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Strategic Resource Plan 2015/16 to 2018/19

Melton City Council – Strategic Resource Plan 2015/16 to 2018/19

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EXECUTIVE SUMMARY ………….………….………….………….................... 1

PROJECTED FINANCIAL OUTCOMES

Financial Performance ……………………………………………………………... 2

Financial Position ……………………………………………………………........... 4

Cash Flow ……………………………………………………………...................... 5

Capital Expenditure/Borrowing……………………………………...................... 6

Non Financial Resources …………………………………………….................... 7

Assumptions ………………………………………………………......................... 9

APPENDIX A: BUDGETED STANDARD STATEMENTS

Budgeted Standard Income Statement …………………………………………... 13

Budgeted Standard Balance Sheet …………………………………………......... 14

Budgeted Standard Cash Flow Statement ………………………………………. 15

Budgeted Standard Capital Works Statement …………………………………… 16

Budgeted Statement of Changes in Equity ……………………………………… 21

Budgeted Statement of Human Resources ……………………………………… 22


11..00 EEXXEECCUUTTIIVVEE SSUUMMMMAARRYY The key elements of Melton City Council’s Strategic Planning Framework are our Council Plan, Strategic Resource Plan and the Annual Budget. In accordance with The Local Government Act 1989, the Strategic Resource Plan must be reviewed and adopted by Council by 30 June 2015. The Strategic Resource Plan provides direction in future service planning and is a critical tool in identifying and managing Council’s financial risks. The Plan informs Council decision-making in areas such as service levels, infrastructure management, rating strategy and investment targets, and then reflects the future impact of those decisions. The Plan also provides the long term, prudent and “sustainable’ financial framework within which Council will develop, consider and adopt the 2015/16 Budget. Within this report there are some specific projects detailed (i.e. Capital Works over the next four years on page 17). It should be noted however; that this financial strategy does not attempt to set in concrete any item in particular; rather, it provides a financial framework that shows the amount of funds Council will have at its discretion over a period. It is in this way that financial modeling can be undertaken as project costs are firmed and submitted to the annual budget process. Council, in adopting a long-term financial strategy (and carrying out regular reviews) is ensuring financial resources are available over the long term. It also reinforces the Council’s ability to renew the required infrastructure and fund new capital works, plus adequately resource the business plans contained in the Council Plan enabling the overarching Council vision to become a reality. Strong financial management has become a necessary ingredient for Local Government and in particular for Melton City Council which is currently in an environment of rapid growth with increasing demand for facilities and services for the growing community. In facing this challenge, Melton City Council will be confronted with some difficult decisions regarding revenue streams particularly rating, borrowing limits, increasing costs and the desire for new and refurbished facilities which will also impact on expenditures over the next few years. The Strategic Resource Plan is based on the following key objectives: -

To build community wealth through the achievement of operating surpluses growth in cash reserves.

To continue to deliver high quality services to the community; To minimize net borrowing in the medium and long term. To fund Council’s capital works program mainly from internally generated funds and

moderate net new borrowings during the currency of this Strategic Resource Plan. To maximise returns on Council’s investments. To maintain a responsible and sustainable asset management program and Early delivery of infrastructure to growth areas.

In turn, specific financial goals have been established to support management and Council decision making, and to track progress against objectives. These goals are:

Improve underlying surplus from annual operations during the currency of this Strategic Resource Plan;

Maintain a balanced, or cash flow positive, annual cash budget; Target a minimum of $25.0 million and above in cash and investment reserves; Maintain a minimum working capital of $12.0 million to $14.0 million Maintain growth in net assets.

