed assets and intangibles only (excludes contributed)
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.
Figure 1: Actual Performance Compared to Budget
$60
YTD Budget ($m)
… $53.0
YTD Actual ($m)
$50
$43.4 $43.3
$40
$30
$20
$10
$-
Operating Revenue Operating Expenditure
Section 3
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Council’s performance against key measures of financial sustainability have been calculated as at
November 2021. These indicators enable the reader to assess Council’s success in managing its
budget, cash and debt as well as undertaking sustainable asset management. The table below
contains a snapshot of a number of key measures, with full detail included in the report.
YTD Measures of Financial Sustainability
Target Current Actual YTD
Budget
Operating Surplus Ratio 0-10% -0.6% 18.3% On Track
Net Financial Liabilities Ratio <60% -4.9% -69.8% Above Target
Cash Cover Ratio 3 months 6.8 months 11.8 months Above Target
Asset Sustainability Ratio > 90% 121.9% 26.3% On Track
RECOMMENDATION
That Council note the report by the Acting Manager Financial Services to the General Committee
Meeting dated 13 December 2021 outlining the November 2021 year to date financial performance
against budget, including performance against key financial sustainability indicators.
REPORT
Operating Revenue (YTD Benchmark 41.7%)
Council has received 49% ($52.9 million) of its operating revenue budget ($107.2 million).
Commentary on each revenue category is provided below.
Category Summary Comments
Rates and Levies $37.4 million (50%) of • Waste utility charges $322k above YTD budget (52%
the annual budget of or $6.7 million of $12.9 million budget earned)
$74.6 million has been • General rate (net of discount) $133k below YTD
earned budget (50% or $28.4 million of $57.2 million budget
earned)
Fees and $4.4 million (61%) of • Development assessment fees $579k above YTD
Charges the $7.2 million annual budget (69% or $1.3 million of $1.8 million budget
budget has been earned)
earned • Plumbing application fees $325k above YTD budget
(70% or $726k of $1.0 million budget earned)
• Building application fees $86k above YTD budget
(51% or $405k of $791k budget earned)
Sale of Goods $5.2 million (51%) of • Waste management sale of recoverable materials
and Services the $10.2 million $329k above YTD budget (83% or $710k of $855k
budget has been budget earned).
received • Waste management disposal fees $288k above YTD
budget (45% or $1.7 million of $3.7 million budget
earned)
• Holiday Park sales $334k above YTD budget (54% or
$1.5 million of $2.8 million budget earned) – offset by
higher operating costs
• Community Facilities (NAC, NLC and The J) $312k
above YTD budget (46% or $1.2 million of $2.6 million
budget earned) – offset by higher operating costs
Interest $315k (47%) of the • Interest revenues on cash invested will continue to be
Received $670k annual budget monitored given low interest rates and impacts on term
has been earned deposit / cash fund rate returns
Section 4
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Category Summary Comments
Other Revenue $1.3m (43%) of the • Other revenue is in line with budget expectations at this
$3.1 million budget stage
has been earned
Operating $2.5 million (43%) of • Operating grants are in line with budget expectations
Grants, the $5.8 million budget at this stage.
Subsidies has been received • 50% ($1.2 million) of the financial assistance grant was
again prepaid in June 2021 and may impact on
Council’s 2021/22 final operating position if the
prepayment approach is discontinued by the
Australian government.
Unitywater On track • Unitywater distributions are fixed each year so little
Distributions budget variance risk
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$6.0
$5.2
YTD Budget ($m)
$5.0 $4.4 YTD Actual ($m)
$3.9
$4.0
$3.2
$3.0
$2.4 $2.5
$2.0 $1.8 $1.8
$0.9 $0.9
$1.0 $0.3 $0.5 $0.4
$0.3
$0.0
Other
Income
Charges
Grants
Goods &
Unitywater
Services
Sales of
Rental
Interest
Fees &
Share of
Operating Expenditure (YTD Benchmark 41.7%)
Actual operating expenditure is currently 40% ($43.3 million) of full year budget ($107.9 million).
