Financial Performance Report – January 2025

Brian Stockwell69:04

Okay. We're voting. Oh, we need to vote, yes. All those in favour? Yes. Is that all you think, Councillor Finzel? Thank you. And I'm leaving the meeting. Thank you. I'll just wait. Councillor Finzel, if you can do it verbally, please. No, soberly, please. She's got her hand up. I'll take her hand up if it's being yes. It's being muted. Yes, Thank you. And we will note that. Thank you very much. Thank you. Appreciate it. Thank you, Chair. Bye. Okay, move on. Okay, we'll move on to 8.2, and that's Financial Performance Report, January 2025.

Good Councillors. So firstly, Councillors should note that the January report is now reflective of Budget Review 2, which was adopted by Council last month. Financial performance for the month of January continues to be positive, with operating revenues continuing to outperform forecast and operating expenditure under at this stage of the year. Operating revenue is $1.6 million above budget which is primarily being driven by interest revenue of $1.1 million, almost $300,000 from sales of goods and services, $164,000 from programs, and $240,000 from other revenue sources. This has been offset, however, by lower than forecast Fees and Charges, with development assessment fees down $350,000 noting that there are several large DA applications currently being assessed but, however, due to the stage of completion on those, that revenue has not yet been recognised. Building and plumbing fees, however, are $127 up $120,000 year-to-date. Operating expenditure is $770,000 under budget at this stage of the year, with employee costs $346,000 under budget. You to note that this is primarily due to the timing of staff taking annual leave, so there's a large contingent of staff taking leave over December and through January, and due to the way that we profile that, has kind of dipped down quite a bit, so that's sort of driving some of that. Materials and services $190,000 under budget at this stage. We do have overspends currently showing in civil operations of $342,000, and holiday parks is $104,000 over budget as well. You will note with holiday parks that they have a corresponding increase in their revenue line, which also have a corresponding commission line through their reports, so that correlates to their revenue. Waste is currently $428,000 underspent, and that relates to the forecast contract and rise in their contracts not being as high as we anticipated. But overall, council's year-to-date operating position at January 2025 is $2.4 million of a budget, which will be utilised to fund any emergent issues that happen throughout the year. Capital revenue is $9 million above budget and that's due to the timing of our profiling and receipt of QRA disaster funding and our SEQ CSP funding. Capital expenditure is behind budget $28.4 million with $18.3 million relating to our disaster projects and $10.1 million relating to council's base capital program. This variance is driven largely by budget profiling and the timing of the project delivery. Currently holding a hundred and ten million dollars in cash reserves with 30 million dollars continuing to be invested in higher yielding to term deposits. We have not invested additional funds in term deposits because QTC, where we hold the balance of our funds, is also offering quite high yields at this stage as well. At this stage of the financial year, council's financial performance remains on track, subject to any emergent issues that might arise for the remainder of the year.