MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
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<strong>COUNCIL</strong> MINUTES<br />
TUESDAY 27 NOVEMBER 2012<br />
Cash Surplus (Closing Funds)<br />
The surplus as at 31 October 2012 is $19.9 million which is above the year to date budget <strong>of</strong><br />
$18.7 million, a $1.2 million difference. The surplus is predominantly due to the $0.8 million<br />
under expenditure with respect to materials and contracts.<br />
This surplus will decline as the year progresses with day to day operational expenditure and<br />
the carrying out <strong>of</strong> budgeted capital works.<br />
Cash Surplus ($ millions)<br />
24<br />
22<br />
20<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June<br />
Budget<br />
Actual<br />
Material Variances<br />
Permanent variances above $30k and timing variances above $100k for specific line items<br />
are normally reported upon. As at 31 October 2012 three material variances exist as follows:<br />
• Waste management - waste fee revenue, $154k under YTD budget;<br />
• Wembley Golf Course - green fee revenue, $128k under YTD budget.<br />
• Wembley Golf Course - interest expense, $88k under YTD budget.<br />
The shortfall in waste revenue is expected to be <strong>of</strong>fset by a reduction in waste disposal<br />
costs. To what extent will become apparent as the year progresses.<br />
POLICY/STATUTORY IMPLICATIONS:<br />
The Local Government Act 1995, Section 6.4 requires the preparation <strong>of</strong> financial reports.<br />
The Local Government (Financial Management) Regulations 1996, in particular Regulation<br />
34, expands on this requirement to include a monthly financial report to be prepared<br />
identifying significant variations between actual and budget. This report complies with this<br />
requirement.<br />
FINANCIAL IMPLICATIONS:<br />
The variations in expenditure and revenue line items, compared to budget, may have an<br />
impact on Council funds.<br />
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