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ordinary meeting of council to be held on tuesday, 26 april 2005 at ... ordinary meeting of council to be held on tuesday, 26 april 2005 at ...

kmc.nsw.gov.au
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Ordinary Meeting ong>ofong> Council - 26 April 2005 3 / 11 Item 3 S03096 21 March 2005 Statuong>toong>ry Levies Statuong>toong>ry levies include the NSW Board ong>ofong> Fire Commissioners Levy and the Department ong>ofong> Urban Affairs and Planning, Environmental Planning Levy. It is anticipated that the NSW Board ong>ofong> Fire Commissioners Levy will increase again in 2005/2006. Official notification ong>ofong> the increase has not ong>beong>en received at this time. Expenditure associated with this levy has increased by $358,500 ong>beong>tween 2000/2001 and 2004/2005, as illustrated ong>beong>low: NSW Board ong>ofong> Fire Commissioners Levy 2000/2001 $1,528,300 2001/2002 $1,586,600 2002/2003 $1,772,000 2003/2004 $1,788,800 2004/2005 $1,886,800 2005/2006 $1,934,000 (estimate) Note: An estimated increase ong>ofong> 2.5% has ong>beong>en included in the draft budget for 2005/2006. Pensioner Rebate Expense The budget in this category ong>ofong> expenditure reflects the actual cost ong>toong> Council based on 2004/2005 pensioner claims. It should ong>beong> noted that previously only the statuong>toong>ry pensioner rebate was reported against this resource. The voluntary rebate relating ong>toong> the infrastructure levy ($130,000) was netted ong>ofong>f. The draft budget for 2005/2006 has ong>beong>en adjusted ong>toong> show both statuong>toong>ry and voluntary pensioner rebates. Capital Acquisitions Capital acquisitions include library book purchases, computer equipment purchases and other minor ong>ofong>fice equipment purchases. Expenditure in this category has increased by $11,300 or 1.8% when compared ong>toong> the 2004/2005 Management Plan. Loan Expenses Interest expense has increased by $4,300 or 0.6% and principal repayments have decreased by $614,700 or 28.5%. This is in line with Council’s debt reduction strategy adopted by Council as part ong>ofong> the 10 Year Financial Model. Net debt repayment in 2005/2006 will ong>beong> $138,462. This compares ong>toong> $553,200 in the current financial year and $743,100 in 2003/2004, as illustrated ong>beong>low: N:\050426-OMC-SR-03107-DRAFT MANAGEMENT PLAN 200.doc/lopez /11

Ordinary Meeting ong>ofong> Council - 26 April 2005 3 / 12 Item 3 S03096 21 March 2005 NET DEBT REPAYMENT 2003/2004 2004/2005 2005/2006 New Loans $1,800,000 $1,600,000 $1,400,000 Principal Repayments $2,543,100 $2,153,200 $1,538,462 Net Debt Repayments $743,100 $553,200 $138,462 Depreciation Depreciation is a non-cash expense and as such, is excluded from the operating cash budget ong>ofong> Council. However it is included in the ong>toong>tal operating budget ong>ofong> Council. The ong>toong>tal depreciation budget for 2005/2006 is $7,213,500. The following table lists the depreciation budgets for 2004/2005 compared ong>toong> the Draft Budget for 2005/2006: DEPRECIATION Asset Type 2004/2005 2005/2006 Variation $ $ $ Buildings and Installations 1,504,700 1,550,800 46,100 Drainage Assets 463,200 843,100 379,900 Furniture and Fittings 88,600 27,500 -61,100 Land Improvements 0 67,600 67,600 Library Books 366,300 236,900 -129,400 Office Equipment 105,300 78,100 -27,200 Plant and Equipment 1,134,900 1,213,100 78,200 Roads and Bridges 2,905,600 2,979,800 74,200 Other Assets 234,300 0 -234,300 Other Structures 89,700 216,600 126,900 TOTAL 6,892,600 7,213,500 320,900 Funds Transferred ong>toong> Reserves One ong>ofong> the long-term financial planning principles adopted by Council in the 10 Year Financial Model is ong>toong> establish and build up sufficient reserves that will contribute ong>toong> the future refurbishment and replacement ong>ofong> Council’s assets. This is ong>toong> ong>beong> addressed by annually transferring 15% ong>ofong> Council’s gross depreciation liability ong>toong> depreciation reserves in addition ong>toong> any windfall gains identified at quarterly budget reviews. N:\050426-OMC-SR-03107-DRAFT MANAGEMENT PLAN 200.doc/lopez /12

