2014-04-28 General Committee Meeting Agenda Pages 65-200

GENERAL COMMITTEE MEETING AGENDA                                                      28 APRIL 2014


13.   FINANCIAL PERFORMANCE – MARCH 2014

Author            Coordinator Financial Services, Wayne Jensen
                  Corporate Services

Index             ECM / Financial Management / Accounting – Monthly Exception Report

Attachments       1.       Statement of Comprehensive Income
                  2.       Capital Works Schedule



EXECUTIVE SUMMARY

Overall, financial performance to the end of March is tracking a little better than original estimates
with the operating result showing a favourable variance of $1.3 million. The budget development
process will provide further clarity around the “true” operating cost for the Noosa Council
business model. Specific areas of significant variance are discussed in the body of the report.

RECOMMENDATION

That Council note the Financial Performance Report for March 2014 from the Coordinator
Financial Services to the General Committee meeting dated 28 April 2014.



REPORT

There is still no balance sheet provided with this report as agreement on transferring balances
from Sunshine Coast Council has not yet been reached.

Reports for previous months have commented that variances have been partly due to a focus on
transitional issues in some areas, whereas March has been more like a “standard” month with
operating results generally in accordance with forecasts.

1.    Operating Revenue

     Rates and charges – revenue shown represents the proceeds from the January levy, and
      whilst there will be a small boost from a planned supplementary levy later in the year, the
      original estimates were distorted by prepaid rates. This will correct itself once the opening
      balance sheet is finalised.
        o Discounts and rebates – have come in under initial levies providing a small favourable
            variance.
        o Waste charges – revenue has exceeded original forecasts due to additional services
            included in the levy.
     Fees and charges – generally on track, however there are variances up and down in
      different business areas. All areas are under review as part of the budget development
      process to ensure accurate forecasts for the 2014/15 period.
     Rental income – is generally in accordance with original estimates.
     Interest received – currently below original forecasts as a result of delays in the transfer of
      cash balances from Sunshine Coast Council. However, an adjustment for interest will be
      included in the final analysis.




                                                                                    Page 122 of 200