LOGAN CITY COUNCIL EXECUTIVE FINANCIAL PERFORMANCE REPORT · Logan City /Council Executive Financial Performance Report For the Month of September 2011 Doc #7258238 3 Chief Financial

Logan City Council Executive Financial Performance Report For the Month of September 2011

Doc #7258238 1

LOGAN CITY COUNCIL EXECUTIVE FINANCIAL PERFORMANCE REPORT

For the period ended 30 September 2011

INDEX Page No.

Chief Financial Officer's Comments 3-4 Key Performance Indicators 5 Budget Overview by:-

Council 6-7

Capital Schedules by:-

Key Capital Projects 8-9 Key Budget Success Factors:

Significant Items of Operating Revenue 10

Rates and Accounts Receivable Analysis 11 Rates and Charges Statistics 12 Sundry Debtors Age Analysis 13-15 Cash and Investment Performance 16 Financial Ratio Analysis 17

Adopted Budget Template 18

Balance Sheet and Cash Flow Statement 19

Logan City /Council Executive Financial Performance Report For the Month of September 2011

Doc #7258238 2


Doc #7258238 3

Chief Financial Officer's Summary Comment

Operating Contribution Margin (OCM) The September result shows a year to date favourable variance of $813k compared to original budget. Operating Revenue Operating revenue is $313k below original budget. Significant items contributing to this are as follows:

$ Revenue Type

Explanatory Notes Branch

($537k) Internal Subsidies

Higher than anticipated income tax received from Plant Fleet Services and Waste Services

COR

($382k) Rates Lower than anticipated rates revenue received to date

FIN

($383k) Interest Lower than anticipated Loan Interest received, partly offset by higher investment interest received

COR

Operating Expenses Operating expenses is $1.127m under original budget. Significant items contributing to this are as follows:

$ Expense Type


$338k Garbage Collection

Due lower than anticipated expenditure relating to the Logan South East Cleansing contract

WAS

$262k Major Contracts

Due to quantities of greenwaste received being lower than expected over the winter months

WAS

$285k External Contributions

Expense yet to be incurred due to late commencement of Sport and Recreation projects

CSV

$281k Planning & Environmental Consultancies

Due to timing in expenses relating to the Statutory Planning Program

SP

$255k Other Consultants

Due to minor variances across several branches

Various

($292k) Legal Services

Higher than anticipated due to several legal matters in progress

DA

Capital Related Operating Items Capital contributions are $225k ahead of the original budget. Significant items contributing to this are as follows:

$ Revenue Type


$1.6m Capital Contributions

Higher than anticipated developer contributions received

COR PKS

($1.5m) Capital Grants & Subsidies

Timing variance in grants & subsidies yet to be received as budgeted.

MVF PKS RIM


Doc #7258238 4

Capital Expenditure The September accounts show capital as being $4.608m underspent when compared to YTD original budget.

$ Capital Project


$734k IS Projects Timing variance in commencement of major projects, due to the lack of available resources

IS

$1.5m Plant Purchases

Timing variance in ordering of major plant items

PFS

$691k Parks Projects

Timing variance in delivery of capital projects

$1.0m LCC Admin Renewable Energy

Due to delay in supply of the new air conditioning unit for the LCC Administration Building.

ENV

$378k Meakin Park Rugby Union

Timing variance in delivery of capital project

MVF

$208k Beenleigh Youth and Community Hub

Timing variance in delivery of capital project

MVF

$4.0m Road Infrastructure Management Projects

Due to preliminary works required to be completed before major projects can commence

RIM

($4.2m) Loganholme Tourist Precinct

Variance due to purchase of strategic property at 4154 Pacific Hwy Loganholme, to be amended in the review

S&O

Surplus/Deficit The accumulated Surplus as at September shows a favourable variance to original budget of $656k. Other Comments


Doc #7258238 5

Key Performance IndicatorsMonthly Financial Report

Operating Contribution Margin

Operating Revenue

Operating Expenses

Capital Expenditure

Surplus/(Deficit)

Legend: Negative Variance > 20% Within toleranceNegative Variance > 10% Positive Variance > 10%

