COUNCIL MEETING 22 SEPTEMBER 2015

ATTACHMENT TO ITEM 10.1

MONTHLY FINANCIAL STATEMENTS, REVIEW AND VARIANCES - 31 AUGUST 2015

Town of Cambridge

Financial Management Statements For the Period Ended 31 August 2015

1 STATUTORY STATEMENTS

Statutory Rate Setting Statement 1.1

Statement of Financial Position 1.2

Statement of Changes in Equity 1.3

2 OPERATING STATEMENT

Governance & Corporate Services Operations 2.1

Community Development & Support Operations 2.1

Library Operations 2.2

Aquatic Centre Operations 2.2

Planning & Development Services Operations 2.3

Ranger & Health Services Operatiions 2.3

Waste Management Operatings 2.4

Works Infrastructure Operations 2.4

Parks Infrastructure Operations 2.5

Building Infrastructure Operations 2.5

Golf Course Operations 2.6

3 CAPITAL STATEMENT

Capital Schedules 3.1

Capital Work Graphs 3.3

4 RESERVE/ENDOWMENT LANDS ACCOUNT STATEMENT 4.1

CONTENTS

Description Current Budget YTD Budget YTD Actual YTD YTD

2014/2015 31 August 31 August Variance $ Variance %

OPERATING REVENUEFees & Charges 15,574 3,953 4,196 243 6.1%

Rates 23,397 23,215 23,251 36 .2%

Operating Grants, Subsidies and Contributions 2,805 383 491 108 28.2%

Interest Earnings 1,333 217 209 (9) (4.0%)

Other Revenue/Income 325 22 17 (4) (20.2%)

Gain on Disposal of Assets 2,627 .0%

Total Operating Revenue 46,060 27,790 28,164 374 1.3%

OPERATING EXPENSESMaterials & Contractors 14,809 2,177 1,911 (266) (12.2%)

Employee Costs 17,893 2,883 2,889 5 .2%

Utilities 1,740 231 226 (5) (2.1%)

Insurance 510 280 245 (35) (12.6%)

Interest Expenses 780 76 61 (15) (19.7%)

Other Expenditure 641 103 90 (12) (12.1%)

Depreciation on Non-current Assets 6,994 1,168 1,162 (6) (.5%)

Loss on Disposal of Assets 139 .0%

Total Operating Expenditure 43,505 6,918 6,584 (334) (4.8%)

SURPLUS/(DEFICIT) FROM OPERATIONS 2,555 20,872 21,580 708 3.4%

OPERATING NON-CASH ADJUSTMENTSProfit/(Loss) on Asset Disposals (2,489) .0%

Depreciation written back 6,994 1,168 1,162 (6) (.5%)

CASH SURPLUS/(DEFICIT) FROM OPERATIONS 7,060 22,040 22,742 702 3.2%

NON OPERATING REVENUECapital Grants and Subsidies 2,951 .0%

Capital Contributions 1,599 98 98 .0%

Proceeds from sale of assets 5,182 .0%

Loan Funding 2,000 .0%

Total Non-Operating Revenue 11,732 98 98 .0%

NON OPERATING EXPENSESPurchase of Buildings 23,751 5,925 2,975 (2,950) (49.8%)Purchase of Furniture & Equipment 1,612 270 50 (220) (81.3%)Purchase of Plant & Equipment 1,014 31 (31) (100.0%)Purchase of Infrastructure - Parks and Reserves 4,352 240 208 (32) (13.2%) - Roads and Lanes 6,027 394 363 (31) (7.8%) - Drainage 929 10 68 58 578.4% - Footpaths 904 54 76 22 40.9% - Bus Shelter 60 .0%Purchase of Investment Tamala Park 2,983 .0%Repayment of Debt Principal 589 94 97 3 3.2%

Total Non-Operating Expenditure 42,219 7,018 3,837 (3,181) (45.3%)

