2015-03-03 Planning & Organisation Agenda

PLANNING & ORGANISATION COMMITTEE MEETING AGENDA                                  3 MARCH 2015


CORPORATE SERVICES DEPARTMENT REPORTS
Finance
6    DECEMBER 2014 QUARTERLY BUDGET REVIEW REPORT

Author           Manager Financial Services, Wayne Jensen
                 Corporate Services Department

Index            ECM/ Subject/ 7.06 2014/2015 Budget

Attachments      1.    Schedule of Proposed Budget Adjustments
                 2.    Revised Budget Financial Statements


EXECUTIVE SUMMARY
A full review of budget performance of all activity areas has been undertaken based on
actual income and expenditure for the 6 months to 31 December 2015, and including
additional information that has come to light since the first quarter budget review.

In summary, the forecast operating position has improved by $11,666 and the capital
program has reduced by $560,770. The proposed changes have no significant impact on
any of Council’s 3 long term financial sustainability indicators.

RECOMMENDATION
That Council note the report by the Manager Financial Services to the Planning &
Organisation Committee Meeting dated 3 March 2015 and approve the requested changes
to the budget for the 2014 / 2015 financial year, as outlined in the attached Budget Financial
statements.


REPORT
Section 170 (3) of the Local Government Regulation 2012 allows Council, by resolution, to
amend the budget at any time before the end of the financial year. Consequently, formal
reviews are undertaken quarterly in addition to monthly monitoring and reporting. These
reviews take into consideration any new information received and account for trending
movements in different budget areas based on the actual income and expenditure incurred
to date.

The revised budget statements identify statement line items that have been affected by the
proposed budget adjustments, and also show the long term impact on the financial position
and sustainability ratios for Council. The schedule of proposed budget adjustments provides
a more detailed analysis for each variance.

1.   Operating Budget Adjustments

There have been a number of changes to the operating budget based on the half-yearly
operating position, and to account for changes in accounting treatment for some line items
and for areas not included in the original budget.




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