Meeting papers

GENERAL COMMITTEE MEETING                                                          14 AUGUST 2023


6.4       BUDGET REVIEW 1 (BR1) FOR THE 2023/24 FINANCIAL YEAR


Author              Financial Services Manager (Acting), Pauline Coles
                    Corporate Services Department
Index               ECM/ Subject/ 7.36 – 2023-2024 Budget
Attachments         1.   Attachment 1 - BR1 Operating Submissions 2023-24
                    2.   Attachment 2 - BR1 Capital Program & Submissions 2023-24
                    3.   Attachment 3 - BR1 Statement of Income & Expenditure 2023-24
                    4.   Attachment 4 - BR1 Budget Financial Statements 2023-24
                    5.   Attachment 5 - BR1 Fees and Charges Amendments 2023-24
                    6.   Attachment 6 - 2023-24 Debt Policy


EXECUTIVE SUMMARY
The Local Government Act 2009 and Local Government Regulation 2012 require Council to
undertake regular reviews of the adopted budget to ensure it remains reflective of planned activities
to be funded through the financial year. This first budget review for the 2023/24 financial year (BR1)
incorporates:
      •   Any capital or operating projects that were incomplete with unspent budgets at the close of
          the 2022/23 financial year and are eligible for carryover into the current budget year.
      •   Any new or emergent actions arising from Council resolution, Executive Team or Capital
          Works Executive action since the adoption of the original budget in June 2023.

In summary the budget review is proposing to decrease Council’s operating position by $882k,
reducing from a $121k surplus to a $761k deficit. This is consistent with prior years Budget Review
1 operating positions and is largely due to the carryover of grant funded programs, where revenue
is received in one financial year and program delivery occurs in the following financial year.



The revised capital expenditure program will increase by $11.9 million to $51.3 million, with the
carryover of capital projects that span multiple years.

Item                                      Original Budget       Adjustments    Proposed Budget
                                                   ($’000)           ($’000)      (BR1) ($’000)

Operating Revenue                               $132,434                   -          $132,434
Operating Expenditure                           $132,313               $882           $133,195
Operating Result                                    $121              ($882)             ($761)
Capital Grants and Contributions                                           -
                                                 $11,594                               $11,594
Revenue
Capital Works Expenditure                        $39,418            $11,915            $51,333




                                                                                              Page 402 of 476