Ordinary Meeting <str<strong>on</strong>g>of</str<strong>on</strong>g> Council - <strong>26</strong> April <strong>2005</strong> 3 / 12<br />

Item 3<br />

S03096<br />

21 March <strong>2005</strong><br />

NET DEBT REPAYMENT<br />

2003/2004 2004/<strong>2005</strong> <strong>2005</strong>/2006<br />

New Loans $1,800,000 $1,600,000 $1,400,000<br />

Principal Repayments $2,543,100 $2,153,200 $1,538,462<br />

Net Debt Repayments $743,100 $553,200 $138,462<br />

Depreci<strong>at</strong>i<strong>on</strong><br />

Depreci<strong>at</strong>i<strong>on</strong> is a n<strong>on</strong>-cash expense and as such, is excluded from the oper<strong>at</strong>ing cash budget <str<strong>on</strong>g>of</str<strong>on</strong>g><br />

Council. However it is included in the <str<strong>on</strong>g>to</str<strong>on</strong>g>tal oper<strong>at</strong>ing budget <str<strong>on</strong>g>of</str<strong>on</strong>g> Council. The <str<strong>on</strong>g>to</str<strong>on</strong>g>tal depreci<strong>at</strong>i<strong>on</strong><br />

budget for <strong>2005</strong>/2006 is $7,213,500.<br />

The following table lists the depreci<strong>at</strong>i<strong>on</strong> budgets for 2004/<strong>2005</strong> compared <str<strong>on</strong>g>to</str<strong>on</strong>g> the Draft Budget for<br />

<strong>2005</strong>/2006:<br />

DEPRECIATION<br />

Asset Type 2004/<strong>2005</strong> <strong>2005</strong>/2006 Vari<strong>at</strong>i<strong>on</strong><br />

$<br />

$<br />

$<br />

Buildings and Install<strong>at</strong>i<strong>on</strong>s 1,504,700 1,550,800 46,100<br />

Drainage Assets 463,200 843,100 379,900<br />

Furniture and Fittings 88,600 27,500 -61,100<br />

Land Improvements 0 67,600 67,600<br />

Library Books 366,300 236,900 -129,400<br />

Office Equipment 105,300 78,100 -27,200<br />

Plant and Equipment 1,134,900 1,213,100 78,200<br />

Roads and Bridges 2,905,600 2,979,800 74,200<br />

Other Assets 234,300 0 -234,300<br />

Other Structures 89,700 216,600 1<strong>26</strong>,900<br />

TOTAL 6,892,600 7,213,500 320,900<br />

Funds Transferred <str<strong>on</strong>g>to</str<strong>on</strong>g> Reserves<br />

One <str<strong>on</strong>g>of</str<strong>on</strong>g> the l<strong>on</strong>g-term financial planning principles adopted by Council in the 10 Year Financial<br />

Model is <str<strong>on</strong>g>to</str<strong>on</strong>g> establish and build up sufficient reserves th<strong>at</strong> will c<strong>on</strong>tribute <str<strong>on</strong>g>to</str<strong>on</strong>g> the future refurbishment<br />

and replacement <str<strong>on</strong>g>of</str<strong>on</strong>g> Council’s assets. This is <str<strong>on</strong>g>to</str<strong>on</strong>g> <str<strong>on</strong>g>be</str<strong>on</strong>g> addressed by annually transferring 15% <str<strong>on</strong>g>of</str<strong>on</strong>g><br />

Council’s gross depreci<strong>at</strong>i<strong>on</strong> liability <str<strong>on</strong>g>to</str<strong>on</strong>g> depreci<strong>at</strong>i<strong>on</strong> reserves in additi<strong>on</strong> <str<strong>on</strong>g>to</str<strong>on</strong>g> any windfall gains<br />

identified <strong>at</strong> quarterly budget reviews.<br />

N:\0504<strong>26</strong>-OMC-SR-03107-DRAFT MANAGEMENT PLAN 200.doc/lopez /12

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