Ahead of budgeted expectations by > 10%

Var. = $0.7M / 26.8%

Within 10% of budgeted expectations

Var. = $0.8M / 4.6%


Var. = $-0.3M / -0.5%


Var. = $-1.1M / -2.2%

Behind budgeted expectations by > 10%Var. = $-4.6M / -18.1%

$0M

$10M

$20M

$30M

$40M

$50M

$60M

$70M

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Actual

Budget

$0M

$50M

$100M

$150M

$200M

$250M

$300M


$0M

$50M

$100M

$150M

$200M

$250M


$0M

$20M

$40M

$60M

$80M

$100M

$120M

$140M

$160M


-$4M

-$3M

-$2M

-$1M

$0M

$1M

$2M

$3M

$4M

$5M



Doc #7258238 6

For the Period Ending 30 September 2011

YTD Original Budget $000's

YTD Actuals

$000's

Var $

Var %

~ Comment req'd for all variances > $50k and 5%~ Where no such variance exists; please state "3 - Operating Contribution Margin - Variances are within acceptable limits."

Full Year Original Budget $000's

Full Year Amended

Budget $000's

% of YTD Actual to Full

Year Amended

Budget

69,501 69,188 (313) (0)1

Operating Revenue 277,262 277,262 25

51,956 50,829 1,127 22

Operating Expenses 218,991 218,991 23

17,546 18,359 813 5 3 Operating Contribution Margin 58,271 58,271 32

16,456 15,533 923 64

Depreciation 65,826 65,826 24

2,359 2,861 (502) (21)5

Tax and Interest 9,295 9,295 31

4,148 4,373 225 56

Capital Related Revenue 45,712 45,712 10

0 138 (138) (100)7

Capital Related Expense 0 0 100

2,878 4,200 1,322 46 8 Operating Capability 28,863 28,863 15

(214) 453 (667) (312)9

Appropriations 26,278 26,278 2

646 646 0 0 10 Dividend to Council 2,585 2,585 25

2,445 3,101 656 27 11 Surplus/(Deficit) 0 0 100

25,508 20,294 5,214 2012

Capital Expenditure 114,771 114,771 18

0 606 (606) (100) 13 Donated Assets 30,918 30,918 2

1,102 1,132 (30) (3) 14 Loan Redemption 4,543 4,543 25

Corporate Dashboard Reporting

NB : Percentages based on YTD Actuals to YTD Original Budget

Refer to CFO Comments

Council Operating Statement

Summary Comments

% of Year Completed

25 %

Rates Fees & Charges

97%

Employee Costs

101%

Materials

100%

Interest

Services

94%

96%99%


Doc #7258238 7

Logan City Council

Operating Revenue

0

50000

100000

150000

200000

250000

300000

July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

$'00

0

Amended Budget Original Budget YTD Actuals

Operating Expenditure

0

50000

100000

150000

200000

250000

July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun$'

000


Capital Expenditure

0

20000

40000

60000

80000

100000

120000

140000

July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

$'00

0



8

Key Capital Projects

2011/2012YTD

Original Budget

2011/2012YTD

Expenditure

2011/2012YTD

Variance

2011/2012YTD

Variance

Project 2011/2012Full YearOriginal Budget

2011/2012Full YearAmended Budget

$000's $000's $000's % $000's $000'sOrganistional Services Stream

Administration200 131 69 35 City Administration Centre 4,518 4,518

0 0 0 0 Property Management Upgrade & Maintenance 46 46Governance

0 0 0 0 Trinder Park Archive 20 20Information Services

998 225 774 78 ISS Projects 3,993 3,993Plant Fleet Services

3,059 1,598 1,460 48 Plant Purchases 12,235 12,235Corporate Finance

0 0 0 0 Divisional Infrastructure & Capital 7,800 7,800

Strategy and Outcomes StreamStrategy and Outcomes Directorate

131 28 102 78 Berrinba Wetlands 2,088 2,0880 4,228 Loganholme Tourism Precinct 0 0

Environmental & Sustainability0 0 0 0 Blackwell Street Wetland 1,650 1,650

1,046 0 1,046 100 LCC Administration Renewable Engergy 1,046 1,0460 0 0 0 Land Management 750 750

Community & Customer Services StreamAnimal and Pest

27 3 24 90 Animal Management 108 108Community Facilities

1,341 963 378 28 Meakin Park Rudby Union 3,353 3,353164 72 91 56 Logan Village Green Development 545 545