Page 1


The Strategic Resource Plan is not a static document, but is reviewed annually as part of Council’s strategic planning and budget process and is updated to reflect changing internal and external circumstances. 2.0 FINANCIAL PERFORMANCE Financial performance refers to the net outcome of all revenues and expenditure from Council’s operating activities during a financial year. It is presented in the budget documents in terms of both an underlying surplus or deficit and also a comprehensive result. The underlying result is the net surplus or deficit for the year adjusted for cash and non cash developer contributions, gains or losses on disposal of non operating assets sold, capital grants and other once-off adjustments. It is a measure of financial sustainability, as it is not impacted by non-recurring or once-off items of revenues and expenses, which can often mask the operating result. The projected trend in the underlying surplus illustrated in the chart below, shows the challenges faced by Council’s in terms of maintaining and improving the recurrent service delivery year by year without relying on cash reserves or increased debt. The underlying result is a surplus of $2.0 million in 2015/16 and is expected to improve significantly to $10.8 million by 2018/19, during the currency of this Strategic Resource Plan.

‐$3.7

$2.0

$4.9

$6.7

$10.8

‐6

‐4

‐2

0

2

4

6

8

10

12

$ (Millions)

Financial Year

Underlying Operating Result in $ Millions

The comprehensive surplus or deficit is the total after accounting for both operating and non operating items. These include gain/loss on sale of assets, capital grants and contributed assets.

Page 2


Council’s comprehensive surplus is projected to increase from a forecast surplus of $67.3 million in 2014/15 to $88.7 million by 2018/19.

$67.3

$82.9 $85.5$81.1

$88.7

0

20

40

60

80

100

120

140

$ Millions

Financial Year

Operating Results ‐ (Comprehensive Result)in $ Millions

Total revenue is projected to increase from a forecast $195.2 million in 2014/15 to $234.2 million by 2018/19. This is an increase of over $39.0 million or 20.0% compared to 2014/15 forecast results. Other assumptions built in for revenue and operating expenditure are outlined in detail under Section 8, Assumptions on Pages 9 to 11.

$195.2$211.1 $219.3 $220.7

$234.2

0

50

100

150

200

250

$ (M

illions)

Financial Year

Operating Revenue in $ Millions

Page 3


3.0 FINANCIAL POSITION Financial Position refers to a “snap shot” of all assets (what Council owns) and Liabilities (what Council owes) at the end of the financial year. It is presented as the Budgeted Balance Sheet and the reported net assets (i.e. Assets less liabilities), representing the net worth, or value of Council. The Current (Liquidity) Ratio (or Current assets over Current Liabilities) measures the liquidity situation of Council, or our ability to meet short term (less than twelve months) financial obligations. Throughout the planning period, Council’s liquidity ratio exceeds the target ratio between of 1.25 to 2.5.

$1,378$1,465

$1,546$1,629

$1,716

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

$ Millions

Financial Year

Financial Position ‐ Net Assets in $ Millions

Council’s net assets will increase in value from a forecast $1.378 billion in 2013/14 to $1.716 billion by 30 June 2019. This is a net increase of $338 million reflecting the net outcome of annual capital expenditure, contributed assets, asset disposals, depreciation including the impact of biennial revaluation.

Page 4


4.0 CASH FLOW Cash flow refers to the inflows and outflows of cash during the financial year in the performance of all activities. The Budgeted Cash Flow Statement presents this information in three main areas – operating activities (i.e. normal receipts and payments from operations), investing activities (addition and disposal of non current assets) and financing activities (loan borrowings and repayments). The statement explains the reasons for movement in cash reserves between the start and end of year. The Council cash holding during the planning period is illustrated in the attached chart. Cash and equivalents at end of the year depends heavily on the level of capital expenditure budgeted in each year. The projected balances are based on the assumption that the Capital expenditure budgeted for the year will be completed before the end of the financial year.

$22.94

$38.96 $37.86 $36.11

$23.01

0

20

40

60

80

$ Millions

Financial Year

Cash & Investments$ Millions

The 2015/2016 Strategic Resource Plan is framed around having sufficient cash reserves to cover restricted assets which are primarily developer contributions, construction retentions, maintenance bonds and also a working capital limit of $2.0 million to meet day to day needs. This however will be a significant challenge in 2018/19 with a budgeted capital works effort of $55.4 million with the Council’s strategy of minimizing borrowings by adopting a nil borrowing policy in 2017/18 and 2018/19 and net loan repayments of 8.0 from 2016/17 to 2018/19. This strategy, whilst generally resulting in reduction in debt and debt servicing costs, does mean the depletion of cash and investment reserves in the short term, being used as an alternative funding source to maintain a robust capital works program. Cash and investment balances are nevertheless expected to remain at acceptable level from 2015/16 to 2017/18 in this Strategic Resource Plan.

