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I:\CPS\ADMIN SERVICES\COMMITTEES\DRAFT MINUTES\FB130326MINS.DOC

FB CTE MINS 26 MARCH 2013

MINUTES

FINANCE AND BUDGET COMMITTEE

26 MARCH 2013

THESE MINUTES ARE HEREBY CERTIFIED AS CONFIRMED

PRESIDING MEMBER’S

SIGNATURE

-----------------------------------

DATE:----------------------------



INDEX

Item Description Page

FB60/13 DECLARATION OF OPENING 1

FB61/13 APOLOGIES AND MEMBERS ON LEAVE OF ABSENCE 1

FB62/13 CONFIRMATION OF MINUTES 2

FB63/13 CORRESPONDENCE 2

FB64/13 DISCLOSURE OF MEMBERS’ INTERESTS 2

FB65/13 INVESTMENTS AND INVESTMENT RETURNS FOR THE MONTH OF FEBRUARY 2013 2

FB66/13 PAYMENTS FROM MUNICIPAL AND TRUST FUNDS – FEBRUARY 2013 4

FB67/13 FINANCIAL STATEMENTS AND FINANCIAL ACTIVITY STATEMENT FOR THE PERIOD ENDED 28 FEBRUARY 2013 6

FB68/13 TENDER 063-12/13 – PROVISION OF PLUMBING SERVICES 7

FB69/13 MOTIONS OF WHICH PREVIOUS NOTICE HAS BEEN GIVEN 11

FB70/13 GENERAL BUSINESS 11

FB71/13 ITEMS FOR CONSIDERATION AT A FUTURE MEETING 11

FB72/13 CLOSE OF MEETING 11


- 1 - 26 MARCH 2013


Minutes of the meeting of the City of Perth Finance and Budget Committee held in Committee Room 1, Ninth Floor, Council House, 27 St George’s Terrace, Perth on Tuesday, 26 March 2013.

MEMBERS IN ATTENDANCE

Cr Adamos Cr Butler

OFFICERS

Mr Stevenson - Chief Executive Officer Mr Mileham - Director Planning and Development Mr Mianich - Director Corporate Services Mr Forster - Director Business Units Mr Berry - Manager Finance Mr Clohesy - Acting Manager Property Management

Services Mr White - Chief Accountant Mr Mulcahy - Senior Management Accountant Ms Carlucci - Governance Officer

FB60/13 DECLARATION OF OPENING

In the absence of the Presiding Member, the Chief Executive Officer declared the meeting open at 4.00pm and in accordance with Section 5.14 of the Local Government Act 1995, sought nominations for one member to preside over the meeting. Cr Adamos nominated Cr Butler. Cr Butler accepted the nomination. There being no further nominations, Cr Butler was chosen to preside over the meeting. Cr Butler assumed the Chair.

FB61/13 APOLOGIES AND MEMBERS ON LEAVE OF ABSENCE

Cr Davidson (apology)


- 2 - 26 MARCH 2013


FB62/13 CONFIRMATION OF MINUTES

Moved by Cr Adamos, seconded by Cr Butler That the minutes of the meeting of the Finance and Budget Committee held on 5 March 2013 be confirmed as a true and correct record. The motion was put and carried The votes were recorded as follows: For: Crs Adamos and Butler Against: Nil

FB63/13 CORRESPONDENCE

Nil

FB64/13 DISCLOSURE OF MEMBERS’ INTERESTS

Nil

FB65/13 INVESTMENTS AND INVESTMENT RETURNS FOR THE MONTH OF FEBRUARY 2013

BACKGROUND:

FILE REFERENCE: P1028455-16 REPORTING OFFICER: Ian Berry, Manager Financial Services RESPONSIBLE DIRECTOR: Robert Mianich, Director Corporate Services DATE: 13 March 2013 MAP / SCHEDULE: Schedule 1 – Investment Report for the month ended

28 February 2013 and Short Term Investments Investments are made in accordance with Policy 9.3 – Management of Investments. The policy sets objectives and risk management guidelines for investing surplus and reserve funds not immediately required for any other purpose. This report reviews the results for the month of February 2013.


