2020-02-11 Services and Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                              11 FEBRUARY 2020


enterprises in private office spaces as well as individual entrepreneurs, digital specialists and
technologists operating in a co-working environment.
The Digital Hub’s Co-Lab space hosts an exciting program of events and activities. It features a
creative studio and makerspace, presentation space with grandstand and a modular classroom
for mentoring and skills development. An on-site barista and reception service (Barception)
operates from The Digital Hub’s canteen.
“The Digital Hub vision is to help make Noosa the best community on earth for people who want
to work in the digital economy, play by the ocean and raise a family.
Our mission is to foster a digital ecosystem which attracts entrepreneurs, talent and clientele
from around the world and provides meaningful employment for thousands of residents.
We will achieve this by attracting, supporting and developing the talent that make this possible”

1.       Finance
The viability of The Digital Hub is tightly coupled to the health of Noosa’s emerging digital
ecosystem. Without a strong base of technology entrepreneurs and digital businesses, there will
be insufficient demand to sustain The Digital Hub’s facilities and services.
The objective of The Digital Hub is therefore to operate a commercially sustainable digital co-
work facility whilst delivering public service outcomes that develop the digital ecosystem and
assist to meet the objectives of Council’s Local Economic Plan.
Table 1: Digital Hub financial performance for the Financial Year 2020 as at December
2019
                                         2019/20        2019/20       2019/20       2019/20         %
                                         Original       Current        YTD            YTD         Current        YTD
     Statement of Income and Expenses
                                         Budget         Budget        Budget        Actuals       Budget       Variance

  Total Revenue                              235,250       235,250       122,150       147,184        62.6%        25,034
  Total Expenditure                          375,941       394,691       196,783       196,582        49.8%           201
Net Result - Surplus / (Deficit)            (140,691)     (159,441)      (74,633)      (49,398)                    25,235


  Total Revenue                              235,250       235,250       122,150       147,184         62.6%       25,034
  Direct Costs (Controllable)                247,879       266,629       132,752       132,282         49.6%          470
Operating - Surplus / (Deficit)              (12,629)      (31,379)      (10,602)       14,902                     25,504
Indirect Costs (Corporate)
  Depreciation & Amortization                 97,625        97,625        48,813        48,813        50.0%               0
  Internal Charges                            30,436        30,436        15,218        15,487        50.9%          (269)
Subtotal Indirect Costs (Corporate)          128,062       128,062        64,031        64,300         50.2%         (269)
NetResult - Surplus / (Deficit)             (140,691)     (159,441)      (74,633)      (49,398)                    25,235
FY19/20 revenue includes accrual for December membership revenue
Figure 1: Graph of Overall Financial Performance




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