MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013Operating ExpensesOperating expenses year to date is $21.2 million compared to budget of $22.5 million, giving afavourable variance of $1.3 million. Significant variances are as follows:Materials and contractsActual expenditure for January YTD is $6.8 million against year to date budget of $7.8 million,giving a favourable variance of $1 million.The following timing variances contribute towards this variance:• Sustainability programs $77k under YTD budget,• Consultants $141k under YTD budget;• Road reserves street trees contract expenses $28k under YTD budget;• Waste management operations $154k under YTD budget;• Waste management programs $31k under YTD budget;• Contract cleaning services $61k under YTD budget;• Computer software licences $47k under YTD budget;• Parks and landscape non capital works $74k under YTD budget• Wembley Golf Course non capital works $45k under YTD budget.No permanent variances have been identified at this time.Interest ExpenseInterest expense is favourably under budget by $165k, due to lower variable interest rates onthe golf course Driving Range and Pro Shop loan. The variance will be permanent with lowerinterest rates expected to remain for this financial year.Net Operating ResultThe net operating surplus from operations is $9.9 million is above year to date budget of $9.1million giving a favourable variance of $0.8 million.20Net Operating Result16128BudgetActual40Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JuneH:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 173
COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013Non Operating RevenueNon Operating Revenue year to date is $12.7 million against year to date budget of $12 milliongiving a favourable variance of $0.7 million.• This includes a $5 million timing variance being a capital contribution received from theState Government for the Matthews Netball Centre earlier than anticipated.• A capital grant of $44k received by Senior Services for the replacement of a vehicle, notbudgeted for also contributes to the variance,Capital Works ProgramsThe total amount of funds spent on the Town’s capital works program for the period ended 31January 2013 is $6.2 million against year to date budget of $6.9 million, a variance of $0.7million.A brief overview of the capital works programs at year end shows the following timingvariances:• Buildings - $2.9 million against year to date budget of $3 million.• Parks and Reserves - $735k against year to date budget of $859k.• Roads and Lanes - $983k against year to date budget of $1.1 million.There are no major permanent variances within the capital works program to report on.Cash Surplus (Closing Funds)The surplus as at 31 January 2013 is $17.8 million which is above the year to date budget of$16.4 million, a $1.4 million difference. The surplus is predominantly due to the $1 millionunder expenditure with respect to materials and contracts.This surplus will decline as the year progresses with day to day operational expenditure and thecarrying out of budgeted capital works.Cash Surplus ($ millions)242220181614121086420July Aug Sep Oct Nov Dec Jan Feb Mar Apr May JuneBudgetActualH:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 174
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Council Minutes26 FEBRUARY 2013
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COUNCIL MINUTESTUESDAY 26 FEBRUARY
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MEETING OF COUNCIL - Town of Cambridge

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