Cr Ros Heit - Finance Portfolio Report - 19 September 2018

Financial Reports to 31 August 2018:

Statement of Comprehensive Income

The financial reports presented to this meeting are as at 31 August 2018.  The following are key observations from this months report:

• The report reflects the rate levy for the first six months of this financial year,
• While interest revenue is slightly below target further interest revenue will be recognised in future periods,
• Sales revenue will move as RMPC and RPC claims are lodged with the Department of Transport and Main Roads,
• Other income is above target as reported last month due mainly to timing on the sale of scrap metal and fines issued for animal registrations,
• Capital Grants, Subsidies, Contributions and Donations will also adjust during forward months as expected revenue is received.

The Current Ratio is outside the parameter this month however although it is outside the tolerance it is a positive result because of the first six month rate levy.  All other indicators are within tolerance.

Statement of Financial Position

In terms of the Statement of Financial Position, the numbers are again as at 31 August 2018. 

The Finance Team is monitoring cash flow over the coming months to manage any impact resulting from the deferral of the discount period to 7 November.

Capital Expenditure

The capital expenditure report is again included with the agenda today.  Actual expenditure at the end of August is just under $2 million.  The organisation will be gearing up over the coming months to deliver the capex program.  The report identifying the recommended carry over projects from 2017/2018 financial year has been included in the agenda today for Council approval.

External Audit

The draft Financial Statements were presented to and reviewed by the Audit Advisory Committee on 29 August 2018 as a precursor to forwarding them to the External Auditors.  Well done to the staff getting these on track to the audit timetable.