Financial Management Report October 2017

Wednesday, 29 November 2017 11:54 AM

To ensure we (the City) continue to manage our finances responsibly and in-line with our community’s clever and creative vision and expectations, we have adjusted our underlying budget surplus to an improvement of $1.3 million compared to the original budget adopted in April 2017.

The purpose of this four-month report is to bring our community and the newly elected Council up to date with our financial position as at the end of October.

We have improved our budgeted position relating to the 126 services we deliver to our community, which are the major focus of the updated forecast.

The major items impacting the surplus include an increase in operating spending of $0.9 million, offset by a favourable increase in non-current income of $2.2 million, made up of capital income ($0.6 million) and property sales ($1.6 million).

The full year forecast for capital expenditure has been reduced by $0.4 million to $142.2 million.

A mid-year review will reassess the projected carryover into the 2018-19 budget from capital and non-capital projects.

Councillor Bruce Harwood - Mayor

It’s important the new Council has a good understanding of the City’s financial position so we can make decisions accordingly.

This will take some time and extensive consultation with the City’s finance department over the coming months.


Page last updated: Wednesday, 29 November 2017