Ordinary Council Meeting - Hastings Council - NSW Government

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PORT MACQUARIE-HASTINGS COUNCIL Governance Meeting Date: 16/02/2011 - Council Meeting ___________________________________________________________ Item 20 Subject MONTHLY REVIEW OF FINANCIAL POSITION - JANUARY 2011 Director TONY LEAHY (CBS) ___________________________________________________________ Each month Council's budgets are reviewed by Managers and Directors and any required adjustments are reported. RECOMMENDATION That the adjustments in the "Financial Implications" section of the report be adopted. Discussion The January monthly review forecasts a deficit for the 2010/11 financial year of $644,704. This is a deterioration of $98,733 over the November result. Included in the $98,733 however, is $32,627 from the Glasshouse business plan review. The January result is an improvement of $474,350 over the original budget. Commentary on Key Variance Items • This month's review includes funding for the appeal with Woolworths. • Council has sold a small parcel of land in Gordon Street and these funds have been used to offset the deficit. • A budget for the final payment to the LPMA for the transfer of the caravan parks has also been included this month. These funds are in reserve so there is a nil impact on the overall result. • Council has been notified of an error made by the NSW Rural Fire Service in the bushfire allocation for 2010/11. This has meant that Council will be required to allocate an additional $50,107 for our contribution to the NSW Rural Fire Fighting Fund. • Council has received notification of our approval under Round 3 of the RLCIP programme. $506,000 has been approved and these funds have been allocated to parks and recreation activities. • Various other grants and contributions have been received that need to be recognised along with the expenditure budget for these funds, the net impact of these variations is nil. Consultation Consultation in this matter has occurred across each division and section with input from the General Manager, Directors and Managers. PAGE 42
PORT MACQUARIE-HASTINGS COUNCIL Planning and Policy Impact Nil Financial & Economic Implications Attached below for information are the following reports: 1. Each individual change by division and program. 2. Major Projects Report Responsible Accounting Officer Statement The budget defiict at the end of January stands at $645k. This deficit will need to be eliminated by the end of the financial year. Each budget manager will be required to review their budgets in the third and fouth quarters to identify operational savings or better than expected revenue streams. PAGE 43
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Ordinary Council Meeting - Hastings Council - NSW Government

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