Annual Report 2010 - Christchurch City Council

p248. Annual Report
Christchurch Otautahi
2010
Financial statements
Major budget variations
Notes to financial statements
41. Major budget variations
Statement of comprehensive income
30 Jun 10
$000s
Planned comprehensive income 333,683
Revenue:
Additional rates revenue 1,298
Lower rental income (2,494)
Reduced interest received due to lower interest rates (727)
Lower development contributions (5,908)
Additional subvention receipts due to higher tax losses (refer note 11 (a)) 2,372
Dividends received lower than plan (2,578)
Additional NZ Transport Agency subsidies received due to timing of projects 1,015
Licence fees received higher than plan 3,014
Other gains (refer Note 4) 1,416
Other revenue 1,649
Revenue unfavourable to plan (943)
Expenditure:
Depreciation, amortisation and impairment higher than plan by $4.3 million due to higher impairment of assets $9.8 million, offset
by lower than planned depreciation and amortisation of $5.5 million. The impaired assets are the result of the loan to Tuam Limited
and several minor investments, the lower depreciation and amortisation is largely the result of the shortfall in the previous year’s
capital programme.
(4,307)
Reduced finance costs due to timing of capital programme and lower interest rates 3,776
Higher employee costs partly due to higher recruitment costs, system development costs planned as capital but expensed and
higher full time equivalents
(2,673)
Bad Debts written off 72
Increase in provisions due to additional weathertight home provisions and higher aftercare costs at Burwood Landfill (1,645)
Other expenses 3,065
Lower than budgeted grants and levies paid 709
Other losses (refer Note 4) (3,837)
Expenditure unfavourable to plan (4,840)
Assets vested in Council (9,180)
Income tax expense (1,863)