NON-OPERATING SURPLUS/(DEFICIT) (30,487) (6,920) (3,739) 3,181 (46.0%)

SURPLUS/(DEFICIT) FROM OPERATING AND CAPITAL (23,427) 15,120 19,003 3,883 25.7%

CASH RESERVESTransfer to Reserve (3,518) (749) (865) (116) 15.5%

Transfer to Endowment Lands Account (917) (96) (101) (4) 4.3%

Transfer from Reserve 5,562 292 341 48 16.6%

Transfer from Endowment Lands Account 19,166 5,916 2,968 (2,948) (49.8%)

Opening Funds 3,135 3,135 3,636 502

CLOSING FUNDS 23,617 24,982 1,364 5.8%

Town of CambridgeRate Setting Statement

For the Period Ending 31 August 2015

Page 1.1

Previous Month Current Month Movement

$'000 $'000 $'000

CURRENT ASSETS

Cash Assets 28,948 31,574 2,626

Receivables Current 31,140 23,997 (7,143)

Other 272 25 (247)

Inventories 526 519 (7)

Total Current Assets 60,887 56,115 (4,772)

CURRENT LIABILITIES

Payables (8,567) (9,116) (549)

Provisions Current (2,424) (2,462) (38)

Interest Bearing Liabilities Current (540) (492) 49

Total Current Liabilities (11,532) (12,070) (538)

NET CURRENT ASSETS 49,355 44,045 (5,309)

NON‐CURRENT ASSETS

Cash Assets Non‐Current 642 642

Receivables Non‐Current 321 321

Property Plant and Equipment 285,099 288,227 3,128

Investments 7,084 7,084

Non‐Current Assets 293,146 296,274 3,128

NON‐CURRENT LIABILITIES

Provisions Non‐Current (322) (322)

Interest Bearing Liabilities Non‐Current (12,626) (12,626)

Total Non‐Current Liabilities (12,948) (12,948)

NET NON‐CURRENT ASSETS 280,198 283,326 3,128

NET ASSETS 329,553 327,371 (2,181)

EQUITY

Retained Surplus (212,471) (213,192) (721)

Reserves ‐ Cash Backed (23,419) (20,516) 2,903

Reserve ‐ Asset Revaluation (93,663) (93,663)

TOTAL EQUITY (329,553) (327,371) 2,182

Reconciliation of suplus as per Rate Setting Stement

LESS:

Reserve/ELA (23,419) (20,516) 2,903

Property Plant & Equipment (285,099) (288,227) (3,128)

Investments (7,084) (7,084)

ADD BACK:

Provisions Non‐Current 322 322

Interest Bearing Liabilities 13,167 13,118 (49)

27,439 24,983 (2,455)

Town of CambridgeStatement of Financial Position

For the Period Ending 31 August 2015

Page 1.2

Previous Month Current Month Movement

$'000 $'000 $'000

ACCUMULATED SURPLUS

Balance at beginning of year 189,171 189,171

Change in net assets resulting from operations 23,860 21,678 (2,182)

Amount transferred from/(to) reserves (586) (524) 62

Amount transferred from/(to) Endowment Lands Account 26 2,867 2,841

Accumulated Surplus Balance at end of period 212,471 213,192 721

RESERVES ‐ CASH BACKED

Reserves

Balance at the beginning of the year 5,824 5,824

Interest 11 26 16

Amount transferred (to)/from accumulated surplus 576 498 (78)

Balance at end of period 6,410 6,348 (62)

Endowment Lands Account

Balance at the beginning of the year 17,035 17,035

Interest 56 101 44

Amount transferred (to)/from accumulated surplus (82) (2,968) (2,885)

Balance at end of period 17,009 14,168 (2,841)

Reserves ‐ Cash Backed Balance at end of period 23,419 20,516 (2,903)

RESERVES ‐ ASSET REVALUATION

Asset Revaluation Reserve

Balance at the beginning of the year 93,663 93,663

Amount transferred (to)/from asset revaluation reserve

Reserves ‐ Asset Revaluation Balance at end of period 93,663 93,663

TOTAL EQUITY 329,553 327,371 (2,182)

