City of Greater Bendigo Budget 2015/2016

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7. Analysis of Budgeted Financial Position This section analyses the movement in assets, liabilities and equity between 2014/15 and 2015/16. 7.1 Budgeted Balance Sheet Ref Forecast Actual 2014/15 $’000 Budget 2015/16 $’000 Variance $’000 Current assets 7.1.1 Cash and cash equivalents 32,928 34,497 1,569 Trade and other receivables 9,900 10,200 300 Inventory 140 143 3 Other assets 1,750 1,760 10 Total current assets 44,718 46,600 1,882 Non-current assets 7.1.1 Investments in Associates 3,946 3,833 (113) Trade and other receivables 205 398 193 Forestry plantations 80 80 0 Property, infrastructure, plant and equipment 1,317,599 1,384,169 66,570 Intangibles 504 504 0 Total non-current assets 1,322,334 1,388,984 66,650 Total assets 1,367,052 1,435,584 68,532 Current liabilities 7.1.2 Trade and other payables 13,700 13,923 223 Provisions 12,972 12,530 (442) Interest bearing loans and borrowings 1,402 2,164 762 Trust funds 2,800 2,850 50 Total current liabilities 30,874 31,467 593 Non-current liabilities 7.1.2 Provisions 6,996 6,646 (350) Interest bearing loans and borrowings 30,448 33,284 2,836 Total non-current liabilities 37,444 39,930 2,486 Total liabilities 68,318 71,397 3,079 Net assets 1,298,734 1,364,187 65,453 Equity 7.1.3 Accumulated surplus 579,090 608,280 29,190 Asset revaluation reserve 698,987 733,987 35,000 Other reserves 20,657 21,920 1,263 Total equity 1,298,734 1,364,187 65,453 Source: Appendix A 42 Greater Bendigo City Council Budget – 2015/16
7.1.1 Current Assets ($1.88 million increase) and Non-Current Assets ($66.65 million increase) Cash and cash equivalents include cash and investments such as cash held in the bank and in petty cash and the value of investments held in deposits or other highly liquid investments with short term maturities of three months or less. These balances are projected to increase by $1.57 million between the 2014/15 forecast and 2015/16 Budget (refer to section 5 for an Analysis of Budgeted Cash Position for further detail). Trade and other receivables are monies owed to Council by ratepayers and other debtors. Short term debtors continue to be managed under tight financial controls. Long term debtors (noncurrent) include loans to community organisations. Investments in Associates reflect Council's investment in the North Central Goldfields Library Corporation. Property, infrastructure, plant and equipment is the largest component of Council’s worth and represents the value of all land, land improvements, buildings, artworks, plant and equipment, roads, bridges, footpaths, drainage, and public furniture and fittings, which has been built up by the Council over many years. The increase in this balance is attributable to the net result of the Capital Works program, gifted developer assets, depreciation of assets, the sale and disposal of property, plant and equipment and revaluation of assets owned. 7.1.2 Current Liabilities ($0.59 million increase) and Non-Current Liabilities ($2.48 million increase) Trade and other payables are those to whom Council owes money as at 30 June. These liabilities are budgeted to increase slightly due to timing of capital works payments. Provisions include accrued long service leave and annual leave owing to employees. Interest bearing loans and borrowings include the total of outstanding loan borrowings held by the Council. The Council is budgeting for new borrowings of $5 million and to repay $1.40 million of loans over the year. 7.1.3 Total Equity ($65.45 million increase) Total equity always equals net assets and is made up of the following components: • Asset revaluation reserve which represents the difference between the previously recorded value of assets and their budgeted valuations as at 30 June 2016. • Other reserves are funds that Council separately identifies as being set aside to meet a specific purpose in the future and to which there is no existing liability. These amounts are transferred from the accumulated surplus of the Council to be separately disclosed. • Accumulated surplus which is the value of all net assets less reserves that have accumulated over time. Greater Bendigo City Council Budget – 2015/16 43
Page 1 and 2: City of Greater Bendigo Budget 2015
Page 3 and 4: TABLE OF CONTENTS Page Mayor’s In
Page 5 and 6: Mayor’s Introduction, Cr Peter Co
Page 7 and 8: 3. Cash and Investments 50.00 48.15
Page 9 and 10: 7. Strategic objectives 50.0 strate
Page 11 and 12: 1. Linkage to the Council Plan This
Page 13 and 14: 1.2 Vision and Values Council Visio
Page 15 and 16: 2. Services, Initiatives and Servic
Page 17 and 18: 4) Employ additional payroll staff
Page 19 and 20: 2.3 Theme 3 - Presentation and Vibr
Page 21 and 22: 18) Implement the Inclusion and Div
Page 23 and 24: Initiatives Services Group to assis
Page 25 and 26: 34) Develop an Environmental Sustai
Page 27 and 28: 3. Budget Influences This section s
Page 29 and 30: • The growing urban area means th
Page 31 and 32: To support requirements for new inf
Page 33 and 34: 100,000 Rates & Charges Income Comp
Page 35 and 36: Community Welfare 344 350 6 Materna
Page 37 and 38: Budgeted expense 2015/16 Borrowing
Page 39 and 40: 5. Analysis of Budgeted Cash Positi
Page 41 and 42: 5.1.4 Cash and Cash Equivalents at
Page 43 and 44: Budgeted Capital Works 2015/16 by A
Page 45: 6.2.1 Grants - Capital ($14.17 mill
Page 49 and 50: 8. Strategic Resource Plan and Fina
Page 51 and 52: 8.3 Key Financial Indicators The fo
Page 53 and 54: 9. Rating Information This section
Page 55 and 56: The commercial/industrial propertie
Page 57 and 58: An additional recycle bin is availa
Page 59 and 60: • Infrastructure investment decis
Page 61 and 62: Appendices The following appendices
Page 63 and 64: APPENDIX A Comprehensive Income Sta
Page 65 and 66: APPENDIX A Statement of Changes in
Page 67 and 68: APPENDIX A Statement of Capital Wor
Page 69 and 70: APPENDIX B Appendix B - Rates and C
Page 71 and 72: APPENDIX B 1.3 The proposed percent
Page 73 and 74: APPENDIX B 1.9 The proposed unit am
Page 75 and 76: APPENDIX B 2. Rates 2.1 Rates to be
Page 77 and 78: APPENDIX B General Rate Land is any
Page 79 and 80: APPENDIX B The differential rate wi
Page 81 and 82: APPENDIX B a. Assist Council to mee
Page 83 and 84: APPENDIX C Appendix C - Capital and
Page 85 and 86: Capital Works Area Project Descript
Page 87 and 88: APPENDIX C Capital Works Area Proje
Page 95 and 96: APPENDIX D Appendix D - Maps D - 1:
Page 97 and 98:
APPENDIX D D - 2 COMMERCIAL/INDUSTR
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APPENDIX E Non-Renewal Business Cas
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APPENDIX E Part C: Deliverability T
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APPENDIX F City Futures Fees and Ch
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APPENDIX F Community Wellbeing Fees
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APPENDIX F Community Wellbeing Fees
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APPENDIX F Planning & Development F
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APPENDIX F Presentation & Assets Fe
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APPENDIX G Appendix G - Glossary of
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APPENDIX G Term Local Government (P
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City of Greater Bendigo Budget 2015/2016

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