Administration and Finance Committee Meeting

 

  BUSINESS PAPER

 

 

 

 

 

 

 

 

 

 

 

Tuesday 2 December 2014

 

 

 

 

 

 

 

 

 

Administrative Centre 30 Frances Street Randwick 2031

Telephone: 02 9399 0999 or

1300 722 542 (for Sydney metropolitan area)

Fax:02 9319 1510

general.manager@randwick.nsw.gov.au

www.randwick.nsw.gov.au


 

 

 

 

 

 

 

 

 

 

 

 


Administration and Finance Committee                                                                2 December 2014

 

 

 

 

 

 

 

 

 

 

 

 

 


Administration and Finance Committee Meeting

 

Notice is hereby given that a Administration and Finance Committee Meeting of the Council of the City of Randwick will be held in the Council Chamber, First Floor, 90 Avoca Street, Randwick on Tuesday, 2 December 2014 at 6:00pm.

 

Committee Members:          The Mayor (Seng), Andrews, Belleli, Bowen, D’Souza, Garcia (Deputy Chairperson), Matson, Moore, Nash, Neilson, Roberts, Shurey, Smith, Stavrinos (Chairperson) and Stevenson

 

Quorum:                           Eight (8) members

 

NOTE:    At the Extraordinary Meeting held on 28 September 2004, the Council resolved that the Administration and Finance Committee be constituted as a committee with full delegation to determine matters on the agenda.

Apologies/Granting of Leave of Absences 

Confirmation of the Minutes  

Administration and Finance Committee Meeting - 11 November 2014

Declarations of Pecuniary and Non-Pecuniary Interests

Address of Committee by Members of the Public

Privacy warning;

In respect to Privacy & Personal Information Protection Act, members of the public are advised that the proceedings of this meeting will be recorded for the purposes of clause 69 of Council’s Code of Meeting Practice.

Urgent Business

Administration Reports

Nil

Finance Report

F12/14      Monthly Financial Report as at 31 October 2014........................................ 1    

Notice of Rescission Motions

Nil  

 

 

 

…………………………………………………….

Ray Brownlee

General Manager

 


Administration and Finance Committee                                                                2 December 2014

 

 

Finance Report No. F12/14

 

 

Subject:                  Monthly Financial Report as at 31 October 2014

Folder No:                   F2014/00522

Author:                   Oliver Guo, Management Accountant      

 

Introduction

 

Section 202 of Local Government (General) Regulation 2005 requires that the responsible accounting officer of a council must:

a)     establish and maintain a system of budgetary control that will enable the council’s actual income and expenditure to be monitored each month and to be compared with the estimate of the council’s income and expenditure, and

b)     if any instance arises where the actual income or expenditure of the council is materially different from its estimated income or expenditure, report the instance to the next meeting of the council.

 

Issues

 

This report provides the financial results of the Council as at 31 October 2014. Attachment 1 summarises the Council’s financial performance and its source and application of funds. It also summarises the operating result for each of the Council’s principal activities. Attachment 2 details the financial position of the Council as at 31 October 2014. Attachment 3 details the cash flow of the Council as at 31 October 2014.

 

This report is as at 31 October 2014 and does not include the September Quarter Budget Variations. Council has subsequently adopted the September Variations and as a result they will be included in the November Report.

                                                                            

Relationship to City Plan

 

The relationship with the City Plan is as follows:

 

Outcome 1:     Leadership in Sustainability.

Direction 1b:    Council is a leader in the delivery of social, financial and operational activities.

 

Financial impact statement

 

There is no direct financial impact for this matter.

 

Conclusion

 

The Council’s Manager Corporate and Financial Planning, as the Responsible Accounting Officer, advises that the projected financial position is satisfactory. The Current Ratio as at 31 October 2014 is 2.85 compared to 2.21 as at 30 June 2014. The Current Ratio is a financial indicator specific to local government and represents its ability to meet its debts and obligations as they fall due.

 

 

 

 

 

 

Recommendation

 

That the Administration and Finance Committee acknowledges that the Responsible Accounting Officer has advised that the projected financial position of Council is satisfactory.

 

 

Attachment/s:

 

1.View

Monthly Financial Statements - Income Statements October 2014

 

2.View

Monthly Financial Statements - Balance Sheet October 2014

 

3.View

Monthly Financial Statements - Cash Flow Statement October 2014

 

 

 

 


Monthly Financial Statements - Income Statements October 2014

Attachment 1

 

 






Monthly Financial Statements - Balance Sheet October 2014

Attachment 2

 

 


Monthly Financial Statements - Cash Flow Statement October 2014

Attachment 3