Council Minutes - Town of Cambridge

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.
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