Financial Performance Report – June 2023 · Financial Performance Report

GENERAL COMMITTEE MEETING                                                           17 JULY 2023


A summary of the interim operational performance of these business activities for the year end 30th
June 2023 are outlined below.




Financial statements including Statement of Income & Expenditure, Statement of Financial Position
(balance sheet), and Statement of Cash Flows are included as attachments for information for
Council.

Figure 1: Actual Performance Compared to Budget




Council’s performance against key measures of financial sustainability has been calculated as at
June 2023. These statutory indicators enable the reader to assess Council’s success in managing
its budget, cash and debt as well as undertaking sustainable asset management. The table below
contains a snapshot of a number of key measures, with full detail included in the report.

 YTD Measures of Financial Sustainability

                                                Current
                                 Target                       Actual YTD         Status
                                                Budget
 Operating Surplus Ratio         0-10%            0.1%           8.0%           On Track
 Net Financial Liabilities
                                                                                On Track
 Ratio                            <60%           -12.8%         -33.6%
 Cash Cover Ratio               3 months      10.3 months     14.1 months       On Track
 Asset Sustainability Ratio      > 90%           176.7%         163.8%          On Track


RECOMMENDATION
That Council note the report by the Manager Financial Services (Acting) to the General Committee
Meeting dated 17 July 2023 outlining the interim 2022/23 full year financial performance against
budget, including key financial sustainability indicators.


REPORT
Operating Revenue (YTD Benchmark 100.0%)
Council has received 102.9% ($126.3 million) of its operating revenue budget ($122.7 million).
Commentary on each revenue category is provided below.