Council Minutes - Town of Cambridge

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COUNCIL MINUTES TUESDAY 28 AUGUST 2012 POLICY/STATUTORY IMPLICATIONS: The Local Government Act 1995, Section 6.4 requires the preparation of financial reports. The Local Government (Financial Management) Regulations 1996, in particular Regulation 34, expands on this requirement to include a monthly financial report to be prepared identifying significant variations between actual and budget. This report complies with this requirement. FINANCIAL IMPLICATIONS: The projected budget for year end indicates a surplus position of $180k which has been transferred to the Plant Reserve. STRATEGIC DIRECTION: The management of budgeted funds is consistent with the Strategic Plan’s goal of financial sustainability, by ensuring the Town's expenditure is matched by its revenue. COMMUNITY CONSULTATION: This matter has been assessed under the Community Consultation Policy. In accordance with the assessment criteria, it was rated at Level 1, for which no community consultation is required. ATTACHMENTS: 1. End of Financial Year Report 2. FYE 2012 Financial Statements COUNCIL DECISION: (COMMITTEE AND ADMINISTRATION RECOMMENDATION) Moved by Cr Langer, seconded by Cr Walker That the report on the review of 2011/2012 financial year be received and the variances to the budget be noted. Carried 9/0 H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\AUGUST 2012\C CR.DOCX 191
COUNCIL MINUTES TUESDAY 28 AUGUST 2012 CR12.135 AMENDMENT TO THE BUDGET FOR THE YEAR ENDING JUNE 2013 PURPOSE OF REPORT: To amend the Budget for the year ending 30 June 2013 as a result of finalising year end revenues and expenditures and carried forward funds. BACKGROUND: Council adopted the FYE 2013 budget at the July ordinary Council Meeting. The budget report noted that the comparative estimates for the FYE 2012 were still subject to a number of year end adjustments and that an update would be provided to Council. This report provides an update and suggests amending the budget as a result. DETAILS: In the 2013 Budget, the estimated closing funds to be carried forward from the FYE 2012 is $4,594,500, with a small budget surplus of $19,000 for the year. As a result of settling the year end revenues and expenditures, and reviewing carried forward works, the following has occurred: • closing funds to be carried forward are now $4,373,600 a $221,000 reduction from the previous estimate, which effectively adds to the surplus. • A further accrual of $60,000 into FYE 2012 for capital expenditure on IT Equipment has been provisioned due to a late invoice being received. This reduces the surplus. This is a net change of $161,000, which when added to the previous surplus of $19,000 produces a current surplus of $180,000. This has been transferred to the Plant Reserve, consistent with the decision of Council at the July Meeting. The table below details the carried forward works amended as a result of the review. Council is asked to endorse the amendments to the budget. H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\AUGUST 2012\C CR.DOCX 192
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Council Minutes - Town of Cambridge

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