MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 GST The TPRC have appointed Ernst & Young to provide advice on GST on lot sales. Technically the issues are being worked through, and it is likely that recent changes to applicability of the GST Act to local government will result in a significant reduction in the GST liability. Financial Report Revenue $6,055,057 under budget, with only $526,000 revenue received to date. Expenditure $2,950,086 under budget, with under expenditure in the areas of Lot production, Landscape, Infrastructure and Sales and marketing. The SPG has advised that the shortfall in sales revenue is attributed to the following; • $3.2 million revenue received in FYE12 ahead of budget; • $2.84 million revenue s due to delay of 13 settlements; The shortfall in revenue is primarily as a result of delays in securing clearances and titles for the Stage 1B lots. To date 8 contracts have been completed for Stage 1B, with settlements now planned in October 2012. In terms of expenditure a major part of the variance to budget can be attributed to the lag in payments for new works initiated since July. Significant payments were made in August and this is expected to continue over the coming months will as payments for earthworks and civil works contracts are realised. Sales Report Stage 1 The sales strategy adopted by the TPRC sees 63 lots, comprising of a mixture of traditional and cottage lots identified in Stage 1. On 10 March 2012, the first 24 lots were released to the market (Stage 1A). All 24 lots have been sold. H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 191
COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 Stage 1B comprising 11 rear loaded medium density lots fronting the pocket POS was released on 21 st July. 10 lots have been sold. Stage 2 Builders Display Village The Stage 2 (Builders Display Village) precinct comprises of 24 lots. All 24 lots have been sold. Medium Density Cottage Lots Stage 3 contains 43 medium density lots (cottage lots), which are scheduled to be constructed and titled by November 2012. The TPRC has previously resolved to put these lots to the market in parcels of 2 to 8 lots with a Put Option Deed that allows the TPRC to compel builders to purchase the lots 30 days before settlement, if the lots have not already been sold to a client. Put Option deeds are expected from ABN (Homebuyers) and BGC groups imminently. To date, 16 of the 31 lots have been sold in Stage 3A and 3 of 12 lots in stage Stage 3B. Stage 4A The TPRC have decided to release Stage 4 lots by online registration in October 2012. Stage 6A In August the TPRC also decided to release 8 traditional lots in Stage 6A. To date, 2 of the lots have been sold. In the current market, it is expected to sell 200 to 240 lots per annum. H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 192
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Council Minutes 27 NOVEMBER 2012
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MEETING OF COUNCIL - Town of Cambridge

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