2016-05-16 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                                           16 MAY 2016


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee
Meeting dated 16 May 2016 providing the April YTD monthly financial performance report for the
2015/16 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 83%)

Council has received 97% ($85 million) of its recurrent revenue budget of $88 million as at the
end of April 2016. Commentary on each recurrent revenue type is provided below:

      Rates and Levies – $60.6m (100%) of the annual budget of $60.5m has been recorded.
        General rates are marginally below forecast levels although waste collection charges
        exceed budget.
      Fees and Charges – Fees and charges earned ($5.0m) totals 99% of the revised full year
        forecast. Planning, development, parking fees, land use permits, and property searches
        fees continue to exceed current YTD estimates. Variances were reviewed to determine the
        need for possible changes to the year-end forecast, though no adjustments have been
        recommended.
      Interest Received – Currently 7.6% above YTD forecast levels due to cash flow timing
        issues. No adjustments to the year-end forecast have been proposed at this stage with the
        recent reduction in the official cash rate likely to result in lower returns through until the end
        of June.
      Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are in
        line with budget forecasts.
      Other Revenue – holiday parks, rental income, and waste fees continue to be above
        budget forecasts, with sale of recyclable materials (concrete and scrap metal) below
        forecasts. Sale of quarry products for material used in the construction of Dr Pages Road
        has contributed to the overall variance ($284k), offset by an increase in operational costs
        (cost of product sales).
      Grants and Subsidies – Receipts for operational grants are generally tracking in
        accordance with adjustments to the revised budget forecast.

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)

 $10.0
     $9.0
                                     YTD Budget ($m)
     $8.0
     $7.0                            YTD Actual ($m)

     $6.0
     $5.0
     $4.0
     $3.0
     $2.0
     $1.0
     $0.0
                                                            Other




                                                                        Grants
               Fees




                          Dividend




                                                   Tax
                                        Interest




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