MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 CR12.185 MONTHLY FINANCIAL STATEMENTS, REVIEW AND VARIANCES - OCTOBER 2012 PURPOSE OF REPORT: To review the financial position for the period ended 31 October 2012 and to comment on both permanent and timing variances that have occurred during the period and their impact on financial results. DETAILS: Charts of key financial indicators are provided below comparing year to date actual figures against the year to date budget. $'000 Operations $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Amended Budget YTD Budget YTD Actual Revenue $52,355 $26,565 $26,521 Expenditure $38,244 $12,912 $11,840 Operating Profit/(Loss) $14,111 $13,653 $14,681 $'000 $30,000 $25,000 $20,000 $15,000 $10,000 Capital Expenditure $5,000 $0 Capital Expenditure Amended Budget $25,785 YTD Budget $2,106 YTD Actual $1,601 $'000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 -$2,000 Transfers to/(from) Reserves Transfers to/(from) Endowment Lands Reserves & ELA Transfers Amended Budget YTD Budget YTD Actual $3,506 $119 -$135 $9,336 -$221 $27 Net Current Assets ($'000) Current Liabilities, $7,394 Current Assets, $43,070 Investments ($'000) Endowment Lands, $9,464 Trust, $1,272 General Funds, $16,783 Reserves, $2,280 H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 183
COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 The following observations are made and should be read in conjunction with the Statement of Financial Activity (Rate Setting Statement) in attachment 1: Operating Revenue Operating revenue year to date is $26.5 million on line with year to date budget of $26.5 million. Significant variances are as follows: • Fees and charges below budget by $189k with the majority of this variance due to waste fee revenue ($154k). Details were provided in the October report. The current bin service numbers at the end of October are: 120lt General Waste Service 6,435 240lt General Waste Service 3,835 240lt Green Waste Service 4,073 Additional Bin Service 882 TOTAL 15,225 We would expect a reduction in Mindarie Waste Disposal costs to result and there was provision made in the budget for approximately 1,000 tonnes of household waste less than that which was sent to the MRC last year. The extent of the reduction will become apparent later in the financial year. Operating Expenses Operating expenses year to date is $11.8 million compared to budget of $12.9 million, giving a favourable variance of $1.1 million. The only significant variation to report on is materials and contracts with actual expenditure of $3.6 million against year to date budget of $4.4 million, giving a favourable variance of $0.8 million. Expenditure programs contributing to this variance are the following: Timing variances: • Sustainability programs $41k under YTD budget, • Recreation Services Programs $20k under YTD budget; • Consultants $73k under YTD budget; • Road reserves street trees contract expenses $46k under YTD budget; • Waste management operations $149k under YTD budget; • Waste management programs $34k under YTD budget; • Contract cleaning services $29k under YTD budget; • Computer software licences $36k under YTD budget; • Agency fees $42k under YTD budget; • Equipment purchases minor $22k under YTD budget; Permanent variances: • Golf course interest expense $88k under YTD budget.) This favourable variance is due to the benefit being current derived from lower interest rates on the $11 million loan facility which is currently 3.42% H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 184
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MEETING OF COUNCIL - Town of Cambridge

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