- 3 - 26 MARCH 2013


LEGISLATION / STRATEGIC PLAN / POLICY:

Legislation Section 6.14 of the Local Government Act 1995 Regulation 19C of the Local Government (Financial

Management) Regulations 1996 Strategic Plan Capable and Responsive Organisation The utilisation of assets to produce revenue is

maximised. Policy Policy No and Name: 9.3 – Management of Investments

DETAILS:

Total investment earnings (including trust account earnings) amounted to $744,000 in February 2013. The average earnings rate of 7.37% comfortably exceeded both the benchmark and cash rates of 2.97% and 3% respectively. Call Accounts Monies are held at call for working capital purposes. $3 million was held with Members Equity for most of February earning 3.75% per annum. Monies with ANZ are minimised after taking cash flow considerations into account as the bank now offers only 1.90% on at call funds. Term Deposits Cash flow with cost savings and capital spending delays has held up above anticipated levels. The cash rate continues to be set at 3%. Term deposits produce higher returns due to demand by Australian banks and institutions, and the City manages its funds to obtain the best short-term duration rates from well rated banks. The choice of banks offering competitive rates has reduced. Short Term Floating Rate Notes (FRNs) Returns are reducing as quarterly resets occur. Medium Term Investments The market value of the Emerald Securities increased by $11,000 in February 2013 and is above the impaired amount disclosed in the books. Balanced Funds The investment in Colonial contributed significantly to investment earnings in the month earning $177,000.


- 4 - 26 MARCH 2013


It should be noted that at some point there will be a market correction and consideration is being given to liquidate this investment.

FINANCIAL IMPLICATIONS:

Earnings of $744,000 include $70,000 transferred to the Cathedral Square project to offset relevant borrowing costs, and $18,000 earned in the Trust Account. Overall performance against the budget of $478,000 was satisfactory.

COMMENTS:

The City continues to adhere to its policy of obtaining the best returns commensurate with risk and constraints imposed by the State Government regulations. Moved by Cr Adamos, seconded by Cr Butler That the report detailing investments and investment returns for the month ended 28 February 2013 (as detailed in Schedule 1) be received. The motion was put and carried The votes were recorded as follows: For: Crs Adamos and Butler Against: Nil

FB66/13 PAYMENTS FROM MUNICIPAL AND TRUST FUNDS – FEBRUARY 2013

BACKGROUND:

FILE REFERENCE: P1028975-2 REPORTING OFFICER: Con White, Chief Accountant RESPONSIBLE DIRECTOR: Robert Mianich, Director Corporate Services DATE: 1 March 2013 MAP / SCHEDULE: TRIM ref. 25163/13


Legislation Regulation 13(1) of the Local Government (Financial Management) Regulations 1996


- 5 - 26 MARCH 2013


Strategic Plan The finances of the City will be managed prudently.

COMMENTS:

Payments for the month of February 2013 included the following significant items: $689,694.28 to Northerly Living Pty Ltd for construction of the Affordable

Housing and Carpark project at Goderich Street. $657,305.96 to Aurora Project Group Pty Ltd for refurbishment of level 1 and

lower ground floor of Council House. $597,814.60 to Northerly Group Pty Ltd for the redevelopment of Forrest Place

(Phase 3B). Moved by Cr Butler, seconded by Cr Adamos That in accordance with Regulation 13(1) of the Local Government (Financial Management) Regulations 1996, the list of payments made under delegated authority for the month ended 28 February 2013, be received and recorded in the Minutes of Council, the summary of which is as follows:

FUND PAID

Municipal Fund $ 12,673,710.22

Trust Fund $ 20,853.31

TOTAL: $ 12,694,563.53

The motion was put and carried The votes were recorded as follows: For: Crs Adamos and Butler Against: Nil


- 6 - 26 MARCH 2013


FB67/13 FINANCIAL STATEMENTS AND FINANCIAL ACTIVITY STATEMENT FOR THE PERIOD ENDED 28 FEBRUARY 2013

BACKGROUND:

FILE REFERENCE: P1014149-25 REPORTING OFFICER: Ian Berry, Manager Finance RESPONSIBLE DIRECTOR: Robert Mianich, Director Corporate Services DATE: 19 March 2013 MAP / SCHEDULE: Schedule 2 – Financial Activity Statement and Financial

Statements for the eight months ended 28 February 2013 with Graphs and Commentary

The Local Government (Financial Management) Regulations 1996 require the City to produce monthly Financial Statements, including a Financial Activity Statement in rate setting format.


