Decision details

It is resolved that Council note the:

(A)      financial performance of Council for the third quarter, ending 31 March 2018, including the Quarter 3 Net Surplus of $143.8M and the full year Net Surplus forecast of $94.3M, as outlined in the subject report and summarised in Attachment A to the subject report;

(B)      Quarter 3 Capital Works expenditure of $113.6M and a revised full year forecast of $235.4M, and approve the proposed adjustments to the adopted budget, including bringing forward of $2.9M in funds into 2017/18 capital budget, as detailed in Attachment B to the subject report;

(C)      Information Services capital expenditure of $4.2M, net of disposals, and a full year forecast of $7.0M;

(D)      Quarter 3 Plant and Assets expenditure of $6.0M, net of disposals, and the full year forecast of $14.7M, and approve a transfer of $0.7M of unspent motor vehicle funds to be repurposed to acquire additional bins;

(E)      Quarter 3 Property Divestment proceeds of $28.1M, and the full year forecast net Acquisition of $1.8M; and

(F)       supplementary reports, including contracts issued over $50,000, major legal issues and the Quick Response, Banner Pole and Reduced Rate Grant Programs in Quarter 3, as detailed in Attachment C to the subject report.

Carried unanimously.