Page 5


5.0 CAPITAL EXPENDITURE Capital expenditure refers to Council’s expenditure in constructing, renewing, expanding or upgrading its physical assets (infrastructure, facilities etc.) to meet the community’s service needs. Capital expenditure is added to Council’s non-current assets value on the Statement of Financial Position at the end of the financial year, and represents a significant component of council’s annual cash outflows. Council’s Strategic Resource Plan ensures that a significant proportion of cash flow from operating activities is directed to the capital works program over the next 4 years.

$50.1

$25.4

$41.1

$29.5

$55.4

0

10

20

30

40

50

60

$ Millions

Financial Year

Capital Expenditure$ Millions

The budgeted capital expenditure in 2015/16 is $25.4 million. An extensive capital works program of over $151.4 million is proposed over the next 4-year period, from 2015/2016 to 2018/19 averaging around $37.85 million each year. The capital works program is funded from general rate revenue, developer contributions, capital contributions, asset sales and net borrowing. 6.0 Borrowings Council’s net borrowing in 2015/16 is a modest $0.613 million and is planned to be utilsed as a funding source to deliver a capital works program of $25.4 million by the end of the current financial year. There is no net borrowing in the next three years from 2016/17 to 2018/19 and as stated earlier Council plans to repay $8.0 million of debt by the end of 2018/19. This is in line with the Council’s borrowing strategy to restrict borrowing to refinancing maturing debt and to reduce level of borrowings to $21.0 million by 2018/19 from the 28.5 million borrowings level forecast at the end of 2014/15.

Page 6


7.0 NON FINANCIAL RESOURCES In determining the long term financial strategy, the Council has paid due consideration to the need for increasing the level of non financial resources each year such as additional staff numbers, plant, furniture and equipment, facilities and infrastructure that are required to service the growing demand for services in the planning period.

Page 7


Budgeted Statement of Forecast Budget

Human Resources 2014/15 2015/16 2016/17 2017/18 2018/19

$’000 $’000 $’000 $’000 $’000

Staff Expenditure

Employee Costs - Operating 45,111 47,008 49,363 51,832 54,423

Employee Cots - Capital

Total Staff Costs 45,111 47,008 49,363 51,832 54,423

Total Staff Numbers

Employees (EFT) 476.5 484.5 494.5 506.5 521.5

Total Staff Numbers (EFT) 476.5 484.5 494.5 506.5 521.5

Strategic Resource Plan

Page 8


8.0 ASSUMPTIONS Factors applied in the development of the financial forecasts are summarised below: 8.1 Cash Flow For cash flow projection purposes, collection of revenues and payment of accounts are assumed to hold a pattern similar to previous years and close to 100% of the amount accrued in the year. 8.2 Consumer Price Index (CPI) Consumer Price Index (CPI) over the planning period is projected at rates shown in the table below:

2015/16 2016/17 2017/18 2018/19

CPI (projected) Local Government Cost Index

2.5% 3.4%

2.5%

2.5%

2.5%

. 8.3 Rates & Charges Income Rates & charges Income are projected to increase during the next four years based on rate increases and growth in assessments as follows:

2015/16 2016/17 2017/18 2018/19 General Rate Increase

4.4% 3.0% 3.0% 3.0%

Growth in Assessments

4.0% 4.0% 4.0% 4.0%

8.4 User Fees & Charges Statutory fees & other fees charges are projected to increase from 2.5% to 3% from 2015/2016 to 2018/19.

