2022-10-11 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                              11 OCTOBER 2022


                                 2021-22           2021-22         %
Statement of Income and          Original          Actuals         Original      Variance
Expenses                         Budget                            Budget

  Finance Costs                               0           (470)         100.0%           470
  Materials & Services                  399,339         394,528          98.8%         4,811
  Other Expenses                          3,288           3,312         100.7%           (25)
Subtotal Direct Costs                   951,337         839,103          88.2%       112,233
(Controllable)
Operating Surplus/Deficit              (364,965)       (213,445)                    (72,947)
Indirect Costs (Corporate)
  Depreciation & Amortization            90,157         103,955         115.3%      (13,797)
  Internal Charges                      242,350         240,311          99.2%         2,040
Subtotal Indirect Costs                 332,508         344,266         103.5%      (11,758)
(Corporate)
Net Result - Surplus/(Deficit)         (697,473)       (557,711)                     139,762




Budget Commentary
For the Financial year 2021/22, the NLC delivered a net operating deficit of $558K which was
$140K favourable to budget, a strong result given the impact and uncertainties of Covid-19. End
of year performance against budget shows revenue up close to 7%, while expenditure was
under budget by approximately 8%.
All revenue streams performed strongly against budget delivering a $39K surplus mainly due to
the following:
     Venue hire was up $25K
     Retail and Food sales were up $22K
     Creche revenue decreased by $3K
Pleasingly, NLC saw very strong revenue performance from venue hire rise back to pre-covid
levels at $165K, compared to $174K for 2018/19 before the pandemic hit. This increase in
performance points to an uptick in consumers’ usage patterns as the landscape in and around

                                                                                    Page 61 of 75