Town of Cambridge

Statement of Changes In Equity

For the Period Ending 31 August 2015

Page 1.3

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Governance & Corporate Services Operations

Carried Forwards Funds 84 84 84

Operating Revenue 5,028 245 386 141 58%

Less Non‐Cash Items (2,599) 0 0 0 %

2,429 245 386 141 58%

Operating Expenditure 3,575 577 602 26 5%

Less Non‐Cash Items (393) (63) (62) 0 (1%)

3,182 514 540 26 5%

Net Cash Result (670) (185) (71) 115 (62%)

Operating Revenue

(i) Local Government Grant, YTD budget timing difference.

Community Development & Support Operations

Carried Forwards Funds 29 29 29

Operating Revenue 2,368 455 424 (30) (7%)

Less Non‐Cash Items 0 0 0 0 %

2,368 455 424 (30) (7%)

Operating Expenditure 4,365 655 620 (35) (5%)

Less Non‐Cash Items (828) (137) (144) (7) 5%

3,537 518 476 (42) (8%)

Net Cash Result (1,140) (35) (24) 12 (33%)

Operating Revenue

(i) The Boulevard Centre ‐ Room Hire $16k under YTD budget, timing difference.

(ii) The Boulevard Centre ‐ Catering income $10k under YTD budget, timing difference.

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Page 2.1

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Library Operations

Carried Forwards Funds

Operating Revenue 49 8 8 0 6%

Less Non‐Cash Items 0 0 0 0 %

49 8 8 0 6%

Operating Expenditure 2,250 374 388 14 4%

Less Non‐Cash Items (639) (107) (115) (9) 8%

1,612 267 273 6 2%

Net Cash Result (1,563) (259) (264) (5) 2%

Aquatic Centre

Carried Forwards Funds 11 11 11

Operating Revenue 1,309 3 2 (0) (12%)

Less Non‐Cash Items 0 0 0 0 %

1,309 3 2 (0) (12%)

Operating Expenditure 2,007 213 154 (59) (28%)

Less Non‐Cash Items (380) (63) (65) (2) 3%

1,627 150 89 (61) (40%)

Net Cash Result (308) (137) (76) 60 (44%)

Operating Expenditure

(i) Salaries $24k under YTD budget.

(ii) Promotions $12k under YTD budget.

(iii) Swim Shop Purchase $13k under YTD budget.

Page 2.2

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Planning & Development Operations

Carried Forwards Funds 36 36 36

Operating Revenue 1,053 175 109 (66) (38%)

Less Non‐Cash Items 0 0 0 0 %

1,053 175 109 (66) (38%)

Operating Expenditure 2,414 417 433 16 4%

Less Non‐Cash Items (510) (85) (86) (0) 1%

1,904 332 347 16 5%

Net Cash Result (815) (121) (203) (81) 67%

Operating Revenue

(i) Planning Fees $28k under YTD budget.

(ii) Building Fees $32 under YTD budget.

Operating Expenditure

(i) Planning ‐ Salaries $50k over YTD budget.

Ranger & Health Services Operations

Carried Forwards Funds

Operating Revenue 1,929 356 468 112 31%

Less Non‐Cash Items 0 0 0 0 %

1,929 356 468 112 31%

Operating Expenditure 2,784 468 451 (18) (4%)

Less Non‐Cash Items (460) (73) (73) 0 (%)

2,324 395 378 (18) (4%)

Net Cash Result (395) (39) 91 130 (331%)

Operating Revenue

(i) Health ‐  Food Act Inspection Fees $73k over YTD budget.

(ii) Parking Control ‐ Parking Fines $20k over YTD budget.

(iii) Parking Control ‐ Ticket Machine Income $17k over YTD budget.

