Annual Report 2008-2009 Summary - City of Greater Geelong

Summary of Financial Results
for 2008-2009 and Five Year Trends
The following is a snapshot of financial
results for 2008-2009.
It should be read in conjunction with the attached
2008-2009 Annual Financial Report and accompanying
Notes to the Financial Statements (See attached CD-ROM).
Recurrent Result
Recurrent Result
Net Result
Net Result
Surplus (Deficit) - $Million
15
12
9
6
6.4
9.5
14.2
Surplus (Deficit) - $Million
50
40
30
20
20.9
40.5
27.4
43.2
15.3
3
10
0
1.6
0.7
2004-05 2005-06 2006-07 2007-08 2008-09
0
2004-05 2005-06 2006-07 2007-08 2008-09
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The 2008-2009 $1.6M 2004-05 recurrent result of $14.2
$0.7M 2005-06
million $6.4M represents 2006-07 6.5 per cent of Council’s
$9.5M 2007-08
annual $14.2M turnover 2008-09 and was achieved with regular
operational review and tight cost controls
across the organisation. Council budgets for a
recurrent surplus as a source of funding for the
capital works program and to ensure efficient
use of rates, grant and fee income in providing
services to the community. The recurrent result
includes $4.6 million relating to incomplete
discretionary projects that will be completed in
2009-2010 and the receipt of $4.4 million from
the Grants Commission 2009-2010 allocation
in June 2009.
The 2008-2009 $15.3M 2004-05net result was $43.2 million.
$20.9M 2005-06
$40.5M 2006-07
The non
$27.4M
recurrent
2007-08
income items included
$43.2M 2008-09
income for capital projects of $15.4 million,
cash contributions from developers of $2.1
million and assets received from developers
of $11.4 million. Over the past five years the
Net Result has continued to be impacted by
high levels of building and subdivision activity,
providing Council with assets transferred from
developers. The level of capital income includes
unbudgeted grants received of $7.0 million.
City Plan 2009-2013 | City of Greater Geelong 41