06 Financial Performance Report - Dec 2024

GENERAL COMMITTEE MEETING                                                               20 JANUARY 2025


    Category           Summary                   Comments
                                                 •     Development Assessment below budget (59.4% or
                                                       $779.7 of a $1.3 million annual budget spent).
                                                 •     Transport and Traffic $40.1k below budget (28.1% or
                                                       $64.6k of a $229.6k annual budget spent).
                                                 •     Sports facilities $52.3k below budget (45.8% or
                                                       $730.1k of a $1.6 million annual budget spent).
                                                 •     Canals & Waterways $40.6 below budget (35.0% or
                                                       $121.2k of $526.4k 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. YTD
                                                       underspend also relates to the timing of drawdown of
                                                       forecast borrowings for FY 2025.

    Depreciation       Currently on track        Nil
    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. Tourism and economic development activity is funded through the general rates
revenue. Expenditure at 31 December 2024 is outlined below:
 Expenditure                                               YTD Budget          YTD Actual          Variance
                                                                $’000               $’000             $’000
 Tourism Noosa Funding Agreement                               $1,260.0           $1,260.0                  -

 Economic Development                                            $525.6             $508.7             $16.9

 Total                                                         $1,785.6           $1,768.7             $16.9

Tourism and economic development activity is funded through the general rates. The first instalment
payable under the Tourism Noosa agreement for the 2024-25 financial year was made in July 2024,
with the second instalment due in January 2025. The Tourism Noosa agreement is due for renewal
in June 2025.
•     Employee Costs are $18.0k below budget (46.7% or $301.4k of $644.4k annual budget spent)
•     Materials & Services are in line with budget at this stage of the year