2015/16 2016/17 2017/18 2018/19

Statutory 2.5% 2.5% 2.5% 2.5%

Other Fees & Charges

3.5% 3.5% 3.5% 3.5%

8.5 Developer Contributions Developer cash and non cash contributions are projected as follows.

2015/16 2016/17 2017/18 2018/19 Cash Contributions($ Millions)

9.55m 11.80m 5.17m 6.17m

Non Cash Contributions($ Millions)

$62.5m $63.0m $62.7m $62.5m

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8.6 Grants and Capital Contributions Specific forecasts have been used for grants and contributions where advice is presently available in 2014/2015, in other years; growth of 5% is applied to operating grants and capital contributions.

2015/16 2016/17 2017/18 2018/19 Grants Commission

$12.9m

2.0%

$13.14 2.0%

$13.76 4.7%

$14.4 4.7%

Operating Grants 3.0% 3.0% 3.0% 3.0%

Capital Grants ($ Millions)

$7.22m

$4.6m

$4.1m

$5.6m

8.7 Proceeds from Asset Sales Significant asset sales revenue has been assumed for the planning period going forward. This includes property sales revenue from joint development agreements entered into by the Council, which will have significant positive cash flow impact on the Council finances over the long term. Asset sales figures shown below also includes sale of Council fleet.

2015/16 2016/17 2017/18 2018/19

Assets Sales ($ Millions)

$3.16m $5.10m $4.47m

$6.19m

8.8 Other Revenue Other Revenue items are expected to increase by 2% to 2.5% from 2015/2016 to 2018/19.

2015/16 2016/17 2017/18 2018/19

Other Revenue 2.5% 2.0% 2.5%

2.5%

8.9 Interest on Investments Investment income is based on projected cash & investment balances available for investment each year. It is recognised that investment income will be based on the average cash funds available throughout the year for investment. This may vary significantly from the end of year cash balance at balance date shown in the Budgeted Cash Flow Statement and the Budgeted Balance Sheet.

2015/16 2016/17 2017/18 2018/19 Interest income ($ Millions)

$1.2m $1.23m $1.26m $1.29m

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8.10 Employee Costs

2015/16 2016/17 2017/18 2018/19

EBA 3.5% 2.5% 2.5% 2.5%

Other Increases 2.5% 1.5% 1.5% 1.5%

Staff Oncots 20% 20% 20% 20%

2015/16 2016/17 2017/18 2018/19

Employee Numbers (EFT)

484.5 494.5 506.5 521.5

8.11 General Expenditure Specific cost forecasts have been used for significant non-discretionary expenditure items in 2015/16, where such information is presently available. The remaining general operating expenditure items are projected to increase as outlined below:

2015/16 2016/17 2017/18 2018/19 Contracts Payments

7.0% 6.0% 6.0% 6.0%

Contracts & Materials

5.0% 5.0% 5.0% 5.0%

Maintenance Expenditure

5.0 5.0% 5.0% 5.0%

Utilities 6.0% 4.0% 4.0% 4.0%

Other Expenses 2.5% 2.5% 2.5% 2.5%

8.12 Capital Expenditure The Capital works expenditure projections are based on Council’s draft 10 year capital works program, reflecting works carried forward, committed future works, asset refurbishment works, plant replacement program and planned major projects. .

2015/16 2016/17 2017/18 2018/19 Capital Expenditure ($ Millions)

$25.4m $41.1m $29.5m $55.4m

8.13 Borrowing

2015/16 2016/17 2017/18 2018/19 Total Borrowings ($ Millions)

$7.850m $6.0

Total Repayment ($ Millions)

$7.237m $6.893m $3.853m $3.334m

8.14 Cost of Assets Sold Projected cost of assets sold year-by-year is based on the level of asset sales. The impact of asset revaluation is reflected in the written down value of assets sold.

Page 11


2015/16 2016/17 2017/18 2018/19 Written Down Value of Assets Sold ($ Millions)

$1.38m $2.23m $1.85m $2.46m

8.15 Depreciation The Depreciation charges for the year take into account the impact of capital expenditure, disposals, contributed assets and expected asset life during for the planning period.

