Cr Ros Heit - Finance Portfolio Report - 21 March 2018

Financial Report

The financial statements are as at 28 February 2018.

The financial results are performing to target with 67% of the year completed.  The revenue and expenditure items percentage to budget is generally reflective of 67%, although Council should be aware that some of these line items do not perform on a straight line basis, that is revenue and expenditures have timing considerations as well.

Items which deviate from the 67% are the same as has been reported in the last two months with the same explanation still appropriate for those particular items.

Rates and Charges are now at full year levels due to second rate levy having been issued. The discount period for this levy closes next Tuesday March 27.

Ratios

All indicators are within the desired range.  Councillors will note that those ratios which are influenced by cash levels will improve up to the close of discount for the second half rate levy as cash levels improve, for example, the Current Ratio and Funded Long Term Liabilities Ratio.

Capex Report

The capex report for this month has been included for the information of Council.  Actual expenditure at the end of February was $15.09m or 46% of the available budget.  If committed expenditure is included the result is 56% of the available capital budget.

Works for Queensland

At reporting date, $1,619,196.53 had been spent on the Round 2 Projects.  The list of the projects and related expenditure has been provided for the information in today’s agenda.