2023-02-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                                  13 FEBRUARY 2023


 Category           Summary                        Comments
                                                    Libraries & Galleries $136.4k below YTD budget
                                                      (41.6% of $856.5k of $2.1 million annual budget
                                                      spent)
                                                    Development Assessment $84.7k below YTD
                                                      budget (41.4% or $574.7k of $1.4 million annual
                                                      budget spent)
                                                    Infrastructure Planning, Design & Delivery $77.3k
                                                      below YTD budget (7.2% or $31.0k of 429.9k
                                                      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 31 January 2023 is outlined below:
 Expenditure                  Annual Budget              YTD Budget         YTD Actual      YTD Variance
                                        $m                      $m                 $m
 Payment to Tourism Noosa                $2.65                 $1.39               $1.39                  -

 Economic Development                    $1.20                 $0.56               $0.56                  -

 Total                                   $3.85                 $1.95               $1.95                  -

The first instalment payable under the Tourism Noosa agreement for the 2022-23 financial year
has been made, with the second instalment due for payment in January 2023. 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.

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