Financial Performance Report – February 2025

Sure. Good afternoon Councillors. So financial performance for the month of February continues to be positive with operating revenues continuing to outperform forecasts. Expenditure under budget at this stage of the financial year. Operating revenue is $2.3 million above budget and this is being driven by $1.3 million in interest revenue. $400,000 from sales of goods and services, almost $300,000 from other revenue sources, $200,000 from grant programs and $190,000 from rates and utility charges. This has been offset, however, by lower than forecast Fees and Charges of $200,000. Operating expenditure is $116,000 under budget with employee costs showing as almost break-even and that's due to the recruitment the vacancy savings dividend adopted as part of the budget. Services are $109,000 over budget. This is driven predominantly from civil operations which is $430,000 over budget year-to-date and holiday parks which is $109,000 the budget. Be noted though that holiday parks has offsetting revenue streams to fund that overspend. As we generate more revenue we also generate additional costs associated with it. We have those offsetting overspends and underspend in waste of $170,000 and $150,000,000 underspend in arts and culture, $100,000 underspend in canals and waterways and $100,000 in development assessment. Costs $165,000 under budget and that's due to the deferral of some capital works that were flagged to be blown funded during the year. Overall council's year-to-date same basis. Operating position at February is $2.4 million of budget which will be utilised to fund emergent expenditure through to the end of the year. Capital revenues: $8.6 million of our budget and that's due to the timing of receipts from QRA funding and SEQ CSP funding. Capital expenditures behind: $32.2 million year-to-date with $12 million relating to sorry, I've written it wrong, $12 million relating to council's base capital program and $20 million relating to disaster projects. Council is currently holding $135.6 million with the second biannual rates run occurring in February. Are at the second peak for the year in our cash reserves and this will diminish through to June. This peak has resulted in council's investment return showing slightly under target but this is expected to return to target range as these funds are utilised for operations through to June. Council's financial performance remains on track as subject to any emergent issues that arise between now and the end of the financial year.