Legislation Section 6.4(1) and (2) of the Local Government Act 1995 Regulation 34(1) of the Local Government (Financial Management) Regulations 1996

Strategic Plan City Management Principles The finances of the City will be managed prudently.

DETAILS:

The Financial Activity Statement is presented together with a commentary on variances from the budget.


There are no direct financial implications arising from this report.

COMMENTS:

The Financial Activity Statement commentary compares the actual results for February with the revised budget as approved by Council on 11 December 2012.


- 7 - 26 MARCH 2013


Moved by Cr Adamos, seconded by Cr Butler That Council approves the Financial Statements and the Financial Activity Statement for the period ended 28 February 2013 as detailed in Schedule 2. The motion was put and carried The votes were recorded as follows: For: Crs Adamos and Butler Against: Nil

FB68/13 TENDER 063-12/13 – PROVISION OF PLUMBING SERVICES

BACKGROUND:

FILE REFERENCE: P1028922 REPORTING OFFICER: Paul Baines, Senior Contract and Maintenance Officer RESPONSIBLE DIRECTOR: Louise Scott, Acting Director Service Units DATE: 19 March 2013 MAP / SCHEDULE: Schedule 3 – Schedule of Rates

Confidential Schedule 4 – Assessment Matrix The City of Perth has some 65 owned buildings and over 100 properties throughout the municipality. In keeping with the high standards set by a capital city, routine and emergency plumbing maintenance for properties and facilities is required. A tender was advertised on 20 December 2012 calling for the provision of plumbing services for City’s properties and facilities for an initial term of three years with an option to extend for a further two years.


Legislation Section 3.57 of the Local Government Act 1995 Part 4 of the Local Government (Functions and General)

Regulations 1996


- 8 - 26 MARCH 2013


Strategic Plan Capable and Responsive Organisation Review and improve asset management policies and systems to maintain the quality of community infrastructure required to achieve the City’s economic, social and environmental goals.

Policy Policy No and Name: 9.7 – Purchasing Policy

DETAILS:

The tender closed on = 17 January 2013 and the City received thirteen submissions from: Rowson’s Plumbing Services Pty Ltd;

CPD Group Pty Ltd;

Charter Plumbing and Gas Pty Ltd;

Hilton Plumbing Pty Ltd;

Neda Utilities Pty Ltd;

Majestic Plumbing Pty Ltd;

Design Plumbing Pty Ltd;

HA Young Plumbing Contractors Pty Ltd;

Marty’s Plumbing and Gas Pty Ltd;

Robinson Buildtech Pty Ltd;

WA Plumbing Solutions Pty Ltd;

Swift Flow Plumbing and Gas Pty Ltd; and

Anchor Plumbing and Gas Pty Ltd.

Tenderers were required to address all selection criteria in detail to demonstrate both their experience and ability to provide plumbing services. The criteria were: Response Time;

Experience of key personnel and company;

Support Resources, equipment and spare parts;

Safety Management Systems;

Quality Management Systems. All thirteen submissions were assessed and ranked according to the criteria with particular emphasis on response time and the experience of key personnel and company. Each submission was assessed individually and ranked in order of merit against the qualitative criteria.


- 9 - 26 MARCH 2013


The offers from CPD Group, Charter Plumbing & Gas and Anchor Plumbing & Gas did not fully address the criteria for response times to a satisfactory level. The offers from Hilton Plumbing, Majestic Plumbing and Marty’s Plumbing & Gas presented several deficiencies against the criteria for Safety and Quality Management systems. HA Young Plumbing Contractors did not address the criteria in any detail and evaluation of the submission was not possible. The remaining companies ranked as follows (highest to lowest score) and were short listed for price comparison: 1. Design Plumbing Pty Ltd;

2. Neda Utilities Pty Ltd;

3. Rowson’s Plumbing Services Pty Ltd, Robinson Buildtech Pty Ltd, WA Plumbing Solutions Pty Ltd, and Swift Flow Plumbing and Gas Pty Ltd.