Detailed commentary for each expenditure category is provided below.
Category Summary Comments
Employee Costs $15.4 million (41%) of the • Under expenditure for permanent staff salaries
annual budget of $37.7 and wages ($1.3 million) partially offset by
million has been expended additional spend on casual staff and external
labour hire ($819k)
Materials and $19.1 million (39%) of the • Waste Management $333k below YTD budget
Services $49.3 million annual budget (37% or $4.1 million of $11.1 million budget
has been expended. spent)
• Mayor and Councillor Support costs $77k
above YTD budget ($80k of $8k budget spent)
– subscription for Council joining the SEQ
Council of Mayors
• CEO’s Office $134k above YTD budget
(102.2% or $310k of $303k budget spent) –
Kin Kin Quarry legal appeal costs
Section 5
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Category Summary Comments
• Holiday Parks $284k above YTD budget (60%
or $868k of $1.4 million budget spent) – offset
by additional revenue
Finance Costs On track Nil
Depreciation On track Nil
Other Expenses On track Nil
Figure 3: Operating Expenditure Position by Type
$25.0
YTD Budget ($m)
$19.1 $19.2 YTD Actual ($m)
$20.0
$15.5 $15.4
$15.0
$10.0 $8.2 $8.2
$5.0
$0.5 $0.5 $0.1 $0.1
$0.0
Materials
Finance Costs
Depreciation
Employees
Other
Tourism and Economic Development Investment
Council resolved to report on a monthly basis investment details for tourism and economic
development. Expenditure as at 30 November 2021 is outlined below, which includes the first
instalment payment to Tourism Noosa under the funding agreement.
Expenditure Annual YTD YTD
Budget Budget Actual
$m $m $m
Payment to Tourism Noosa $2.52 $1.26 $1.26
Economic Development $0.95 $0.33 $0.27
Total $3.47 $1.59 $1.53
Capital Revenue
YTD capital revenue of $9.6 million received comprises cash contributions from developers ($1.5
million) and capital grants ($7.4 million). Note that the timing of capital grant receipts are generally
dependent on the timing of grant conditions and also capital delivery performance, and that the timing
of the receipt of developer contributions (both cash and contributed) is unpredictable.
Section 6
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Figure 4: Capital Revenue by Type
$8.0 $7.3 $7.4
$7.0
YTD Budget ($m)
$6.0
YTD Actual ($m)
$5.0
$4.0
$3.0
$2.0 $1.4 $1.5
$1.0 $0.6 $0.6
$0.0
Contributions
Subsidies
Contributed
Grants /
Assets
Cash
Capital Program
Actual capital expenditure (excluding commitments) is $11.9 million (YTD budget $13.9 million).
Detailed discussion of progress in the delivery of the capital works program is provided through a
separate quarterly report by the Asset Planning Manager.
Figure 5: Capital Program Delivery Performance
$14.0
$11.9
$12.0 YTD Budget ($m)
$10.2
YTD Actual ($m)
$10.0
$8.0
$6.0
$4.0
$2.0 $1.3 $1.1
$0.6 $0.6
$0.0
Capital works Other capital Loan redemption
Cash Management and Investment Performance
Total cash on hand at the end of November was $86 million. Included in this balance are funds held
in trust and for restricted purposes (e.g. unexpended levy and grant funds), prepaid grants including
the financial assistance grant and other capital works grants, July rates payments received, and
unspent monies committed for funding capital projects which are underway and will continue during
the financial year.
The following pie charts present the mix of cash held at November 2021 by agency (graph on the
left) and by credit risk rating (graph on the right). All funds have been invested in accordance with
the Investment Policy and in consideration of the principles of ethical investment, preservation of
capital, return on investment and counterparty thresholds
Section 7
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
CBA A1 +
7% (Commercial Banks)
7%
A1 +
QTC (QTC)
93% 93%
Figure 6: Closing Cash Held by Agency and Credit Rating
The following chart monitors the 12 month trend on total cash and the agencies invested. Cash
balances will decline between September and January as cash from the bi-annual issue of rates and
levies in July are utilised to fund Council operations.
