Council Minutes - Town of Cambridge

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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
COUNCIL MINUTESTUESDAY 26 JUNE 2012Cash Surplus (Closing Funds)The surplus as at 31 May 2012 is $6.8 million which is above the year to date budget of $5.5million, a $1.3 million difference. The surplus is predominantly due to the $1 million capitalcontribution received from State Government for Matthews Netball Centre not originallybudgeted for.This surplus will decline as the year progresses with day to day operational expenditure and thecarrying out of budgeted capital works.Cash Surplus ($ millions)20181614121086420July Aug Sep Oct Nov Dec Jan Feb Mar Apr May JuneBudgetActualMaterial VariancesA list of permanent variances above $30k and timing variances above $100k are listed in theattached schedule.Reserve TransfersThe Town maintains a number of subsidiary reserves within its main reserve funds and it isrecommended that the following transfers be made between those subsidiary reserves:Area Improvement ReserveThis reserve contains the following subsidiary reserves:• Developer Contributions;• Wembley West Leederville Area Improvement;• General Area Improvement;• Aged Care Services & FacilitiesThe General Area Improvement Reserve is no longer relevant and the balance of $1,050 canbe transferred to the Wembley/West Leederville Area Improvement Reserve.It is also recommended that the Developer Contributions subsidiary reserve be deleted and thata primary reserve for "Development Contributions" be established, which will have the purposeof funding infrastructure works consistent with the planning condition requiring the developmentcontribution. Any funds in the Developer Contributions subsidiary reserve will be transferred tothis new primary reserve, with subsidiary reserves established for precincts.H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 162
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Council Minutes26 JUNE 2012
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Council Minutes - Town of Cambridge

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