MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013POLICY/STATUTORY IMPLICATIONS:The general, reserves and Endowment Lands funds are invested in accordance with theguidelines set down in the Town’s Policy No. 3.2.5 – Investment.FINANCIAL IMPLICATIONS:Interest from investments represents a significant revenue item in the Council’s Budget and it istherefore important that the Council’s investment performance is monitored closely. Detailedmonthly reports together with detailed policy investment guidelines support this.The Investment Schedule, as circulated, provides details of the performance of each individualinvestment to date. A summary of the investment performance to budget is provided below:Actual as atJanuary2012 %Actual as atJanuary2013 %Budget2011/2012Budget2012/2013General * $677,000 $464,790 68.7% $637,400 $444,607 69.8%Reserves $100,000 $69,240 69.2% $165,000 $60,671 36.8%Endowment Lands $659,900 $382,876 58.0% $550,000 $329,294 59.9%Total Investments $1,436,900 $916,906 63.8% $1,352,400 $834,572 61.7%* Includes Bank Account Interest of $35,297.STRATEGIC DIRECTION:The investment of Council funds is consistent with the Strategic Plan's key area of Capacity toDelivery and its goal of financial sustainability by ensuring strategies are in place formaintaining the Town's wealth and revenue capacity.COMMUNITY CONSULTATION:The investment of Council funds is consistent with the Strategic Plan's key area of Capacity toDelivery and its goal of financial sustainability by ensuring strategies are in place formaintaining the Town's wealth and revenue capacity.ATTACHMENTS:1. Oakvale Consolidated Investment Report - January 2013COUNCIL DECISION:(COMMITTEE AND ADMINISTRATION RECOMMENDATION)Moved by Cr Langer, seconded by Cr BradleyThat the Investment Schedule as at 31 January 2013 forming part of the Notice Paper bereceived.Carried 9/0H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 171
COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013CR13.12MONTHLY FINANCIAL STATEMENTS, REVIEW AND VARIANCES - JANUARY2013PURPOSE OF REPORT:To review the financial position for the period ended 31 January 2013 and to comment on bothpermanent and timing variances that have occurred during the period and their impact onfinancial results.DETAILS:Charts of key financial indicators are provided below comparing year to date actual figuresagainst the year to date budget.$'000$70,000$60,000$50,000$40,000$30,000$20,000$10,000$0OperationsAmendedBudgetYTD BudgetYTD ActualRevenue $60,038 $36,906 $36,249Expenditure $38,157 $22,520 $21,261Operating Profit/(Loss) $21,881 $14,386 $14,988$'000$30,000$25,000$20,000$15,000$10,000Capital Expenditure$5,000$0Capital ExpenditureAmended Budget $25,873YTD Budget $6,924YTD Actual $6,213$'000$10,000$8,000$6,000$4,000$2,000-$2,000Transfers to/(from)ReservesTransfers to/(from)Endowment LandsReserves & ELA Transfers$0AmendedBudgetYTD BudgetYTD Actual$3,506 -$126 $63$9,336 $675 $735Net Current Assets ($'000)CurrentLiabilities,$5,630Current Assets,$38,953The following observations are made and should be read in conjunction with the Statement ofFinancial Activity (Rate Setting Statement) in attachment 1.Operating RevenueOperating revenue year to date is $31.2 million compared to year to date budget of $31.6million, giving a variance of $400k. The significant variance is fees and charges of $8.5 millionwhich are below budget by $513k. The majority of this variance is due to waste fee revenue($200k) and golf course rounds revenue ($178k). These permanent variances are reported inthe mid year budget review.H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 172
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MEETING OF COUNCIL - Town of Cambridge

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