Page 2.3

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Waste Management

Carried Forwards Funds 55 55 55

Operating Revenue 2,188 2,188 2,242 54 2%

Less Non‐Cash Items 0 0 0 0 %

2,188 2,188 2,242 54 2%

Operating Expenditure 4,592 757 522 (234) (31%)

Less Non‐Cash Items (366) (61) (61) 0 (%)

4,227 696 461 (234) (34%)

Net Cash Result (1,984) 1,547 1,835 288 19%

Operating Revenue

(i) Waste Fees $54k over YTD budget.

Operating Expenditure

(i) Refuse site operations $69k under YTD budget.

(ii) Public Litter Bins $22k under YTD budget.

(iii) Verge Collection $80k under YTD budget.

Work Infrastructure Operations

Carried Forwards Funds 191 191 191

Operating Revenue 2,653 16 10 (6) (40%)

Less Non‐Cash Items (8) 0 0 0 %

2,645 16 10 (6) (40%)

Operating Expenditure 5,530 923 924 1 %

Less Non‐Cash Items (3,055) (505) (504) 1 (%)

2,476 418 421 2 1%

Net Cash Result 360 (212) (221) (9) 4%

Page 2.4

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Park Infrastructure Operations

Carried Forwards Funds 44 44 44

Operating Revenue 888 98 98 0 %

Less Non‐Cash Items 0 0 0 0 %

888 98 98 0 %

Operating Expenditure 7,185 1,073 1,060 (13) (1%)

Less Non‐Cash Items (2,158) (351) (356) (5) 2%

5,028 722 704 (18) (3%)

Net Cash Result (4,096) (580) (562) 18 (3%)

Building Infrastructure Operations

Carried Forwards Funds 29 29 29

Operating Revenue 1,922 60 72 12 20%

Less Non‐Cash Items 0 0 0 0 %

1,922 60 72 12 20%

Operating Expenditure 2,884 428 403 (25) (6%)

Less Non‐Cash Items (1,239) (207) (207) 0 (%)

1,645 221 196 (25) (11%)

Net Cash Result 306 (132) (95) 37 (28%)

Operating Revenue

(i) Club Leased ‐ Contribution $11k over YTD budget.

Operating Expenditure

(i) Ocean Beach Building Maintenance $37k under YTD budget.

Page 2.5

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

YTD Variance

$'000

YTD Variance

%

Town of Cambridge

Operating Statement by Service Area

For the period ending 31 August 2015

Wembley Golf Course

Carried Forwards Funds 15 15 15

Operating Revenue 6,794 996 1,002 6 1%

Less Non‐Cash Items (20) 0 0 0 %

6,774 996 1,002 6 1%

Operating Expenditure 6,218 1,034 1,026 (8) (1%)

Less Non‐Cash Items (969) (162) (162) (0) %

5,250 872 864 (8) (1%)

Net Cash Result 1,539 139 154 14 10%

Page 2.6

Description

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

Variance

$'000

Variance

%

Commitment

$'000

BuildingsWembley Golf Course Hospitality 7,191 743 150 (593) (80%) 7,035City Beach Surf Clubrooms and Commercial  (Design & Build) 6,315 2,850 1,431 (1,419) (50%) 4,029Bold Park Aquatic Centre ‐ Detailed Design Pool Renewal 5,365 2,300 1,364 (936) (41%) 2,576Wembley Sports Park ‐ Pat Goodridge Pavilion 3,008 0 12 12 % 120FSLSC ‐ Roof Fixing and Roof Design 483 0 3 3 % 399Wembley Golf Course Hospitality Fitout (Contribution) 400 0 0 % 0Cambridge Bowling Club ‐ Replacement of Green A 200 0 0 % 0Floreat Beach Storage Shed for Coastcare and FSLSC 147 0 0 % 0Quarry Amphitheatre ‐  Fire Management Assets 130 0 0 % 0Cambridge Scouts & Guides Hall Additions 105 0 0 % 0Other Capital Works under $100k 409 33 15 (18) (54%) 118