2015/16 2016/17 2017/18 2018/19 Depreciation & Amortization ($ Millions)

$23.73m $24.31m $24.91m $25.52m

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Appendix A 1.0 Budgeted Comprehensive Income Statement

For the year ending 30 June

Budgeted Comprehensive Forecast Budget

Income Statement 2014/15 2015/16 2016/17 2017/18 2018/19

Year Ended 30th June $’000 $’000 $’000 $’000 $’000

Income

Rates and charges 86,225 93,067 99,165 106,984 115,841

Statutory fees and fines 2,261 2,290 2,347 2,406 2,466

User fees 8,482 8,780 9,010 9,253 9,493

Contributions - cash 6,151 9,550 11,795 5,167 6,167

Contributions - non-monetary assets 60,000 62,500 63,000 62,700 62,500

Grants - Operating (recurrent) 22,059 21,811 22,295 23,148 24,029

Grants - Operating (non-recurrent) 401 222 225 228 230

Grants - Capital (non-recurrent) 4,214 7,217 4,600 4,100 5,600

Net gain on disposal of assets 601 1,779 2,873 2,612 3,726

Other income 4,839 3,894 3,966 4,063 4,161

Share of net P/Lof assoc. and joint ventures

Total Income 195,232 211,110 219,277 220,661 234,215

Expenses

Employee costs 45,111 47,008 49,363 51,832 54,423

Materials and services 54,425 51,721 54,203 56,814 59,663

Bad and doubtful debts 350 400 410 420 431

Depreciation and amortisation 22,907 23,727 24,312 24,912 25,526

Finance costs 1,482 1,499 1,412 1,338 1,131

Utilities & telephone exps 3,672 3,898 4,053 4,215 4,383

Total Expenses 127,947 128,253 133,753 139,530 145,557

Surplus/(Deficit) 67,285 82,857 85,525 81,130 88,658

Other comprehensive income

Items that will not be reclassified to surplus or deficit:

Impairment of fire impacted infrastructure

Net asset revaluation increment /(decrement)Share of other comprehensive income of associates and joint ventures accounted for by the equity method

Total Comprehensive Result 67,285 82,857 85,525 81,130 88,658


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2.0 Budgeted Balance Sheet For the year ending 30 June

