Financial Performance Report – November 2023

Alright, financial performance for the month of November continues to be positive with operating revenue $2.7 million above budget year to date. That is largely comprised of additional interest revenue of $1.7 million. $800,000 from sales of goods and services from holiday parks and waste. $294,000 from operational grants. However, this is slightly offset by some lower than budget Fees and Charges from DA and building and plumbing. Operating expenditure is $1.7 million underspent $970,000 worth of employee costs, which we talked about at the last meeting around vacancies and timing of positions, and a small amount relating to materials and services. Overall, year-to-date council's operating position at November is $3.7 million above budget. This surplus will be used to offset the forecast deficit that we adopted at budget review 1, and will fund operations and emergent works that happen during the remainder of this financial year. Capital revenue continues to track above budget with the receipt of disaster recovery grants and this flows through to the expenditure as well with the delivery of Cooroy projects commencing and getting well underway. Council is currently holding 116 dollars in cash reserves with 30 million dollars invested in high yielding term deposits. The drop in term deposit relates primarily to holding funds in the QTC cash account which is also now providing us with higher interest yielding returns. We will expect that this spike in February again with the rates run coming through. However, it will decrease over time through to the end of 30 June with the delivery of the capital program and business as usual operations. With almost half the financial year complete, council's financial performance to be strong into the year.