Cr Ros Heit - Finance Portfolio Report - 13 December 2017

The financial statements are as at 30 November 2017.

The financial results are performing to target with 42% of the year completed.  The revenue and expenditure items percentage to budget is generally reflective of 42%.

As reported last month the capital revenue budget will be adjusted in the second quarter review to reflect the Works for Queensland Round 2 funding received and expected to be received in this financial year.

The capital expenditure reflects the write off adjustments as assets are capitalised from Work in Progress.

Ratios

All indicators are within the desired range except the Current Ratio which is just outside range.  This ratio is influenced by the cash balance which declines during the intervening periods between rating.  It is a favourable result which will move back within the limits as funds are spent.

Capex Report

The capex report for this month has been included for the information of Council.  Actual expenditure at the end of November was $8.636m or 24.4% of the available budget.  In addition to the actuals there are commitments for expenditure of $5.281m.  Actuals plus committed expenditure equates to 39.45% of the available capital budget. 

Works for Queensland

All approved projects for Round 1 were completed by 30 November 2017. 

Work has started on the Round 2 projects.

The reports for these two funding rounds have been provided for the information of Councillors. 

Rating and Rate Recovery

The first correspondence from Recoveries and Reconstruction for overdue rates was posted in late November.  I am happy to report that Council has been busy receiving calls and working with Recoveries and Reconstruction to enter into payment arrangements with our ratepayers.  I encourage people to continue to work with Council and it’s Agent to manage their outstanding account.  Further correspondence in relation to rate arrears will commence in the New Year.

Budget Financial Year 2019

Workshops have commenced for the development of the Capex Program for all Asset Classes.  The budget packs for the development of the Operating Expenditure budget will be distributed to budget managers this month along with the Fees and Charges.