Balance Sheet

As at 30 June Forecast Budget

2014/15 2015/16 2016/17 2017/18 2018/19

$’000 $’000 $’000 $’000 $’000

Current assets

Cash and cash equivalents 22,939 38,963 37,862 36,111 23,014

Trade and other receivables 10,517 11,447 11,627 11,735 12,844

Financial assets

Inventories 105 105 95 95 95

Non Current Assets held for resale 300 450 1,250 1,500 1,750

Other assets 500 1,250 1,500 1,750 1,750

Total current assets 34,361 52,215 52,334 51,190 39,453

Non-current assets

Trade & other Receivables

Property Plant & Equipment 1,383,220 1,454,959 1,535,475 1,616,037 1,712,037

Inventories 248 272 286 300 315

Investment property 6,000 6,000 6,000 6,000 6,000

Intangible assets 4,664 4,336 4,008 3,680 3,680

Other assets 2,087 2,077 2,072 2,067 2,067

Total non-current assets 1,396,218 1,467,644 1,547,841 1,628,084 1,724,099

Total Assets 1,430,579 1,519,859 1,600,175 1,679,275 1,763,552

Current liabilities

Trade and other payables 10,410 11,506 11,168 11,135 11,504

Trust funds & deposits 1,897 1,762 2,015 1,819 1,922

Provisions 6,828 7,097 7,310 7,529 7,755

Interest-bearing loans and borrowings 7,237 6,861 3,820 3,299 3,477

Other current liabilities 75 75 71 68 64

Total Current Liabilities 26,447 27,301 24,385 23,849 24,723

Non-current liabilities

Provisions 2,202 2,227 2,073 2,073 2,023

Interest bearing loans & borrowings 21,243 22,232 24,412 21,113 17,636

Other non current liabilities 3,000 3,250 3,100 3,250 3,150

Total non current liabilities 26,445 27,709 29,585 26,436 22,809

Total Liabilities 52,892 55,010 53,970 50,285 47,532

Net Assets 1,377,687 1,464,849 1,546,205 1,628,990 1,716,020

Equity

Accumulated surplus 894,229 977,086 1,062,611 1,143,741 1,232,399

Asset revaluation reserve 454,711 454,711 454,711 454,711 454,711

Other reserves 28,747 33,052 28,883 30,538 28,910

Total Equity 1,377,687 1,464,849 1,546,205 1,628,990 1,716,020


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3.0 Budgeted Statement of Cash Flows For the year ending 30 June

Budgeted Statement of Cash FlowsAs at 30 June Forecast Budget

2014/15 2015/16 2016/17 2017/18 2018/19

$’000 $’000 $’000 $’000 $’000

Cash flows from operating Receipts

General rates 86,162 92,167 99,869 106,884 114,741

Grants Income - Operating & Capital 26,674 29,250 27,120 27,476 29,860

Interest 1,498 1,650 1,691 1,734 1,777

User charges 10,904 11,050 12,236 11,609 11,907

Contributions & Reimbursements 6,151 9,550 10,295 5,167 6,167

Other revenue 3,313 2,244 2,275 3,329 2,885

Total Receipts 134,702 145,911 153,487 156,199 167,336

Payments

Employee costs 45,049 46,714 49,304 51,612 54,247

Contractor Payments 34,488 36,807 38,072 43,705 46,967

Utlities, Materials & Services 24,465 23,216 28,920 32,447 25,502

Finance costs

Total Payments 104,002 106,737 116,297 127,765 126,716

Net cash provided by operating activities 30,700 39,174 37,190 28,434 40,620

Cash flows from investing activities

Proceeds from sales of property, plant and equipment 1,381 3,160 5,098 4,463 6,188

Payments for property, plant and equipment -50,055 -25,424 -41,084 -29,457 -55,441

Net cash used in investing activities -48,674 -22,264 -35,986 -24,994 -49,252

Cash flows from financing activities

Finance costs -1,482 -1,499 -1,412 -1,338 -1,131

Proceeds from borrowings 15,000 7,850 6,000

Repayment of borrowings -10,850 -7,237 -6,893 -3,853 -3,334Net cash provided by (used in) financing activities 2,668 -886 -2,305 -5,191 -4,465

Net decrease in cash & cash equivalents -15,306 16,024 -1,101 -1,751 -13,096

Cash & equivalents at begining of year 38,245 22,939 38,963 37,861 36,110

Cash & equivalents at 30 June 22,939 38,963 37,861 36,110 23,012


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4.0 Budgeted Capital Works Statement - Summary


Budgeted Statement of Capital Forecast Budget

For the years ending 2014/15 2015/16 2016/17 2017/18 2018/19

30th June $’000 $’000 $’000 $’000 $’000

PropertyLand 745

Total land 745

Buildings & Building Improvements 28,913 6,510 7,960 5,596 28,573

Total buildings 28,913 6,510 7,960 5,596 28,573

Total property 29,658 6,510 7,960 5,596 28,573

Plant and equipment

Plant, machinery and equipment 1,250 1,100 1,100 1,100 1,100

Fixtures, fittings and furniture 86 75 150 150 150

Computers and telecommunications 312 263 425 425 312

Library books 350 200 360 375 375

Total plant and equipment 1,998 1,638 2,035 2,050 1,937

Infrastructure

Roads 9,468 5,395 17,803 10,023 11,471

Bridges 820 2,980 370 2,870

Drainage 1,108 315 330 330 330Recreational, leisure and community facilities 6,305 8,918 6,559 6,967 5,140

