Financial Performance Report – August 2024

Okay, good afternoon Councillors. Financial performance for the month of August is positive with operating revenues outperforming forecast and operating expenditure under budget at this early stage of the new financial year. Budget review one was adopted at the August meeting round and is reflected in the August financial reports that have been presented to you. Operating revenue is $722,000 above budget and this comprises $303,000 relating to interest revenue and $268,000 from the sale of goods and services from holiday parks and Council facilities, in addition to $184,000 relating to grant programs that have been received year-to-date. Has this has been offset time. By lower than forecast rates and levies income of $27,000. Fees and Charges of $33,000, which relate to development assessment and building and planning. Operating expenses, $840,000 underspent, with $253,000 relating to employee expenses and $579 relating to materials and services. Overall, council's year-to-date operating position at August 2024 is $1.5 million above budget, and this will be utilised to offset the forecast deficit adopted at BR1. Capital revenues above revenue is about. Budget due to the timing of the receipt of QRA disaster funding and local roads and community infrastructure program funding. Capital expenditure is behind budget $10.5 million and that relates to delivery of disaster projects and waste management projects. Council is currently holding $123 million in cash reserves with $30.5 million invested in high yearly return deposits. Cash is at its high point in the cycle with receipts from the first rates from being received in August. This position will degrade spiritual through therapy. To 30 June 2024 as business as usual operations occur and capital and grant programs are delivered throughout the year. Again, at this early stage of the financial year, council's financial performance remains on track.