2022-08-15 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                                   15 AUGUST 2022



2      BUDGET REVIEW 1 (BR1) FOR THE 2022/23 FINANCIAL YEAR

Author             Manager Financial Services (Acting), Pauline Coles
                   Corporate Services Department

Index              ECM/ Subject/ 7.33 – 2022-2023 Budget

Attachments        1.   Operating Budget Submissions
                   2.   Capital Budget Submissions
                   3.   Capital Program
                   4.   Statement of Income and Expenditure
                   5.   Budget Financial Statements


EXECUTIVE SUMMARY
The Local Government Act 2009 and Local Government Regulation 2012 require Council to
undertake regular reviews of the adopted budget to ensure it remains reflective of planned activities
to be funded through the financial year. This first budget review for the 2022/23 financial year (BR1)
incorporates:
•      Any capital or operating projects that were incomplete with unspent budgets at the close of
       the 2021/22 financial year and are eligible for carryover into the current budget year.
•      Any new or emergent actions arising from Council resolution, Executive Team or Capital
       Works Executive action since the adoption of the original budget in June 2022.
In summary the budget review is proposing to decrease Council’s operating position by $865k;
reducing from a $147k surplus down to a $718k deficit. Capital grant revenue has increased by
$6.3 million and the revised capital expenditure program has increased by $15.1 million to $57.1
million.

Item                                       Original Budget        Adjustments Proposed Budget
                                                    ($’000)            ($’000)    (BR1) ($’000)
Operating Revenue                                 $118,213                $204            $118,417
Operating Expenditure                             $118,066              $1,069            $119,135
Operating Result                                      $147               ($865)             ($718)
Capital Grants and Contributions Revenue           $14,313              $6,322             $60,635
Capital Works Expenditure                          $42,024             $15,089             $57,113


RECOMMENDATION
That Council note the report by the Manager Financial Services (Acting) to the General Committee
Meeting dated 15 August 2022 and approve the proposed changes to the budget and schedule of
fees and charges for the 2022/23 financial year as outlined in this report and the Revised Budget
Financial Statements attached to the report.


REPORT
Section 170(3) of the Local Government Regulation 2012 allows Council, by resolution, to amend
the budget at any time before the end of the financial year.
The key criteria for budget reviews include:
1.    Council must aim for compliance with its Financial Sustainability Policy.


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