Financial Performance Report – April 2024

Absolutely I am. Good for me to go? Afternoon Councillors. So, year to date for April 2024. Operating revenues continue to outperform our forecast as well as operating expenditures are running under full cart to the end of April. Operating revenue is $2.1 million above budget and that's being predominantly driven by interest income of $1.5 million and sales of goods and services of $1.4 million from holiday parks, waste disposal fees and sports and cultural facilities. Other revenues are half a million dollars above budget and that relates to plant recharging to capital projects, particularly QRA, as well as some commissions and royalties that we've received. However, that's been offset by lower than forecast Fees and Charges which is $1.3 million below budget year-to-date. Our operating expenditure is $1.6 million under spent year to date with $1.5 million of that relating to employee costs. And materials and services expenditure is slightly under the forecast, which is five grand. However, there is some offsets between legal services, which are actually over budget at the present time, offset against underspending contract services and consultancies. Tourism economic development expenditure continues to show that it's tracking against most budget use year is to 8. Date. Council's operating position at the end of April is $3.7 million above budget. Year to date excluding disaster projects, Council has expended 53% of its full year capital program, which equates to $24.3 million of our full year $45.9 million capital program, with a further nearly $11 million. Committed to date we've spent $28.5 million on QRA funded disaster projects, however we are obviously running a little behind on our capital projects and some of that is to do with the weather that we've seen in the last three months. Council's cash holding at the end of April was $123.7 million. And some of that is actually relating to the capital program in the fact that it is delayed, and we were expecting a lot more of an expenditure to come through from the QRA projects than have. We currently have $30 million of those funds invested in term deposits. Overall, council's financial performance continues to be strong, and it's forecasted to result in a surplus at the end of the year, pending any accounting adjustments that may come through.