Figure 7: 12 Month Trend of Cash Invested by Agency
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
-
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
Bendigo TD Westpac TD NAB TD Suncorp TD CBA TD QTC CBA Operating
Measures of Financial Sustainability
The following table incorporates a set of financial sustainability indicators to further assist in
managing Council financial performance. There are no current emerging risks regarding
performance noting the early stage of the financial year.
Section 8
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Category Comments
Operating Surplus Ratio • Intent: Identifies the extent to
90% 82.6% which revenues cover
80%
operational expenses, to ensure
70%
community equity is not
60.9%
60%
degraded
50% 44.5% • Target: 0 – 10%
40% 30.5% • Result: 18.3%
30%
18.3%
• Comment: The slowly declining
20% ratio reflects the levying of 50%
10% of rates in July and gradual
0% utilisation of these monies as
-10% expenditure occurs on
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun operations through the next rate
run in January 2022 and then
Actual Budget Target
through to the end of the
financial year at 30 June 2022
Cash Expense Cover • Intent: Indicates how long
14.0 council can continue paying its
12.5 12.8 12.5
12.2 11.9 day-to-day expenses from cash
Months (Cash to Cover Operations)
11.6 11.8
12.0 10.9 at bank without needing
10.1 10.4
9.7 additional cash flows
10.0 9.1
• Target: > 3 months
8.0
• Result: 11.8 months
6.0
• Comment: Council is forecast
4.0 to remain above target for the
financial year. Business as
2.0
usual expenditure through to 30
- - - - - - - - - - - - - June 2022 will continue to
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov diminish Council’s cash
Actual Minimum (>0 months) holdings, albeit not below the
Target (3 months) Maximum (6 months) target range of 3 – 6 months.
Asset Sustainability Ratio • Intent: Measures the extent to
140% which assets are being replaced
121.9% as their condition degrades to
120%
ensure service potential is
100% maintained
90% • Target: 90% of depreciation
80%
budget spent on renewals
60% annually
40%
• Result: In line with budget
26.3%
17.2% • Comment: It is expected that
20%
6.5% 10.1% the ratio will progressively
0.9%
0% increase each month as
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun expenditure on renewals occurs
as part of the capital works
Actual Renewal Spend (%) Target (%) Renewals Budget (%)
program.
Section 9
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Category Comments
Net Financial Liabilities Ratio • Intent: Outlines the level that
net Council debt can be
80%
60%
serviced by operating revenues.
60% A ratio below zero implies that
liabilities are less than cash (and
40%
other current assets) and there
20% is adequate borrowing capacity
available if needed.
0%
Target Budget YTD Actual
• Target: less than 60%
-20% -5% • Result: -70%
-40%
• Comment: Council has low debt
levels and strong cash holdings.
-60% Cash received from the July
rates revenue also inflates the
-80% -70%
YTD actual position
Investment Return • Intent: Ensure appropriate
return on investment yield for
cash at bank.
• Target: 0.25% above current
Bloomberg commonwealth 10
year bond rate yield (0.06%)
• Result: 0.46%
• Comment: Regardless of the
current levels of low long term
bond and interest rates (due to
current economic conditions),
Council’s investment return still
remains above target
Rates in Arrears • Intent: Ensuring that the
amount of unpaid rates remains
12.0%
Percentage of Annual Rates in Arrears
10.2% sustainable and does not
10.0% 9.5% negatively impact cash flows
• Target: 5% industry benchmark
8.0% 7.4% 7.3%
6.2% 6.5% • Result: 6.5%
5.8% 5.7% 5.7%
6.0% 5.0% 5.2%
4.6%
• Comment: Rates arrears
continue to decline from the
4.0%
high point in the cycle with
2.0%
payments coming due in
September. Reminder notices
0.0% were issued in October, and
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov arrears will continue to stabilise
Actual Target
through to January as they are
collected and payment
arrangements implemented.
