Council Agenda - Kangaroo Island Council - SA.Gov.au

Item No 11.2
Report Title Finance Quarterly Report – June 2013
Council Meeting Date 10 July 2013
Author
Title
Senior Manager
Department
File Ref - Records
Hours to compile 4.0
Strategic Plan
Reference
Purpose
Executive Summary
Recommendation
Discussion
Nicki Putland
Finance Manager
Andrew Cole, Finance General Manager
Finance & Systems Department
7.2.5 – General Council Reports – Finance Department
3.1.13 Continual Improvement of “best practice” financial
management.
The purpose of this report is to provide Council with a quarterly
financial snapshot as part of its reporting requirements under
the Financial Departments new internal control process.
This report highlights Council’s financial position from the
perspective of Rates Collection, Held Assets and the Level of
Doubtful Debts.
That the report “Finance Quarterly Report – June 2013” be
received for information.
This report is being prepared under Strategic Objective 3.1.13, to provide continual
improvement in “best practice” financial management and reporting.
The following aspects of Council’s financial performance are presented with the specific goal
of informing Council of a quarterly financial snapshot as part of its reporting requirements
under the Financial Departments internal process control process.
a) Rates Report
The following table highlights the rate revenue received for the 2012/13 financial year, as at
the 30 th of June 2013, as well as at the same time for the previous 2 years.
RATES REPORT - COLLECTION OF RATE REVENUE AS AT 30/06/2013
2010/11 2011/12 2012/13
Previous Years Arrears (as at 30th June) $ 748,363 $ 757,413 $ 488,345
Rates Levied $ 7,245,153 $7,779,473 $ 7,992,257
Less: Rebates Granted $ 43,522 $ 47,557 $ 58,947
Rate Capping - 20%
Rebate
$ 131,052 $ 89,134 $ 61,748
Pensioner
Concessions granted
$ 108,725 $ 119,053 $ 115,190
Amounts Received $ 7,236,813 $7,599,074 $ 7,844,278
Total General Rates Remaining $ 756,703 $ 937,812 $ 636,324
Less: Postponed Rates** $ - $ - $ -
Add: Rates in credit $ 67,025 $ 57,975 $ 60,865
Total Rates Remaining $ 823,728 $ 995,787 $ 697,188
Instalments Not Yet Due $ - $ - $ -
Rates Outstanding $ 823,728 $ 995,787 $ 697,188
Rates Outstanding as a % of Arrears & Rates
10.30% 11.66% 8.22%
Levied
**Postponed Rates - Council policy allows certain eligible ratepayers to apply for a postponement of their rates. As
permission has been granted for postponed of payment of these rates, they are excluded from the Rates Outstanding
balance.
Kangaroo Island Council – 10 July 2013 Agenda 32