2016/2017 Corporate Business Plan - Shire Of Mount Magnet

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Section 2 - Council Finances 1. Financial Management The MRVC’s financial management is governed by the Local Government Act 1995, the Local Government Act Financial Regulations 1996 and other relevant Regulations. MRVC auditors are Chartered Accountants Anderson, Munro and Wylie. Accounting firm Midwest Financial provides Council with specialist financial advice and prepares financial statements for the consideration of members at each Ordinary Meeting. Midwest Financial also prepares Council’s Annual Budget, Forward Capital Works Program and other financial documentation as required. Council banks with the Commonwealth Bank of Australia. The 2013/2014 Annual Budget is part of this Corporate Business Plan and is included as Appendix 1. The 2013/2014 Annual Budget provides for a Comprehensive Income as at 30 June 2014 of ($86,076) which after adding back deprecation of $95,277 equates to surplus of $9,201. 2. Investments Council invests grant funding not required to meet immediate contractual obligations. Legislation restricts whom Council can invest with to minimise risk to ratepayer funds. Currently Council’s surplus funds are invested with the Commonwealth Bank in interest bearing deposits. Returns on investments are expected to decrease over the next twelve months as the impact of the second global economic crisis in Europe and America worsens. Council’s estimated interest revenue in 2013/14 is $355. All of this interest is applied to specific projects under various Government grant agreements. 3. Loans Council has no outstanding loans. There are no additional borrowings planned for 2012/2013.
4. Revenue Summary Council’s major recurrent revenue sources (estimates only) are: REVENUE SOURCE 2011/12 2012/13 2013/14 2014/15 2015/16 $ $ $ $ $ MBRA 28,000 28,000 28,840 29,705 30,596 Member Council Precepts Yalgoo Sandstone Mount Magnet Meekatharra Cue TOTAL 10,843 1,708 5,104 7,463 4,640 29,758 11,295 1,779 5,317 7,774 4,833 30,998 17,394 4,025 12,037 17,574 10,965 61,995 17,916 4,416 12,398 18,101 11,294 63,855 18,453 4,270 12,770 18,644 11,633 65,770 Fence Rentals 5,604 5,837 6,012 6,192 6,378 TOTAL 63,362 $64,835 96,847 99,753 102,745 The increase in precepts detailed above are estimates based on discussions with member Council delegates and are subject to formal ratification by each Council. The precepts have been adjusted to reflect the increase in Department of Environment and Planning properties in Yalgoo, whilst still maintaining a doubling of precept revenues. Details of fence rentals are included at the end of the annual budget document. Fence rentals are charged on a per kilometre basis with a higher rate applying on the inside of the fence. 5. Outstanding Debtors The current level of outstanding fees and charges is listed below. OUTSTANDING DEBTORS 2011/12 2012/13 2013/14 2014/15 2015/16 Fence Rentals $4,375 $5,387 $5,000 70 % of fence rentals outstanding are attributable to one pastoral property. Council’s legal advisors, McLeods Barristers and Solicitors, initiated recovery action for this outstanding debt in August 2012. 6. Plant Charges Council does not own or operate any plant. 7. Depreciation/Reserve Funds It is not a requirement under the Local Government Act and Accounting Regulations that depreciation is funded. To date the MRVC has not established a reserve to at least partially fund the depreciation of the fence. Notwithstanding this, in 2013/2014 and subsequent years Council intends to put $10,000 pa into Fence Reserve to fund future fence repairs. ESTIMATED DEPRECIATION EXPENSE 2011/12 2012/13 2013/14 2014/15 2015/16 No 1 and No 2 Vermin Fences $71,000 $90,000 $95,277 $53,054 $53,054
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2016/2017 Corporate Business Plan - Shire Of Mount Magnet

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