Decision details

It is resolved that:

(A)      Council note the financial performance of Council for the third quarter, ending 31 March 2024, including a Quarter 3 Net Operating Result for the year of $80.9M and the full year forecast of $115.0M, as outlined in the subject report and summarised in Attachment A to the subject report;

(B)      Council note the Quarter 3 Capital Works expenditure of $128.2M and a revised full year forecast of $196.9M, and approve the proposed adjustments to the adopted budget, including bringing forward $2.0M of funds into the 2023/24 capital budget and $1.0M from the capital works contingency as detailed in Attachment B to the subject report;  

(C)      Council note the Technology and Digital Services Capital Works of $12.5M, net of disposals and a full year forecast of $16.7M;

(D)      Council note the Quarter 3 Plant and Equipment expenditure of $5.7M, net of disposals and a revised full year forecast of $16.2M and approve the proposed adjustments to the adopted budget as detailed in attachment B to the subject report;

(E)      Council note the Quarter 3 net Property Acquisitions of $10.4M, and the full year forecast net Property Divestments of $2.9M;

(F)      Council note the supplementary reports, which detail fee-waived and discounted community facilities hire, the quick response, street banner and venue hire support grants and sponsorship programs, major legal issues, international travel, property and land use matters approved under delegation and contracts over $50,000 as detailed in Attachment C to the subject report;

(G)      Council approve an increase of $40,000 cash to the current year’s 2023/24 Quick Response grant budget allocation to a new total of $400,000. This increase in funds is to support the high demand in Quick Response grant applications and to be sourced from City Life’s existing overall budget savings.

Carried unanimously.

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