Financial Performance Report – March 2024

Frank Wilkie0:43

Alright, council's got to go ahead. Welcome everybody to the Ordinary Meeting. Thursday the 18th of April 2024, our first of the term. I'd like to acknowledge we're meeting on the traditional lands of the Kabi Kabi people and pay my respects to the elders past, present and emerging. I note that all councils are in attendance and Councillor Lorentson is attending via Microsoft Teams. Can you hear us Amelia? I- can hear everyone loud thank and clear. You. Thank you. I'd like to move that in accordance with section 254k of the Local Government Regulation. Councillor Lorentson is approved to attend the meeting dated 18th of April 2024 via Microsoft Teams. May I have a seconder for that please? Seconder, Councillor all in favour? That's carried unanimously. Item two is the confirmation of the Minutes. We have two sets of minutes for ratification today. Moved that the Minutes of the Ordinary Meeting held on 15th February be received and confirmed. May I have a seconder? Councillor Finzel is quick off the mark again. Seconded by Councillor Finzel. All in favour? That's unanimous. Moved that the Minutes of the Post Election Meeting dated 8th April be received and confirmed. May I have a seconder please? Councillor Tom Wegener. All in favour? That's carried. We have no Mayoral minutes. Do we have any petitions? None. We have no notified motions, we have no presentations, we have no deputations. That brings us to item 8, consideration of committee reports. The first is the Audit and Risk Committee and the committee recommendations relate to the Queensland Audit Office 2024 external audit plan, the QAO update, internal audit actions update and internal audit plan, risk management and BCP update, and the End of Financial Year Timetable. I have a mover and a seconder for the recommendation to be adopted. Scott. Move. Seconder, Councillor Lorentson. Thank you. Seconder, Councillor Lorentson. All in favour? It's carried. Ordinary Meeting reports. We have four reports direct to the ordinary first is Financial Performance Report from March 2024. We have Pauline Coles. Pauline, can you please give us a summary of the report? Sure. Welcome. Thank you. And I need to stand here. Yes.

Morning Councillors. Financial performance year to date to March. Operating revenues continue to outperform the forecast and operating expenditure continues to fall under forecast year to date. Operating revenue is $1.8 million above budget and that's driven by $1.2 million worth of interest revenue, $1.2 million worth of sales of goods and services, and $400,000 from other revenue derived from recharges. This has been offset by some lower than expected Fees and Charges from development assessments and various other areas of Council, brought some of that revenue down. Operating expenditure is $1.5 million underspent with the majority of that relating to employee costs resulting from vacancies and timing of recruitment for positions. Materials and services was also slightly underspent by $55,000. The report also the includes the quarterly update on the tourism and economic development expenditure as well as the legal cost summary which we provide each quarter. Overall council's operating position at March is $3.3 million above budget. Year to date excluding capital disaster projects Council has spent 48% of its four-year capital program which equates to $22 million of the $45.9 million program with a further $10 million committed. In respect to the QRA funded disaster program we have spent $22 million. Council's cash holdings at the end of March were $139 million with $30 million of these invested in high-yielding term deposits. Respect to the high level of cash holdings at this point in the year that's due to the cycle of rates so came in February and as the year progresses it will come down to a lower level through to June. We also received a further advance of funding relating to the disaster projects of 17.6 million so that's also contributed to the higher levels of cash. This month's report also includes the quarterly dissection of cash holdings so it shows you the breakdown of our restricted and externally and working capital commitments and our surplus cash. At present we are showing four million dollars in unrestricted cash that's in addition to our three-month cash cover that we retain to ensure that we're financially sustainable. Overall council's financial performance continues to be strong through to the end of the year.