MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013Material VariancesPermanent variances above $30k and timing variances above $100k for specific line items arenormally reported upon. As at 31 January 2013 three material variances exist as follows:• Waste management - waste fee revenue, $200k under YTD budget;• Wembley Golf Course - green fee revenue, $270k under YTD budget.• Wembley Golf Course - interest expense, $166k under YTD budget.We have been monitoring the tonnages and disposal costs at the Mindarie refuse site and havenot yet observed any further reductions beyond those budgeted to offset reduced revenue.Other waste management expenses are under budget at present partially offsetting thereduction in revenue. Furthermore, the Mindarie Regional Council has indicated that thedisposal fee may increase in March, resulting in a further offset now being unlikely. Once thedecision of the Mindarie Regional Council is confirmed, it will be reported in the financialstatements.POLICY/STATUTORY IMPLICATIONS:The Local Government Act 1995, Section 6.4 requires the preparation of financial reports. TheLocal Government (Financial Management) Regulations 1996, in particular Regulation 34,expands on this requirement to include a monthly financial report to be prepared identifyingsignificant variations between actual and budget. This report complies with this requirement.FINANCIAL IMPLICATIONS:The variations in expenditure and revenue line items, compared to budget, may have an impacton Council funds.STRATEGIC DIRECTION:The management of budgeted funds is consistent with the Strategic Plan’s goal of financialsustainability, by ensuring our expenditure is matched by our revenue.COMMUNITY CONSULTATION:This matter has been assessed under the Community Consultation MatrixConsultation Level – Inform - To provide the public with balanced and objective information toassist them in understanding the problem, alternatives, and/or solutions.ATTACHMENTS:1. Monthly Financial Statements - January 2013COUNCIL DECISION:(COMMITTEE AND ADMINISTRATION RECOMMENDATION)Moved by Cr Langer, seconded by Cr BradleyThat the report on the Financial Statements as at 31 January 2013 be received.Carried 9/0H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 175
COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013CR13.13 MID YEAR REVIEW - 2012/2013PURPOSE OF REPORT:To report on the mid year review of the budget and assess the financial performance for the sixmonth period ended 31 December 2012, consistent with good governance principles and therequirements of the Local Government Act 1995.BACKGROUND:Under Regulation 33A of the Financial Management Regulation 1996, Council is required toconduct a budget review of its adopted annual budget after considering changes in its operatingenvironment since the beginning of the financial year with a view to forecasting the financialimpacts likely to arise for the remainder of the year.The following tasks have been undertaken:• conducting an assessment of material variances to determine whether they are permanentor timing differences;• identify any offsetting increases in income or reductions in expenditure that will help reducemajor variances;• establish whether the budget review process and recommendations have a material impacton the long term plans;• establish whether at the close of the financial year there is sufficient working capital to meetcurrent commitments before the following year’s budget is adopted;• identify projects that may not be completed and which will need to be carried forward intothe new financial year for inclusion in the following year’s budget;• identify grants and contributions received that are likely to remain unspent at the close ofthe financial year.RevisedBudget YTD Budget YTD Actual YTD YTD Forecast2012/2013 31-Dec-12 31-Dec-12 Variance Variance 30-Jun-13$'000 $'000 $'000 $'000 % $'000CASH SURPLUS/(DEFICIT)FROM OPERATIONS5,279 13,051 13,873 823 6.3% 5,334NON OPERATING ACTIVITIESSURPLUS/(DEFICIT)3,190 (781) 96 877 (112.3)% 6,760SURPLUS/(DEFICIT) FROM ALLACTIVITIES8,469 12,270 13,969 1,699 13.8% 12,094CLOSING FUNDS 0 17,790 19,338 1,548 8.7% 0H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 176
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MEETING OF COUNCIL - Town of Cambridge

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