Cardinia Shire Council - Annual Report 2017-18

Financial summary
Comprehensive Income Statement
The Comprehensive Income Statement identifies income
and expenses for 2017–18. For the year ending 30 June
2018, Council’s operating result was a surplus of $87.1
million (see Figure 1), which was $79.4 million higher
than budgeted.
Revenue exceeded the budget by $82.3 million.
Contributions of non-monetary assets were $40.4
million favourable due to higher than budgeted noncash
contributions of infrastructure assets, and cash
contributions were $29.8 million higher due to increased
development activity within the shire. Operating and
capital grants income were a combined $6.1 million
favourable due to the receipt of unbudgeted grants,
including funding of $5.0 million received from the
Victorian Government’s Growing Suburbs Fund (GSF).
Rates and charges income was $2.4 million better than
budget mainly due to higher rates and supplementary
rates revenue from an increase in rateable properties.
Operating expenditure was $2.9 million higher than the
budget. This was mainly due to materials and services
expenditure being over budget by $2.7 million, primarily
as a result of the recognition of capital works, priority
works and community capital works expenditure which
was budgeted in the capital works program.
The 2017–18 adjusted underlying result (the result for
the year adjusted for non-recurring or one-off items of
income or expenditure) is a surplus of $7.2 million. This is
slightly better than the 2016–17 result of a $6.6 million
surplus. The budgeted underlying surplus for 2017–18
was $0.014 million.
Figure 1 Operating result $ million
$Millions
90
80
70
60
50
40
30
20
10
0
2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2017–18
Financial year
34.1
34.5
26.9
56.8
70.3
89.7
87.1
Employee costs were $0.5 million under budget mainly
due to vacant positions within the organisation during
the year and the favourable impact of adjustment
to employee provisions. Staffing levels have slightly
increased over the year (see Figure 2).
Figure 2 Staffing
Number of employees
Balance Sheet
The Balance Sheet represents the overall financial worth
of Council (net assets). This comprises what Council owns
as assets (total assets) less what it owes as liabilities (see
Figure 3).
Net Assets as at 30 June 2018 totalled $1.5 billion; an
increase of $357.0 million from 30 June 2017, mainly
due to an increase in the value of property, infrastructure,
plant and equipment assets as a result of the addition
of new and contributed assets and the revaluation of
existing assets, particularly land and land under roads.
Figure 3 Assets $ million
$Millions
500
400
300
200
100
1600
1400
1200
1000
800
600
400
200
0
2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2017–18
Financial year
Males – Full time
Males – Part time
725.8
655.1
839.2
765.8
839.9
771.9
969.8
881.0
Females – Full time
Females – Part time
1,076.5
984.2
1,272.8
1,176.5
1,619.7
1,533.6
0
2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2016–17
Net assets Financial year
Total assets
Introduction Year in review Our Council Our organisation Our performance
Governance and
management
Performance
statement
Financial
statements
37