2015-04-28 Planning and Organisation Committee Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                28 APRIL 2015


RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning &
Organisation Committee Meeting dated 28 April 2015 providing the March 2015 monthly
financial performance report for the 2014/15 financial year.

REPORT
Recurrent Revenue
Council has received 93% ($79 million) of its recurrent revenue budget of $85 million as at
the end of March 2015. Commentary on each recurrent revenue type is provided below:
 Rates and Levies – $59.3m (99.8%) of the annual revenue budget of $59.4m has been
   recognised now the July 2014 and January 2015 rates and levies have been issued.
 Fees and Charges – Fees and charges earned ($7.8m) totals 78.4% of the full year
   budget (compared to the YTD benchmark of 75%). Development related fees, cemetery
   fees and search fees remain ahead of forecasts, but this is offset by revenue under
   recovery in some other fee lines.
 Interest Received – Remains ahead of forecast due to higher levels of cash available for
   investment.
 Tax – Tax equivalent payments from Unitywater are in line with budget forecasts.
 Other Revenue – Generally in accordance with budget predictions, with sale of
   recyclables continuing to track above budget. There have been changes in the payment
   cycle for Unitywater distributions which has also impacted the year to date position,
   though the overall budget is not expected to be affected.
 Grants and Subsidies – Overall receipts to date are in accordance with budgeted levels.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $9
 $8
 $7
                                      YTD Budget ($m)
 $6
                                      YTD Actual ($m)
 $5
 $4
 $3
 $2
 $1
 $0
                                                        Other
          Fees




                                                                Grants
                     Dividend




                                               Tax
                                Interest




Recurrent Expenditure
YTD operating expenditure is currently 70% of fully year budget spend compared to the YTD
benchmark of 75%. Detailed commentary for significant items appears below.
 Employee Costs – YTD actuals of $20m equates to 72% of the full year budget being
   expended, compared to the YTD benchmark of 75%. A number of current staff vacancies
   in addition to training costs lagging YTD budgeted expenditure are contributing to the
   positive YTD variance of $0.5m.


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