Cr Ros Heit - Finance Portfolio Report - 20 September 2017

Financial Report   

The financial statements are as at the 31st August 2017.

In terms of the financial indicators two indicators are outside the target and are explained as follows:

• Current Ratio – This ratio will spike at each rate levy and move to target as funds reduce as part of operations.
• Funded Long Term Liabilities – the calculation this month is influenced by the level of restricted cash.  The level of Restricted Cash is still at the 30 June levels with funds now able to be released to form working capital for ongoing capital and operational works.  The level of restricted cash will be reviewed during September.

Capex Report  

The capex report for this month is included for the information of Council.  Actual expenditure at the end of August was $3.788m of a total available budget of $31.417m.

Works for Queensland  

The announcement $4.385 million for the second round of funding under the Works for Queensland Program by the Deputy Premier and Minister for Infrastructure Jackie Trad last Friday was very welcome news for the region. These funds along with the first round of funding has not only provided real jobs but has greatly contributed toward the renewal and improvement of Council’s assets and reduce the ongoing maintenance of these assets.  This is a significant outcome given the Council’s forward focus on Asset Management.

Rating  

The last day to take advantage of the discount for the first levy of the financial year is Tuesday 26 September 2017.  I encourage ratepayers to take advantage of the 10% discount where they can as it is a significant saving on the bottom line of the rate notice.  For ratepayers who are struggling with paying rates please contact the rates department to set up a payment plan.

First Quarter Budget Review  

A review of the 2018 financial year budget is currently being undertaken by the various budget managers for both operational and capital works.  The results of that review will be presented to the October General Meeting.

External Audit

The external auditors were onsite for two (2) weeks beginning 4 September and 11 September.  Final audit work will continue offsite with the audited Financials for the year ending 30 June 2017 planned to be signed on 6 October 2017.  No significant issues were identified during the audit visit.