Other infrastructure 1,518 1,828 3,418 4,122 5,120

Total infrastructure 18,399 17,276 31,090 21,811 24,931

Total capital works expenditure 50,055 25,424 41,084 29,457 55,441

Represented by:

Asset renewal expenditure 6,641 6,146 11,412 8,722 8,705

New asset expebditure 38,475 15,648 23,001 10,617 36,232

Asset Upgrade expenditure 4,365 3,080 5,671 4,818 4,844Asset expansion expenditure 574 550 1,000 5,300 5,660

Total capital works expenditure 50,055 25,424 41,084 29,457 55,441


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4.1 Budgeted Capital Works Statement – 2015/2016 For the year ending 30 June 2016

Budgeted Statement of Capital Works New Renewal Upgrade Expansion Total Council FundingContributions and

ReservesGrant Funding Borrowings

30th June $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

For the year ending Budget

30th June 2015/16 2015/16

PropertyLand

Total land

Buildings & Building Improvements 6,510 3,400 350 2,360 400 6,510 4,797 400 700 613

Total buildings 6,510 3,400 350 2,360 400 6,510 4,797 400 700 613

Total property 6,510 3,400 350 2,360 400 6,510 4,797 400 700 613

Plant and equipment

Plant, machinery and equipment 1,100 1,100 1,100 1,100 Fixtures, fittings and furniture 75 75 75 75

Computers and telecommunications 263 113 150 263 263

Library books 200 200 200 200

Total plant and equipment 1,638 200 1,288 150 ‐ 1,638 ‐ 1,638 ‐ ‐

InfrastructureRoads 5,395 670 2,400 2,225 100 5,395 2,248 447 2,700 Bridges 820 800 20 820 20 800 Drainage 315 300 15 315 315

Recreational, leisure and community facilities 8,918 7,935 220 763 8,918 4,196 1,179 3,543

Other infrastructure 1,828 100 1,488 240 1,828 1,554 274 Total infrastructure 17,276 9,805 4,108 3,263 100 17,276 8,333 2,426 6,517 ‐

Total capital works expenditure 25,424 13,405 5,746 5,773 500 25,424 13,130 4,464 7,217 613

Asset Expenditure Types Funding Sources

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Budgeted Statement of Capital Works New Renewal Upgrade Expansion Total Council Contributions and Grant Funding Borrowings

30th June $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

For the year ending Budget

30th June 2016/17 2016/17

PropertyLand - - - -

Total land - - - - ‐ ‐ ‐ ‐

Buildings & Building Improvements 7,960 7,100 860 7,960 4,260 3,700

Total buildings 7,960 7,100 860 - - 7,960 4,260 3,700 ‐ ‐ Total property 7,960 7,100 860 - - 7,960 4,260 3,700 ‐ ‐

Plant and equipmentPlant, machinery and equipment 1,100 1,100 1,100 1,100 Fixtures, fittings and furniture 150 150 150 150 Computers and telecommunications 425 113 312 425 425 Library books 360 360 360 360 Total plant and equipment 2,035 473 1,250 312 - 2,035 935 1,100 ‐ ‐

InfrastructureRoads 17,803 8,513 3,050 4,590 1,650 17,803 10,456 6,747 600 Bridges 2,980 2,900 80 2,980 780 2,200 Drainage 330 230 100 330 330 Recreational, leisure and community facilities 6,559 4,662 142 1,555 200 6,559 3,703 2,856 Other infrastructure 3,418 323 2,670 425 3,418 3,339 79 Total infrastructure 31,090 16,628 5,862 6,750 1,850 31,090 18,608 11,882 600 ‐

Total capital works expenditure 41,084 24,201 7,972 7,062 1,850 41,084 23,803 16,682 600 ‐


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30th June $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

For the years ending Budget

30th June 2017/18 2017/18

PropertyLand - - - -

Total land - - - - ‐ ‐ ‐ ‐

Buildings & Building Improvements 5,596 4,736 860 - 5,596 3,651 1,945

Total buildings 5,596 4,736 860 - - 5,596 3,651 1,945 ‐ ‐ Total property 5,596 4,736 860 - - 5,596 3,651 1,945 ‐ ‐

