Noosa Council budget review to deliver services
A STANDARD budget review is under way as the latest financial report to Noosa Council shows its revenue base is slightly ahead of performance targets.
Operating revenue to date in September for council was $41.4 million, or about $800,000 ahead of budget, while operating expenses was about $600,000 below the budget at $22.9 million.
Council financial services manager Trent Grauf said rates and levies of
$33.2 million was 50 per cent of the annual budget of
$66.6 million which was in line with expectations.
Mr Grauf said council employee costs of
$6.9 million was 22 per cent of the annual budget of
$32.3 million included an under expenditure performance for permanent staff salaries and wages.
He said this had been partially offset by additional spend on casual staff and external labour hire.
The year to date capital revenue of $360,000 received was made up of cash contributions from developers of $154,000 and capital grants of $206,000.
Total cash on hand at the end of September was
$77 million, which included funds held in trust and for restricted purposes.
Of these reserves, 59 per cent was invested with Queensland Treasury Corporation, 12 per cent with National Australia Bank,
12 per cent with Suncorp,
11 per cent with the Commonwealth Bank of Australia and 5 per cent with Bendigo Bank.
Mr Grauf said $10 million was invested during September with Suncorp bank in a range of term deposits while a $2 million term deposit held with NAB matured during September and was used to cover working capital requirements.
"Actual interest revenue for July was $150,000 with a weighted average yield of
2.3 per cent, which reflects a positive return compared to the industry benchmark (Bloomberg AusBond Bank Bill Index) of 1.9 per cent,” Mr Grauf said.