Council Minutes - Town of Cambridge

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COUNCIL MINUTESTUESDAY 26 JUNE 2012Asset Management ReserveThis reserve contains the following subsidiary reserves:• Buildings• Light Fleet• Plant• Equipment• InfrastructureThe light fleet reserve currently has a $500k balance, in excess of future requirements,however the plant sub reserve with only $36k has been identified as being insufficient to meetfuture asset replacements. It is therefore recommended that $200,000 be transferred from lightfleet to the plant reserve to address the shortfall.The Infrastructure Reserve is a generalised classification and it is recommended that this betransferred to the building and equipment reserves and the subsidiary reserve classification ofInfrastructure disbanded. The transfer as follows:• $120,000 be transferred to the equipment reserve and• $219,000 be transferred to the building reserve.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 - May 20122. Budget Variation ReportH:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 163
COUNCIL MINUTESTUESDAY 26 JUNE 2012COUNCIL DECISION:(COMMITTEE AND ADMINISTRATION RECOMMENDATION)Moved by Cr Langer, seconded by Cr CarrThat:(i)(ii)the report on the Financial Statements as at 31 May 2012 be received and thevariances to the budget be noted;the following subsidiary reserve transfers be approved:-Details Transfer from Transfer toArea Improvement - General ($1,050)Area Improvement - Wembley/West Leederville $1,050Asset Management Reserve - Infrastructure ($339,000)Asset Management Reserve - Buildings $219,000Asset Management Reserve - Equipment $120,000Asset Management Reserve - Light Fleet ($200,000)Asset Management Reserve - Plant $200,000(iii)a new primary reserve for "Development Contributions" be established and theArea Improvement subsidiary reserve "Developer Contributions" be deleted andany funds be transferred accordingly. The purpose is to hold and applydevelopment contributions for infrastructure works, consistent with the planningcondition requiring the development contribution.Carried 9/0H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\JUNE 2012\C CR.DOCX 164
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Council Minutes - Town of Cambridge

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