0 0 0 0 Beenleigh Pool Redevelopment 1,948 1,948275 72 203 74 Beenleigh Youth and Comm Hub 917 917195 135 60 31 Community Infrastructure Other 863 863

Community Services21 1 20 94 Safety Camera Program 84 840 402 (402) 0 Murrajong Road 0 0

Libraries and Cultural Services572 573 (1) (0) Book and Related Materials 1,901 1,901

0 84 (84) 0 New Library & Facilities Fitout 0 0

Infrastructure Services StreamParks

3,282 3,306 (23) (1) Parks Other 18,226 18,226Road Construction and Maintenance

25 20 6 22 Marsden Depot Improvements 102 102Road Infrastructure Management

2,895 1,135 1,760 61 Major Roads 11,114 11,1146,077 4,846 1,231 20 Infrastructure Rehab 24,688 24,6881,640 2,866 (1,226) (75) Master Drainage 6,013 6,013

482 104 378 78 Protocols and Grants 1,767 1,767254 38 216 85 Local Roads 933 933

2,455 764 1,691 69 Other 10,894 10,894Waste Services

110 2 108 98 Browns Plains 461 46150 0 50 100 Recycle Market 205 20510 0 10 100 Beenleigh 263 2630 7 (7) 0 Greenbank 45 450 8 (8) 0 Logan Village 45 450 0 0 0 Jimboomba 0 0

200 3 197 99 Waste Services Other 643 643

Capital Expenditure0 0 0 0 Donated Assets - Roads Infrastructure Management 30,000 30,000

25,508 21,614 3,492 186 Totals 149,262 149,262Less Operational Costs in Projects

0 (714) 714 0 Parks (1,033) (1,033)0 0 0 0 Road Construction & Maintenance (40) (40)0 0 0 0 Road Infrastructure Management (2,500) (2,500)

25,508 20,900 3,492 186 Total Capital as Per Financials 145,689 145,689


Doc #7258238 9

25% of Year Completed Key Capital Projects

% of Full Year

Amended Budget Spent

Project Comments

% Comments provided for variances greater than $500k

10

0

0 ISS Projects $774 Timing variances resulting from delays in implementing major projects due to availability of resources and contract negotiations.

3 Plant Purchases $1,460 Timing variance in ordering of major plant items

0

0

00 LCC Administration Renewable

Engergy $1,046Under budget due to delay with supply of the new Air Conditioning unit for the LCC Administration Building.

37

00

02

00

100

1

0

1 Major Roads $1,760 Due to preliminary works required to be completed before major projects can commence0 Infrastructure Rehab $1,231 Due to preliminary works required to be completed before major projects can commence6 Master Drainage ($1,226) Due to preliminary works required to be completed before major projects can commence222 Other $1,691 Due to preliminary works required to be completed before major projects can commence

0000001

1000


Doc #7258238 10

General Rates1 26,903 26,521 (382) (1)

Environmental Charge 1,538 1,541 4 0

Community Infrastructure Charge 7,568 7,579 11 0

Garbage Charge 6,259 6,144 (115) (2)

Sale of Materials 768 786 18 2

Application Fees 1,916 1,862 (54) (3)

Charges Received 681 525 (156) (23)

Service Fees 127 105 (22) (17)

Permit Licences / Animal Registrations 2 1,902 2,197 295 15

Investment Interest 3 1,445 1,854 409 28

Search Fees 328 260 (68) (21)

Tip Fees 562 482 (79) (14)

Other Revenue - Allconnex 666 746 81 (115)

1 - General Rates - Unfavourable variance is due to lower than anticipated rates received.

2 - Permit Licences - Favourable variance is due to higher than anticipated animal registration fees being paid to date, as well as annual backflow licences and plumbing applications for transportable buildings.

3 - Investment Interest - Higher than anticipated investment interest received to date.