It was noted during the preparation of the price comparison table that Swift Flow Plumbing and Gas had amended the form of tender and for this reason was deemed as a non-conforming submission and was removed from the tender evaluation. Neda Utilities Pty Ltd The Neda group of companies was established in Victoria in 1997 and in 2011 opened a Western Australian branch with its WA affiliate Caesars Plumbing. Neda’s submission provided sound information in relation to the selection criteria, especially regarding Safety Management Systems. Design Plumbing Pty Ltd This company provided a thorough and informative submission clearly addressing all the selection criteria and provided a substantial list of previous works. The detailed response times provided in the tender submission exceed those requested by the City. Design Plumbing has been sub-contracting to the City of Perth for almost 20 years. Robinson Buildtech Pty Ltd This company was established in 1958 and amalgamated with Fannon Plumbing in 2005. The company has previously been involved with Local, State and Federal Governments. Its submission was sound and met the criteria of the City. WA Plumbing Solutions Pty Ltd This company was established in 2004 and is a medium sized plumbing company that has worked on various commercial and residential works across the greater metropolitan area. Considering WA Plumbing Solutions’ three hour minimum call out fee during business hours, the company’s costs were higher than other tenderers.


- 10 - 26 MARCH 2013


Rowson’s Plumbing Services Pty Ltd This company provided a sound submission and has previously worked with other local governments and state government departments. Rowson’s Plumbing Services Pty Ltd was established in 1998 and has had a main focus on works in the Perth CBD. Its offer detailed a 20% mark-up on spare parts and this was considerably higher than the mark-up of the other short listed companies. At the conclusion of price comparison, the low minimum hours for after hours work provided by Neda Utilities and Design plumbing are seen as being advantageous to the City. The standard business hours rates submitted by Robinson Buildtech represent good value for money for the City.


The City currently spends approximately $250,000 per annum on plumbing services across its properties. These plumbing services are currently charged at $110.00 per hour, with a call-out fee of $55.00. The new contract and schedule of rates will remove call-out fees and travel charges for work that is carried out during business hours. Various expenditure accounts hold sufficient budget to cover the routine and emergency plumbing maintenance for the City’s properties and facilities. All figures quoted in this report are exclusive of GST.

COMMENTS:

Following a full evaluation of all submissions it is recommended the tenders from Design Plumbing, Robinson Build Tech and Neda Utilities be accepted. The three companies are estimated to be the most capable and cost competitive in providing the plumbing services required by the City to the necessary standards. Moved by Cr Adamos, seconded by Cr Butler That Council accepts the most suitable tenders, being those submitted by the following as a panel of providers: 1. Design Plumbing Pty Ltd; 2. Robinson Buildtech Pty Ltd; and 3. Neda Utilities Pty Ltd; for the Provision of Plumbing Services (Tender 063-12/13) for a period of three years, with an option of a further two year extension, including CPI increases, in accordance with the Schedule of Rates detailed in Schedule 3. The motion was put and carried


- 11 - 26 MARCH 2013


The votes were recorded as follows: For: Crs Adamos and Butler Against: Nil

FB69/13 MOTIONS OF WHICH PREVIOUS NOTICE HAS BEEN GIVEN

Nil

FB70/13 GENERAL BUSINESS

Responses to General Business from a Previous Meeting Nil New General Business Nil

FB71/13 ITEMS FOR CONSIDERATION AT A FUTURE MEETING

Strategic Property Review (FB 29/05/12).

FB72/13 CLOSE OF MEETING

There being no further business the Presiding Member declared the meeting closed at 4.12pm.

INVESTMENT REPORT Market Value Market Value Cost & Impairment % of Interest Earned

Weighted Average Monthly Interest Earned

28-Feb-13 31-Jan-13 28-Feb-13 28-Feb-13 Class Feb Rate YTD

Municipal

Short term Direct Investments

Call $6,103,830 $5,930,628 $5,930,628 3.8% $12,234 2.83% $100,807

Term Deposits $86,466,594 $80,966,594 $80,966,594 52.4% $314,888 4.68% $2,882,451Short $92,570,424 $86,897,222 $86,897,222 $327,121 4.61% $2,983,258

Total Municipal - Cash Back Securities $92,570,424 $86,897,222 $86,897,222 $327,121 4.68% $2,983,258

Total Municipal Investments $92,570,424 $86,897,222 $86,897,222 $327,121 4.68% $2,983,258

Reserves

Short term Direct InvestmentsCall $874,108 $1,264,064 $1,264,064 0.8% $1,482 1.90% $9,016Term Deposits $43,000,000 $48,000,000 $48,000,000 31.1% $171,006 4.87% $1,714,742Total $43,874,108 $49,264,064 $49,264,064 $172,487 4.84% $1,723,758

