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.
X094861