Decision details

It is resolved that:

(A)      Council note the financial performance of Council for the first quarter, ending 30 September 2023, including a Quarter 1 Operating Result (before depreciation, interest, capital related costs and income) of $30.7M and the full year forecast of $115.3M and a Net Operating Result of $19.9M and a full year forecast of $106.8M as outlined in the subject report and summarised in Attachment A to the subject report;

(B)      Council note the Quarter 1 Capital Works expenditure of $46.1M and a revised full year forecast of $218.8M, and approve the proposed adjustments to the adopted budget, including bringing forward $5.0M of funds into the 2023/24 capital budget, $0.6M from the capital works contingency, and to reallocate funds within relevant programs within capital budget as detailed in Attachment B to the subject report; 

(C)      Council note the Technology and Digital Services Capital Works expenditure of $5.3M, net of disposals, and a full year forecast of $19.2M, approve $0.3M allocation from the capital works contingency, and approve bringing forward $0.2M of funds into the 2023/24 capital budget as detailed in Attachment B to the subject report;

(D)      Council note the Quarter 1 Plant and Equipment expenditure of $1.7M, net of disposals, and a revised full year forecast of $14.7M as detailed in Attachment B to the subject report;

(E)      Council note that there were no Property Acquisitions or Disposal transactions in Quarter 1, and the full year forecast for net Property Acquisitions of $194.1M;

(F)      Council note the supplementary reports, which detail major legal issues, the quick response, street banner and venue hire support grants and sponsorship programs, fee-waived and discounted community facilities hire, international travel, property and land use matters approved under delegation and contracts over $50,000 in Quarter 1, as detailed in Attachment C to the subject report;

(G)      Council approve the write-off of a commercial property debt of $251,086.33 (including GST), for Ion Training Pty Ltd, as their appointed liquidator is in the final phases of submitting a report to the Australian Securities and Investments Commission (ASIC) to wind up the company with little prospect of returning any future dividend to its registered unsecured creditors including the City;

(H)      Council note the attached letter from the Office of Local Government pertaining to 2023/24 Financial Assistance Grants - Advice to Councils at shown at Attachment D to the subject report;

(I)        Council note the Global Cooksafe Coalition Statement of Intent signed by the Chief Executive Officer on 17 October 2023 as shown at Attachment E to the subject report and note that any related activities will be explored for inclusion in the next review of the City’s Operational Plan and budget.

Carried unanimously.

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