Plant and equipmentPlant, machinery and equipment 1,100 1,100 1,100 1,100 Fixtures, fittings and furniture 150 150 150 150 Computers and telecommunications 425 113 312 425 425 Library books 375 375 375 375 Total plant and equipment 2,050 488 1,250 312 - 2,050 950 1,100 ‐ ‐

InfrastructureRoads 10,023 1,443 3,050 4,030 1,500 10,023 8,880 543 600 Bridges 370 250 120 370 370 Drainage 330 230 100 330 330 Recreational, leisure and community facilities 6,967 2,500 142 1,325 3,000 6,967 6,967 Other infrastructure 4,122 120 2,376 425 1,200 4,122 2,922 1,200 Total infrastructure 21,811 4,543 5,568 6,000 5,700 21,811 19,469 1,742 600 ‐



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30th June $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

For the years ending Budget

30th June 2018/19 2017/18

PropertyLand

Total land ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Buildings & Building Improvements 28,573 25,254 900 220 2,199 28,573 23,643 4,930

Total buildings 28,573 25,254 900 220 2,199 28,573 23,643 4,930 ‐ ‐ Total property 28,573 25,254 900 220 2,199 28,573 23,643 4,930 ‐ ‐

Plant and equipmentPlant, machinery and equipment 1,100 1,100 1,100 1,100 Fixtures, fittings and furniture 150 150 150 150 Computers and telecommunications 312 312 312 312 Library books 375 375 375 375 Total plant and equipment 1,937 375 1,250 312 ‐ 1,937 837 1,100 ‐ ‐

InfrastructureRoads 11,471 1,055 3,050 4,030 3,336 11,471 10,233 638 600 Bridges 2,870 2,750 120 2,870 2,870 Drainage 330 230 100 330 330 Recreational, leisure and community facilities 5,140 3,500 142 1,294 204 5,140 4,936 204 Other infrastructure 5,120 2,319 2,376 425 5,120 5,120 Total infrastructure 24,931 9,854 5,568 5,969 3,540 24,931 23,489 842 600 ‐



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5.0 Budgeted Statement of Changes in Equity


Budgeted Statement of Changes in Equity Accumulated Revaluation Other

For the years ending Total Surplus Reserve Reserves

30th June $’000 $’000 $’000 $’000

Year Ended 30th June 2016

Balance at begining of the financial year 1,377,687 894,229 454,711 28,747

Adjustments - Changes in accounting policy

Comprehensive result 82,857 82,857

Impairment losses on revalued assets

Other Psp related Transfers -2,302 -2,302

Transfers to reserves 10,884 10,884

Transfers from Reserves -4,276 -4,276

Balance at end of Financial Year 1,464,849 977,086 454,711 33,052


Balance at begining of the financial year 1,464,849 977,086 454,711 33,052



Net asset revaluation Increment/(decrement)

Impairment losses on revalued assets

Other Psp related Transfers -519 -519



Balance at end of Financial Year 1,546,205 1,062,611 454,711 28,883


Balance at begining of the financial year 1,546,205 1,062,611 454,711 28,883







Balance at begining of the financial year 1,628,990 1,143,741 454,711 30,538






Page 21


6.0 Budgeted Statement of Human Resources


Budgeted Statement of Forecast Budget

Human Resources 2014/15 2015/16 2016/17 2017/18 2018/19

$’000 $’000 $’000 $’000 $’000

Staff Expenditure

Employee Costs - Operating 45,111 47,008 49,363 51,832 54,423

Employee Cots - Capital

Total Staff Costs 45,111 47,008 49,363 51,832 54,423

Total Staff Numbers

Employees (EFT) 476.5 484.5 494.5 506.5 521.5

Total Staff Numbers (EFT) 476.5 484.5 494.5 506.5 521.5


End of Report

Page 22

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