Previous Council Consideration
Nil.
Finance
As above.
Risks & Opportunities
Council’s risk register includes a number of risks that could impact on ongoing financial
sustainability. Effective budget management and reporting is an important risk mitigation tool.
Section 10
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
Consultation
External Consultation - Community & Stakeholder
Nil.
Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.
Departments/Sections Consulted:
X Chief Executive Officer X Community Services X Corporate Services
Executive Officer Director X Director
Executive Support Community Development X Financial Services
Community Facilities ICT
Libraries & Galleries Procurement & Fleet
Local Laws Property
Waste & Environmental Health Revenue Services
X Executive Services X Environment & Sustainable Development X Infrastructure Services
Director Director Director
Community Engagement Building & Plumbing Services Asset Management
Customer Service Development Assessment Buildings and Facilities
Governance Economic Development Civil Operations
People and Culture Environmental Services Disaster Management
Strategic Land Use Planning Infrastructure Planning,
Design and Delivery
Section 11
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
ATTACHMENT 1
Profit and Loss Statement
Revenue
Recurrent Revenue
Rates, levies and charges 74,501 37,155 37,389 244 50%
Fees and charges 7.185 3,238 4,388 1,149 61%
Interest received 670 324 315 (8) 47%
Sale of Goods and major services 10,224 3,941 5,230 1,298 51%
Sale of contract and recoverable works 23 - 0 0 1%
Rental & lease income 1,885 914 912 (2) 48%
Other income 1,224 474 44 (30) 36%
Grants, subsidies, contributions and donations 5.797 2,366 2,508 142 43%
Unitywater Distributions 5,650 1,762 1,762 = 31%
107,248 50,173 52,956 2,783 49%
Expenses
Recurrent Expenses
Employee benefits 37,701 15,492 15,386 106 41%
Materials and services 49.303 19,136 19,153 (16) 39%
Finance costs 1.114 471 476 (5) 43%
Depreciation 19,589 8,162 8,164 (1) 42%
Other expenses 8 MSH
107,941 43,354 43,270 85 40%
OperatingResult 69 a a7 es
Summary of Capital Expenditure and Funding
Capital Funding
Capital cash contributions and infrastructure charges 1,387 1,397 1,407 100 107%
Contributed assets 1,500 637 2 42%
Capital grants and subsidies 24,984 7,286 7415 129 30%
Cash / revenue 24.064 5,192 3,219 (1,973) 13%
New loan borrowings 2,360 - - - O%
Other capital revenue - - - - O%
Total Capital Funding 5519 ta array
Capital Expenditure
Contributed assets 1,500 637 639 2 43%
(Capital works - constructed assets 47,605 11,890 10,224 (1,666) 21%
Capital works - other capital 4,792 1,336 1,053 (283) 22%
Loan redemption 1,297 64s 648 - 50%
Other al Ex penditure - - 206 206 0%Section 12
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
ATTACHMENT 2
Current Assets
Cash and cash equivalents 49,747 84,937 66,695
Trade and other recetvabies 10,137 7,951 7467
Inventories 181 154 144
Contract Assets - 487 487
Other current assets 2,912 4,076 4.955
62,978 97,606 61,948
Non Current Assets held for sale - - -
Total Current Assets 62,378 397,606 81,348
Non Current Assets
Trade and other recetvabies 49,593 49,468 49,458
Other non current Assets - - -
Investments 86,040 92,434 92,434
Investment property 3,000 2,900 2,900
Property, plant and equipment 1,009,996 $56,293 952,579
Rilgnt of Use Assets 161 89 89
Intangible assets 8,128 2,853 3,036
