Cr Ros Heit - Finance Portfolio Report - 16 November 2016
Financial Report The attached periodic financial statements are as at 31 October 2016. The financial ratios for cash, operating cash, working capital and funded long term liabilities are all within t
Financial Report
The attached periodic financial statements are as at 31 October 2016.
The financial ratios for cash, operating cash, working capital and funded long term liabilities are all within the industry guide.
The rates discount period ended on the 25 October. Initial reminder notices for the six-monthly rates that remain uncollected were posted on the 9 November. Second reminder notices will be sent accordingly on the 23 November when interest charges start accruing.
The Non-Current Trade Receivables and corresponding Non-Current Unearned Revenue amounting to $2.3 Million represent the Memerambi special charges due for collection on annual basis in the next nine (9) financial years.
With regard to the Comprehensive Income Statement:
50% of the rates revenue has been achieved as a result of the six monthly rating. Rental income and sales revenue are deferred due to timing difference in revenue recognition. The budget for other income and interest income will be reassessed as part of the 2 quarter operating budget review.
The second quarterly payment amounting to $1.7 Million for the Financial Assistance Grant (FAG) is expected to be received by November.
In terms of expenditures, employee benefits; materials and services; and depreciation are within budget limits. Interest expense on loans for the month of October has not yet been recognised due to the delay in the loan statements from Queensland Treasury Corporation (QTC).
Capex Report
Actual year-to-date capital expenditure amounts to $6,837,793 equivalent to 21% of the total $32,998.935 2016-2017 capex budget. Year-to-date commitments amount to $14,937,495.
QAO Certification of FY 2015-2016 financial statements
On the 13 of October, the Queensland Audit Office certified and issued an unmodified audit opinion on Council’s 2015-2016 financial statements. The corresponding management report was presented to the Audit Committee during the regular quarterly meeting held on the 3 of November.