Total Buildings 23,751 5,925 2,975 (2,950) (50%) 14,276

Road WorksGrantham St/Harborne St ‐ Intersection Safety 700 0 21 21 % 0Salvado Road ‐ roundabout at SJOG Hospital Entrance 304 0 1 1 % 0Kerb replacement for road surfacing program 197 41 29 (12) (29%) 3Pedestrian Crossing ‐ 1 of 5 Grantham BTW Harborne & Jersey 137 0 9 9 % 0Cambridge St ‐ Pedestrian crossing to Oxford from PTA 116 0 13 13 % 102Grantham St Pedestrian Crossing Essex St #2 110 0 7 7 % 0Other Capital Works under $100k 392 0 37 37 % 80

1,956 41 116 75 185% 185

Road SurfacingRailway Parade ‐ (Loftus ‐ Kerr) 447 0 0 % 0The Boulevard (Durston ‐ Templetonia) 293 0 0 % 0Donegal Road 234 0 0 % 1Crofts Lane 210 0 0 % 0Nanson St (Cambridge ‐ Grantham) 186 0 0 % 0Empire Avenue ‐ (Weaponess ‐ Erskine) W 183 183 181 (2) (1%) 2Launceston Ave (Helston ‐ Challenger) 149 0 0 % 1Kinross Crescent 117 0 0 % 0Kintyre Crescent 117 0 0 % 0Kilpa Court (Town Car Park) 114 10 0 (10) % 65Maloney Way 112 0 0 % 0Other Capital Works under $100k 963 161 64 (96) (60%) 159

3,123 354 245 (108) (31%) 229

Right of WaysJacobson Laneway 204 0 0 % 0Atterton Lane 200 0 0 % 0Loveridge Lane 200 0 2 2 % 0Waddington Lane 200 0 0 % 0Piper Lane (Grantham/Herdsman/Alexander/Simper) 145 0 0 % 0

949 0 2 2 % 0

Total Roads & Lanes 6,027 394 363 (31) (8%) 414

DrainageDrainage Pit Rehabilitation 124 0 6 6 % 25Ruislip/Marlow St ‐ Drainage Improvement 112 0 0 % 214 Chipping Road ‐ Design and Construct 100 0 0 % 0Other Capital Works under $100k 593 10 61 51 513% 125

Total Drainage 929 10 68 58 578% 152

Footpath 904 54 76 37

New Paths 90 42 52 10 24% 0

Replacement Program 751 12 9 (3) (25%) 37

Shared Path 63 0 15 15 % 0

Total Footpath 904 54 76 22 41% 37

BeachesOther Capital Works under $100k 493 0 5 5 % 47

493 0 5 5 % 47

SportsgroundsWembley Sports Park ‐ Infrastructure Works 387 4 23 19 463% 72Other Capital Works under $100k 245 17 15 (2) (12%) 229

631 21 38 17 79% 339

ParksPerry Lakes Reserve ‐ Skate Park Extension Stage 2 450 0 0 % 0Rutter Park Improvements 320 0 0 % 0Lake Monger Reserve ‐ Security Light Upgrade Program 100 0 0 % 79Other Capital Works under $100k 448 209 153 (56) (27%) 123

1,318 209 153 (56) (27%) 202

Wembley Golf Course InfrastructureMiniature Golf 1,910 10 12 3 30% 148

1,910 10 12 3 30% 148

Total Parks & Reserves 4,352 240 208 (32) (13%) 737

Town of CambridgeCapital Works

For the Period Ending 31 August 2015

Page 3.1

Description

Current Budget

$'000

YTD Budget

$'000

YTD Actual

$'000

Variance

$'000

Variance

%

Commitment

$'000

Town of CambridgeCapital Works

For the Period Ending 31 August 2015

OthersReplacement Netapp Controller 200 33 0 (33) % 0Replacement Desktop, Laptops and Equipements 182 31 0 (31) % 25Corporate Business System Upgrade 167 28 6 (21) (77%) 22Host Server Replacment 130 22 0 (22) % 0VMWare Enterprise 100 17 0 (17) % 0Other Capital Works under $100k 419 60 0 (60) % 61

