Cr Ros Heit - Finance Portfolio Report - 15 November 2017

Financial Report

The financial statements are as at the 31 October 2017.

The financial results are performing to target with 33% of the year completed.  The revenue and expenditure items percentage to budget generally reflects the straight line result of 33%.

The capital revenue budget will be adjusted in the second quarter review to reflect the Works for Queensland Round 2 funding expected to be received in the 2017 financial year.

Ratios

All indicators are within the desired range.  While the Current Ratio is outside range, this is a favourable result which will again move back within the limits as the year progresses.

Capex Report

The capex report for this month has been included for the information of Council.  Actual expenditure at the end of October was $5.763m or 16.9% of the available budget.  In addition to the actuals there are commitments for expenditure of $7.484m.  Actuals plus committed expenditure equates to 38% of the available capital budget. 

Works for Queensland

All approved projects for Round 1 are on track for completion by the due date of 30 November 2017.  There may be some lagging of minor costs as invoices are received and paid.

Work has also commenced on several of the Round 2 projects as at 31 October.

These reports have also been provided for the information of Councillors. 

Rating and Rate Recovery

The first correspondence from Recoveries and Reconstruction for overdue rates will be in early December with staff awareness and training being undertaken in late November.  After the initial letter further correspondence in relation to rate arrears will commence in the New Year.

Budget Financial Year 2019

Council has commenced the preparations for the 2018/2019 budget with an initial review of the current Long Term Financial Plan as well as holding briefings for the preparation of the Waste, Waste Water, Water and Roads and Drainage capital programs.