$000's $000's $000's

Comments

%

Significant Items of Operating Revenue at 30 September 2011

Operating Revenues YTD Original Budget

YTD Actuals Variance Variance


Doc #7258238 11

Rates and Accounts Receivable Analysis Rates Arrears Percentages

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jul-1

0

Jul-1

1

Aug

-10

Aug

-11

Sep

-10

Sep

-11

Oct

-10

Oct

-11

Nov

-10

Nov

-11

Dec

-10

Dec

-11

Jan-

11

Jan-

12

Feb

-11

Feb

-12

Mar

-11

Mar

-12

Apr

-11

Apr

-12

May

-11

May

-12

Jun-

11

Jun-

12

Current Unpaid Rates and Rates Arrears

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

Jul-1

0

Jul-1

1

Aug

-10

Aug

-11

Sep

-10

Sep

-11

Oct

-10

Oct

-11

Nov

-10

Nov

-11

Dec

-10

Dec

-11

Jan-

11

Jan-

12

Feb-

11

Feb-

12

Mar

-11

Mar

-12

Apr

-11

Apr

-12

May

-11

May

-12

Jun-

11

Jun-

12

$000's

Arrears $ Current Unpaid $

Receivable Percentage Comparison

0%10%20%30%40%50%60%70%80%90%

100%

Jul-1

0

Jul-1

1

Aug

-10

Aug

-11

Sep

-10

Sep

-11

Oct

-10

Oct

-11

Nov

-10

Nov

-11

Dec

-10

Dec

-11

Jan-

11

Jan-

12

Feb-

11

Feb-

12

Mar

-11

Mar

-12

Apr

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Apr

-12

May

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May

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Jun-

11

Jun-

12

>90 days >60 days >30 days

Month End Accounts Receivable Balance

$-

$1,000

$2,000

$3,000

$4,000

$5,000

Jul-1

0

Jul-1

1

Aug

-10

Aug

-11

Sep

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Apr

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Apr

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May

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May

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Jun-

11

Jun-

12

$000's

>90 days >60 days >30 days Current


Doc #7258238 12

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Cash & Investments Graph

Average daily bank balance

-

200

400

600

800

1,000

1,200

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12

$000s

Monthly Portfolio Performance Against Benchmark

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12

Mon

th re

turn

Month average managed and term deposits Bank bill index

Running Year to Date Performance Against Benchmark

0.00%

0.50%

1.00%

1.50%

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12

YTD

retu

rn

Month average managed and term deposits cum Bank bill index cum


Doc #7258238 17

Financial Ratio Analysis Working Capital (Total Current Assets / Current Liabilities) This ratio is Council's current may indicate that Council has greater flexibility to meet unexpected contingencies.

Working Capital Ratio

1.4 : 1

2.0 : 1

2.6 : 1

3.2 : 1

3.8 : 1

4.4 : 1


Per

cen

tag

e

2011/2012 Working Capital 2010/2011 Working Capital

Debt Ratio (Total Liabilities / Total Assets) This ratio measures the percentage of total assets provided by creditors and the extent of borrowing. Therefore, this is an indication of Council's exposure to debt.

Debt Ratio

2%

3%

4%

5%

6%


Per

cent

age

2011/2012 Debt Ratio 2010/2011 Debt Ratio

Revenue Ratio (Rates & Charges / Total Operating Revenue) This ratio measures the percentage of year to date recurrent revenue derived from rates and charges.

Revenue Ratio

60%

65%

70%

75%

80%


Per

cen

tag

e

2011/2012 Revenue Ratio 2010/2011 Revenue Ratio


18

12GLACT3

YTD Original Budget $000's Period 0

Period 1 - 12

YTD Actuals

$000'sVar

$Var

%

Full Year Original Budget $000's

Full Year Amended

Budget $000's

% of YTD Actual to Full

Year Amended

Budget

Operating Revenue42,267 0 41,785 41,785 (481) (1) Rates and Utility Charges 169,066 169,066 25(3,167) 0 (3,153) (3,153) 14 0 Less Discounts & Pensioner Remissions (12,669) (12,669) 25

6,286 0 6,106 6,106 (180) (3) User Fees & charges 21,191 21,191 2910,474 0 10,108 10,108 (367) (4) Interest 41,897 41,897 2411,219 0 11,879 11,879 661 6 Other Income 47,481 47,481 25

59 0 34 34 (25) (42) Donations 239 239 142,364 0 2,429 2,429 65 3 Grants and Subsidies 10,057 10,057 24