%

Total Others 1,198 190 6 (184) (97%) 108

Page 3.2

Town of CambridgeCapital Works (Graphs)

5000

10000

15000

20000

25000

Cumulative Building Works ($'000)

YTD Budget

YTD Actual

Commitment

1000

2000

3000

4000

5000

6000

7000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Cumulative Roads & Lanes ($'000)

YTD Budget

YTD Actual

Commitment

200

400

600

800

1000

Cumulative Drainage $'000)

YTD Budget

YTD Actual

Commitment

200

400

600

800

1000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Cumulative Footpaths ($'000)

YTD Budget

YTD Actual

Commitment

500

1000

1500

2000

2500

3000

3500

4000

4500

Cumulative Parks & Reserves ($'000)

YTD Budget

YTD Actual

Commitment

500

1000

1500

2000

2500

3000

3500

4000

4500

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Other Capital Works ($'000)

YTD Budget

YTD Actual

Commitment

Page 3.3

Current Budget YTD Budget YTD Actual Variance  Variance

2014/2015 31 August 31 August $'000 %

Opening Balance 18,350 18,350 17,035 (1,315) (7%)

Interest on Investments 742 96 101 4 4%

Transfers from Accumulated Surplus 175 %

Transfers to Accumulated Surplus (19,166) (5,916) (2,968) 2,948 (50%)

Closing Balance 101 12,530 14,168 1,638 13%

Current Budget YTD Budget YTD Actual Variance  Variance

2014/2015 31 August 31 August $'000 %

Opening Balance

Area Improvement 1,719 1,719 1,709 (10) (1%)

Development Contributions ‐ Parking 923 923 933 10 1%

Development Contributions ‐ Public Arts 55 55 55 0 %

Community Facilities 981 981 955 (27) (3%)

Asset Management 1,113 1,113 1,012 (100) (9%)

Waste Management 283 283 283 0 %

Clubs & Associations 876 876 877 0 %

5,951 5,951 5,824 (127) (2%)

Interest on Investments

Area Improvement 17 3 9 6 216%

Community Facilities 13 2 5 3 125%

Asset Management 11 2 6 4 219%

Waste Management 3 1 2 1 300%

Clubs & Associations 9 1 5 4 467%

51 8 26 18 222%

Transfers from Accumulated Surplus

Area Improvement 1,833 0 0 0 %

Development Contributions ‐ Parking 60 0 0 0 %

Community Facilities 12 2 111 109 5442%

Asset Management 722 363 360 (3) (1%)

Waste Management 220 220 220 0 %

Clubs & Associations 621 156 148 (8) (5%)

3,467 741 839 98 13%

Transfers to Accumulated Surplus

Area Improvement (2,910) (13) (35) (22) 167%

Community Facilities (769) (109) (254) (146) 134%

Asset Management (969) (21) () 21 (100%)

Waste Management (110) (18) (13) 6 (30%)

Clubs & Associations (805) (131) (39) 93 (71%)

(5,562) (292) (341) (48) 17%

Closing Balance

Area Improvement 660 1,709 1,683 (26) (2%)

Development Contributions ‐ Parking 983 923 933 10 1%

Development Contributions ‐ Public Arts 55 55 55 0 %

Community Facilities 237 877 816 (61) (7%)

Asset Management 876 1,456 1,378 (78) (5%)

Waste Management 396 485 492 7 1%

Clubs & Associations 701 902 990 88 10%

3,907 6,407 6,348 (59) (1%)

For the period ending 31 August 2015

Town of CambridgeEndowment Land Account SummaryFor the period ending 31 August 2015

Town of CambridgeReserve Account Summary

Page 4.1