Total Non Current Assets 1,158,317 1,104,036 1,100,506
Total Assets 1,221,895 1,201,642 1,162,454
Current Liabilities
Trade and other payables 7,151 10,473 10,468
Contract Liabilities - 4,377 4377
Borrowings 8438 543 oss
Lease Liabilities - 235 25
Provisions 7,582 5,001 4,947
Other 4,760 3,315 2898
Total Current Liabilities 20,361 23,733 23,663
Non Current Liabilities
Borrowings 21,989 20,258 20,258
Lease Liabilities 110 66 66
Provisions 15,307 16,555 16,555
Total Non Current Liabilities 37,406 36,873 36,873
Total Liabilities 57,767 60,618 60.549
Net Community Assets 1.164.128 4,141,024 4,121,905
Community Equity
Asset Revaluation Surplus 121,483 108,561 108,473
Retained Surplus / (Defeciency) - - -
Shire Capital 1,042,645 1,008,596 1,004,202
Current Year Net Earnings - 23,867 9.230
Total Community Equity 4.164.128 4.141.024 4.421.305Section 13
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
ATTACHMENT 3
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts trom Customers 92,622 50,625 93,975
Payments to Suppllers and Employees (87,376) (37,447) (84,528)
5,246 13,378 9.447
Recelpte:
Investment anc Interest Revenue Recelved 3.270 620 3,401
Rental income 1,874 912 1,365
Non Capial Grants and Contributions 5.765 2,508 6,085
Income Tax Equivalent Received 1,200 627 1,450
Income from Equity Investments 1,850 1,600
Payments:
Borrowing Costs - - (2,499)
Interest Expense (516) (83) (131)
‘Net Cash Inflow![Outfiow) from Operating Activities = 18.690 18.808 20,719
Cash Flows from Investing Activities
Recelpte:
Proceeds of Sale of Property, Plant and Equipment - 103 217
Grants, Subsikiies, Contributions and Donations 26,381 6,911 13,679
Payments:
Payments of Property, Plant and Equipment (51,568) (11,063) (22,721)
Payments for Intangible Assets (823) (208) (1,385)
Net Movement in Loans and Advances - 125 125
‘Net Cash Inflow![Outfiow) trom investing Activities = (8.017) (2.197) (10,085),
Cash Flows from Financing Activities
Recelpte:
Proceeds trom Borrowings 2,360 - 2,500
Payments:
Repayment of Borrowings (736) (626) (1,263)
‘Net Cash Inflow![Outfiow) from Financing Activities = 62426)
‘Net Increase/(Decrease) In Cash and Cash Equivalents eid = 5.704) 04S 1.87
Cash and Cash Equivalents at the beginning of the reporting period 55.451 66,694 57,023
Cash and Cash Equivalents at tne end of tne reporting period = 49.7470 84STSection 14
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
GENERAL COMMITTEE MEETING AGENDA 13 DECEMBER 2021
ATTACHMENT 4
Materials and services
Advertising and Marketing 27 86 103 (17) 46%
Administration Supplies and Consumables 751 32 279 23 7%
Audit Expenditure 174 11 12 (1) T%
Communications and IT é6n4 363 423 (70) 62%
Commission Paid 1,079 445 503 (148) 55%
Consultancy Services 1,166 413 447 (34) 38%
Contract Services 23,482 8,572 8,369 213 3%
Contributions, Donations, Sponsorship and Prizes 3471 1,632 1,647 (15) 47%
Electricity 1720 73% 666 6 30%
Intemal Fleet Costs and External Plant Hire 1,668 635 751 (117) 45%
Grants Paid to Community Organisations 1.9% 881 885 (4) 46%
Insurance 620 60 10 o3%
Legal Expenses 1,272 474 (155) 4o%
Operating Leases and Rentals 202 146 140 5 48%
Software and Maintenance 2.166 978 o78 0 45%
Subscriptions and Registrations 201 193 279 (88) 26%
Waste Levy Payments 1,460 608 (24) 43%
Water and Sewerage Charges 1,084 419 321 ee 3%
Al Other Materials and Services 5.654 1,602 1,368 24 24%
43,303 19,136 19,153 (16) 39%