2017-01-16 General Committee Agenda

GENERAL COMMITTEE MEETING AGENDA                                               16 JANUARY 2017


RECOMMENDATION
That Council note the report by the Manager Financial Services to the General Committee Meeting
dated 16 January 2017 providing the December YTD monthly financial performance report for the
2016/17 financial year.


REPORT
Recurrent Revenue (YTD Benchmark 50%)

Council has recognised 51% ($45.6 million) of its recurrent revenue budget of $89 million as at the
end of December 2016. Commentary on each recurrent revenue category is provided below:

      Rates and Levies – $31.1m (50%) of the annual budget of $62.3m has been earned. General
        rates are at forecast levels and waste collection charges are $28k (net) below budget, with
        discounts and pensioner remissions marginally exceeding budgeted levels ($7.6k).
      Fees and Charges – Fees and charges earned ($3.2m) totals 70% of the full year forecast.
        Material Change of Use ($195k), Lot Reconfiguration ($24k), and Operational Works ($83k),
        Plumbing Inspection fees ($20k), Change of Ownership fees ($29k) and Property Search
        fees ($47k) all currently exceed YTD budget.
      Interest Received – Interest on invested funds is currently $64k ahead of revised YTD
        forecast levels. Interest from Unitywater shareholder loans also exceeds original forecasts
        ($57k), and interest on outstanding rates is currently $31k above the YTD budget.
      Dividend and Tax – Dividends and the payment of tax equivalent from Unitywater are in line
        with YTD budget.
      Other Revenue – Other revenue earned ($5.7m) totals 60% of the full year forecast. Sale of
        Recyclables ($130k), Refuse Tip Fees ($61k) surplus goods auction proceeds ($47k), Lease
        revenue ($36k), Caravan Parks ($126k), Noosa Leisure Centre activities ($26k), and Noosa
        Aquatic Centre fees ($53k) are all above YTD budget.
      Grants and Subsidies – Receipts for operational grants $32k ahead of YTD budget, related
        to the Stronger Communities Grant received towards renovation of the Tait Duke Cottage
        ($20k), plus $7k from RADF, and a further $21k operational funding for Noosa Community
        Support, and offset by a delay in receipt of the SES operational grant ($16k).

Figure 2: Recurrent Revenue Position by Type (Excluding Rates)
 $6.0
                                  YTD Budget ($m)
 $5.0
                                  YTD Actual ($m)

 $4.0

 $3.0

 $2.0

 $1.0

 $0.0
                                                     Other
             Fees




                                                              Grants
                       Dividend




                                               Tax
                                    Interest




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