69,501 0 69,188 69,188 (313) (0) Total Operating Revenue 277,262 277,262 25

Operating Expenditure25,137 0 25,317 25,317 (180) (1) Employee Costs 100,216 100,216 25

2,862 0 2,861 2,861 1 0 Materials 12,545 12,545 2322,469 0 21,163 21,163 1,306 6 Services 100,064 100,064 21

1,488 0 1,488 1,488 (0) (0) Other Expenses 6,167 6,167 24

51,956 0 50,829 50,829 1,127 2 Total Operating Expenditure 218,991 218,991 23

17,546 0 18,359 18,359 814 5 Operating Contribution Margin 58,271 58,271 32

Capital Related Operating Items

16,456 0 15,533 15,533 924 6 Depreciation 65,826 65,826 241,920 0 1,885 1,885 35 2 Interest Expense 7,537 7,537 25

439 0 976 976 (537) (122) Income Tax Expense 1,757 1,757 56

(1,270) 0 (34) (34) (1,235) (97)Earnings after Interest ,tax and Depreciation (EBITD) (16,849) (16,849) 0

4,148 0 4,373 4,373 225 5 Capital Related Revenue 45,712 45,712 100 0 138 138 (138) (100) Capital Related Expenses 0 0 0

2,878 0 4,200 4,200 1,322 46 Operating Capability 28,863 28,863 15

25,508 (141,670) 20,294 20,294 5,214 20 Capitalised Goods & Services 114,771 114,7710 181,609 606 606 (606) (100) Donated Assets 30,918 30,918 2

1,102 0 1,132 1,132 (30) (3) Loan Redemption 4,543 4,543 25

26,610 39,940 22,032 22,032 4,578 17 Total Capital Expenditure 150,231 150,231 15

Appropriations

4,240 0 5,271 5,271 (1,031) (24) Net Reserve Transfers to/(from) 3,091 3,091 171(2,130) 0 (2,009) (2,009) (121) (6) Capital Appropriations 25,510 25,510 (8)

2,323 2,809 0 2,809 486 21 Accumulated Surplus/(Deficit) 2,323 2,323 121646 0 646 646 0 0 Dividend to Council 2,585 2,585

433 (2,809) 3,908 1,099 (1,638) (51) Total Appropriations 28,863 28,863 4

2,445 2,809 292 3,101 656 27 Available Surplus/(Deficit) 0 0 100

Council Operating Statement % of Year Completed 25

%For the Period Ending September 2011

Council Capital Works


Doc #7258238 19

Balance Sheet$000s $000s

30 SEP 2011 30 SEP 2010

Current Assets 199,182 140,237Current Liabilities (57,710) (59,785) Total Working Capital 141,472 80,452

Non-Current Assets 3,903,288 4,063,526

Non-Current Liabilities (111,622) (112,329)

Represented By:Ratepayers Equity 3,933,138$ 4,031,649$

FOR PERIOD ENDED

Cash Flow Statement$000s $000s

30 SEPT 2011 30 SEPT 2010CASH FLOW FROM OPERATING ACTIVITIES:Receipts from Customers 51,874 54,627Payments to suppliers and employees (40,394) (50,179)

11,480 4,448Interest Received 9,892 7,529Borrowing costs (1,894) (1,698)

Net Cash provided by operating activities 19,478 10,279

CASH FLOW FROM INVESTING ACTIVITIES:Payments for property, plant & equipment (20,295) (19,478)Payments for southern regional pipeline investment 0 1,407Payments to AllConnex Water on water reform (6,212) 0Payments for Intangible Assets 0 0Proceeds from Sale of Intangibles 0 0Proceeds from sale of PPE 791 0

(25,716) (18,071)

CASH FLOW FROM FINANCING ACTIVITIES:Proceeds from borrowings 5,958 4,141Repayment of borrowings (1,132) (961)

4,826 3,180

Net (decrease)/ increase in cash held (1,412) (4,612)Cash at beginning of period 118,494 101,641Cash at end of period 117,082$ 97,029$

FOR PERIOD ENDED

Documents

LOGAN CITY COUNCIL EXECUTIVE FINANCIAL PERFORMANCE REPORT · Logan City /Council Executive Financial Performance Report For the Month of September 2011 Doc #7258238 3 Chief Financial