09 Financial Performance Report - Mar 2025

GENERAL COMMITTEE MEETING                                                                   14 APRIL 2025


 Category             Summary                       Comments
 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 March 2025 is outlined below:


 Expenditure                                              YTD Budget        YTD Actual          Variance
                                                               $’000             $’000             $’000
 Tourism Noosa Funding Agreement                              $2,520.0          $2,520.0                 -

 Economic Development                                          $825.4              $800.6           $24.8

 Total                                                        $3,345.4          $3,320.6            $24.8

All instalments payable under the Tourism Noosa agreement for the 2024-25 financial year have
been made. The Tourism Noosa agreement is due for renewal in June 2025.
   •     Employee Costs are $27.4k below budget (70.6% or $462.4k of $654.6k annual budget
         spent)
   •     Materials & Services are in line with budget at this stage of the year.


Legal Cost Summary
An update on legal costs and associated expenditure is provided on a quarterly basis.
Legal and associated costs are $90.5k over budget YTD (91.1% or $1.2 million of $1.3 million
annual budget spent). Legal and associated expenditure is dependent on the type and specialist
nature of appeals being undertaken and costs and timing may fluctuate as a result.