Decision details

It is resolved that Council:

(A)        note the financial performance of Council for the first quarter, ending 30 September 2020, including the Quarter 1 Net Deficit of $26.7M and the full year Net Surplus forecast of $1.0M, as outlined within the report and summarised in Attachment A to the subject report;

(B)        note the Quarter 1 Capital Works expenditure of $81.4M and a revised full year forecast of $276.3M, and approve the proposed adjustments to the adopted budget, including bringing forward $3.3M of future year’s funds into 2020/21 and approve $2.0M from capital works contingency, as detailed in Attachment B to the subject report;

(C)       note the Information Services capital expenditure of $5.2M (net of disposals), the full year forecast of $19.3M, and approve the proposed adjustments to the adopted budget including bringing forward $2.0M of future year’s funds into 2020/21 and approve $0.3M from capital works contingency, as detailed in Attachment B to the subject report;

(D)       note the Quarter 1 Plant and Assets expenditure of $1.5M, net of disposals, and the full year forecast of $14.0M;

(E)        note the Quarter 1 Property Divestment proceeds of $11.6M, and the full year forecast net Property Acquisitions of $121.4M; and

(F)        note the supplementary reports, including contracts issued over $50,000, major legal issues and the Quick Response, Banner Pole and Reduced Rate Grant Programs in Quarter 1, as detailed in Attachment C to the subject report.

Carried unanimously.

X025796