Council Minutes - Town of Cambridge

COUNCIL MINUTESTUESDAY 26 JUNE 2012Net Operating ResultThe net operating surplus from operations is $4.1 million is on line with year to date budget of$4.1 million.20Net Operating Result16128BudgetActual40Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JuneNon Operating RevenueNon Operating Revenue year to date is $4.4 million compared to budget of $3.3 million, givinga favourable variance of $1.1 million. The significant variation is in capital grants, which is$959k over budget due to a $1 million capital contribution being received from the StateGovernment for the Matthews Netball Centre.Capital Works ProgramsThe total amount of funds spent on the Town’s capital works program for the period ended 31May 2012 is $8.5 million against year to date budget of $8.3 million, a variance of $200k.A brief overview of the capital works programs at year end shows:• Buildings - $971k against year to date budget of $1,022k, with a favourable variance of$51k. No major variations exist with the building capital works program.• Parks and Reserves expenditure is $1,090k against year to date budget of $949k, anunfavourable variance of $141k. The major variances are:(i)(ii)a variance for the Perry Lakes Aquifer project with $51k spent, however this is grantfunded and has no impact on general purpose revenue.Wembley Golf Course - Entry Statement $88k spent to complete the redevelopmentproject. This is funded from the Endowment Lands Account (as an internal loan).• Drainage - $335k against year to date budget of $428k a favourable variance of $93k withthe additional $190k of funds approved for drainage improvement at the April Councilmeeting.H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 161