Council Minutes - Town of Cambridge

COUNCIL MINUTES
TUESDAY 20 DECEMBER 2011
CR11.171 MONTHLY FINANCIAL STATEMENTS, REVIEW AND VARIANCES -
NOVEMBER 2011
PURPOSE OF REPORT:
To review the financial position for the period ended 30 November 2011 and report on
permanent and timing variances.
BACKGROUND:
This year's budget has $36.46 million allocated for operational expenditure (including $6 million
of non-cash items) and $22.55 million for capital expenditure.
Major works highlighted in the budget include:
$9 million for the design and construction of surf clubrooms and cafe/restaurant at City
Beach (subject to commercial feasibility);
$674,000 for remaining work on the Wembley Golf Course and Pro Shop;
$500,000 for the redevelopment of the City Beach Pavilion;
$500,000 for the shared path network across the Town;
$500,000 for path improvements around Lake Monger; and
$378,000 for planning and designing the first stage of the Wembley Sports Park.
Local Governments are required to report on variations to the monthly budgets and this report
provides a list of detailed explanations has been provided for budget line items where
permanent variations are $30,000 or more and timing variances are $100,000 or more.
DETAILS:
A table of key financial indicators is provided below comparing year to date actual figures
against the year to date budget.
Details
Amended
Budget
2011/2012
($000's)
YTD
Budget
30 Nov 11
($000's)
YTD
Actual
30 Nov 11
($000's)
Balance Sheet
Current Assets* 40,386
Current Liabilities (8,555)
Net Current Assets (Working Capital) 31,831
*Current assets include investments of:
General 16,155
Reserves 2,009
Endowment Lands 9,602
27,766
Capital Expenditure 22,614 5,635 2,786
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