MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
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<strong>COUNCIL</strong> MINUTESTUESDAY 26 FEBRUARY 2013In accordance with the Regulations, the results <strong>of</strong> the budget review are to be submitted toCouncil within thirty days <strong>of</strong> the review being completed. Council is then required to considerthe results <strong>of</strong> the review and determine whether or not to adopt the review, any part <strong>of</strong> thereview or any recommendations made in the review. As per Regulation 33A, a copy <strong>of</strong> both thereview and Council’s determination are then to be provided to the Department <strong>of</strong> LocalGovernment within thirty days.The <strong>Town</strong>’s Budget Implementation and Management Policy 3.2.2 states that:It is the function and duty <strong>of</strong> the Chief Executive Officer to cause Council decisions to beimplemented and manage the day-to-day operations <strong>of</strong> the <strong>Town</strong>. To ensure the ChiefExecutive Officer has the capacity to undertake this role, the Chief Executive Officer mayreallocate funding to accommodate over expenditure variances. The reallocation <strong>of</strong> funds shallresult in a revised budget for the purpose <strong>of</strong> producing the monthly financial report andaccordingly be reported as a permanent variance.The Chief Executive Officer may authorise expenditure over a revised budget to a maximum <strong>of</strong>$50,000. In all other instances, authority from Council shall first be obtained.As some <strong>of</strong> the budget amendments are greater than $50,000, the amendments are submittedto Council for approval. Note that an Absolute Majority is not required as the budgets are not foran additional purpose.FINANCIAL IMPLICATIONS:The projected budget for year end indicates a surplus position <strong>of</strong> plus or minus $150,000.STRATEGIC DIRECTION:The management <strong>of</strong> budgeted funds is consistent with the Strategic Plan’s goal <strong>of</strong> financialsustainability, by ensuring the <strong>Town</strong>'s expenditure is matched by its revenue.COMMUNITY CONSULTATION:This matter has been assessed under the Community Consultation Policy. In accordance withthe assessment criteria, it was rated at Level 1, for which no community consultation isrequired.ATTACHMENTS:1. Summarised Statement <strong>of</strong> Financial Activity as at 31 December 2012 and notesaccompanying the statement.H:\CEO\GOV\<strong>COUNCIL</strong> MINUTES\13 MINUTES\FEBRUARY 2013\C CR.DOCX 180