MEETING OF COUNCIL - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013EXECUTIVE SUMMARYThe end of year result is expected to finish plus or minus $150,000 of a break even position.This is mainly due to reduced revenue from fees and charges for waste disposal and golfcourse rounds and reduced loan interest expenses resulting from a lower variable rate.Carried forward projects, some of which are in progress but spanning financial years, areexpected to be $1.92 million. The two main items being carried forward (in part) are theMatthews Netball Centre development ($500,000) and the Cambridge Street enhancement$720,000).DETAILS:The following commentary should be read in conjunction with the revised rate setting statementcontained in attachment one.Operations - after adjustment for non cash movements, the surplus from operations isestimated to be $144,000. This is a combination of the following favourable and unfavourablevariances:• Interest expenditure savings with loan interest payments on $11 million loan forWembley Golf Course ($139,000).• Materials and contracts expenditure reduced mainly attributable to timing differenceswith works and parks non capital works some of which will be carried forward($193,000) favourable variance.• Fees and charges shortfall with waste fees down ($200,000) and Wembley Golf Courseoverall fee revenue down ($152,000), (both unfavourable variances).Other areas of revenue and expenditure are only experiencing minor fluctuations from YTDbudget.Non Operating Revenue - a review of non operating revenue indicates a mixture of favourableand non favourable variances as follows:• Non operating grants and contributions will be $98,000 more than budget, the bulk ofthis favourable variance being a grant received this financial year not budgeted for.• Land proceeds - the annual budget anticipated a number of land sales during the year.A number of these land sales will not occur in this financial year. Proceeds of $18.3million are expected to be reduced by $11 million.Non Operating Expenditure - has been reduced by $3.3 million, largely due to the CambridgeSt - Street Enhancement Stage 1. The project, with a $1.4 million project budget, willcommence in 2013 and span two financial years, with $125,000 being spent this financial yearfunded from a $30,000 black spot grant and $95,000 from reserve.Reserve and Endowment Lands Account Transfers - net draw down on reserves andEndowment Lands Account has decreased by $2.2 million, primarily due to a reduced transferfrom the area improvement reserve of $1.3 million associated with the above project. Theproposed budget amendment for Ocean Mia land proceeds will reduce the transfer to theEndowment Land Account by $11 million.H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 177
COUNCIL MINUTESTUESDAY 26 FEBRUARY 2013Carry Forwards - the amount of funds estimated to be carried forward for 2013/2014 isestimated to be $1.9 million. The main projects contributing to this amount are capital projectsCambridge St - Street Enhancement Stage 1 ($720,000), Wembley Sports Park - MatthewsNetball Centre ($500,000), Lake Monger Reserve – Security Light Upgrade Program($140,000) and Road Surfacing Tate St (Woolwich - Railway ($109,000).Estimated Year End Financial Position for 2012/13An analysis of the variations to date, indicate that the year end position will fall within plus orminus $150,000 (0.2% of the operating budget). The amended budget will reflect a deficit of$200,000 mainly due to the low waste fee revenue. However we expect this to be offset tosome degree by a number of smaller favourable variations across the Town's operations.Carry Forward Works for 2013/14Carry forward operating and capital projects funded by rates and grants revenue of $1.9 millionhave been identified for the 2013/2014 financial year at this time. The following main operatingand capital projects contribute to this amount:Quarry Amphitheatre - Wall Remedial Works $5,000L/ Monger Reserve - Car Park/Toilet Design Sth East picnic area $20,000L/Monger Reserve – Security Light Upgrade Program (Stage 1 of 4) $140,000Lake Monger Reserve - Recreation Activities Infrastructure $80,000Beaches & Dunes - Replace Beach Usage Signs $10,000Road Works - Cambridge Street Enhancement $720,000Road Works - Salvado Rd - roundabout at SJOG Hospital Entrance $92,000Road Works - Southport Street - Crossing at Tower St $10,000Road Works - Underwood / Brookdale/ Brockway - Nedlands $60,000Road Surfacing Tate St (Woolwich - Railway) $109,000Road Surfacing Wayeela Pl and kerb $17,500Road Surfacing Whitney Cr (Boundary - Rochdale) Stage 1 of 2 $17,000Footpaths Herdsman Parade (Selby - Reserve) N $35,000Wembley Sports Park - Matthews Netball Centre - grant monies $500,000Town Planning Scheme Review $50,000Planning - Leederville Link Contribution $60,000Total $1,925,500Budget Amendments and ReallocationsThe following requests for budget amendments have been received. The details for theserequests are in the attachments to this report.(i) Senior Services - Capital Grant Funded Vehicle ReplacementA capital grant request made during the year for the replacement of a Senior Services vehiclehas been successful. An amount of $44,500 was received. The vehicle will be replaced this2012/2013 financial year. Any shortfall in changeover costs will be funded from the SeniorServices reserve. Therefore this has no impact on general purpose funding.Recommendation: Amend the annual budget for Senior Services operations by $44,500 torecognise the capital grant received and amend the plant and equipment capital budget by$44,500 for Senior Services for the purchase of a new replacement vehicle.H:\CEO\GOV\COUNCIL MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 178
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MEETING OF COUNCIL - Town of Cambridge

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