Floating Rate Notes/ CLNsANZ - Sub Debt -FRN $2,004,577 $2,002,848 $2,000,000 1.3% $6,383 4.24% $122,645Barclays - Corp Bond -FRB $0 $0 $0 0.0% $0 0.00% $15,523HSBC - Sub Debt -FRN $3,001,862 $3,000,614 $3,000,000 1.9% $12,114 5.30% $111,652NAB- Sub Debt -FRN $2,005,153 $2,003,430 $2,000,000 1.3% $6,414 4.02% $59,437WPAC- Sub Debt -FRN $3,053,724 $3,056,049 $3,003,655 1.9% $9,996 4.38% $92,781Total $10,065,316 $10,062,941 $10,003,655 $34,907 4.49% $402,037

Medium term Direct InvestmentsBarclays - Emerald -MBS $3,002,297 $3,013,656 $2,804,116 1.8% $14,715 3.81% $137,053Total $3,002,297 $3,013,656 $2,804,116 $14,715 3.81% $137,053

Total Reserve - Cash Back Securities $56,941,721 $62,340,661 $62,071,835 $222,109 4.73% $2,262,848

Balanced FundsColonial Share Index $3,306,786 $3,483,425 $3,483,425 100% $176,548 97.07% $1,010,196Total $3,306,786 $3,483,425 $3,483,425 $176,548 97.07% $1,010,196

INVESTMENT

RATES:

Total Reserve Investments $60,248,507 $65,824,086 $65,555,260 $398,657 9.58% $3,273,044 CASH RATE

Trust 3.00%

Short term Direct InvestmentsCall $243,573 $260,390 $260,390 0.2% $349 1.90% $6,000Term Deposits $5,181,193 $5,181,193 $5,181,193 3.4% $17,905 4.54% $160,327 BENCHMARK

Total $5,424,767 $5,441,583 $5,441,583 $18,254 4.49% $166,327 2.97%

Total Trust - Cash Back Securities $5,424,767 $5,441,583 $5,441,583 $18,254 4.54% $166,327

Total Investments-Cash Back Securities $154,936,912 $154,679,465 $154,410,640 $567,484 4.70% $5,412,433 AVERAGE excl.Trust

Grand Total Investments $158,243,697 $158,162,890 $157,894,065 $744,032 6.81% $6,422,629 7.37%

MapsMarch/Investment Report February 13.pdf

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MapsMarch/Short Term Investments Report Feb 13.pdf

CITY OF PERTH

FINANCIAL ACTIVITY STATEMENT for the 8 months ended 28 February 2013

Revised Budget Revised Budget YTD Actual YTD Variance YTD2012/13 28-Feb-13 28-Feb-13 28-Feb-13

Proceeds from Operating Activities $ $ $ $

Operating RevenueNature of IncomeParking Fees 67,020,502 44,531,743 44,289,030 (242,713)Fines and Costs 9,402,983 6,273,776 6,548,791 275,015 Investment Income and Interest 7,383,986 5,772,774 6,324,525 551,751 Community Service Fees 1,240,319 902,577 827,088 (75,489)Rubbish Collection 5,434,561 5,413,515 5,406,819 (6,697)Rentals and Hire Charges 4,647,567 3,083,807 3,002,403 (81,405)Recurrent Grants 1,303,070 618,304 1,012,826 394,521 Contributions, Donations and Reimbursements 406,984 275,049 305,249 30,200 Profit on Disposal of Investments 170,926 170,926 170,926 - Other Income 4,476,191 3,234,595 3,176,897 (57,698)

101,487,089 70,277,066 71,064,553 787,487

Less: Operating ExpenditureNature of ExpenditureEmployee Costs 54,573,522 36,452,092 35,499,122 952,970 Materials and Contracts 46,851,783 29,897,781 26,333,064 3,564,717 Utilities 2,890,836 1,915,861 2,033,631 (117,770)Insurance Expenditure 1,226,496 810,553 794,260 16,293 Depreciation and Amortisation 23,586,547 14,535,005 14,284,912 250,093 Interest Expenses 2,189,933 1,427,087 1,294,224 132,862 Expense Provisions 902,250 597,712 607,776 (10,064)Loss on Disposal of Assets 542,157 188,159 14,825 173,334 Other Expenditure 16,672,077 11,015,793 10,547,178 468,615

149,435,600 96,840,043 91,408,993 5,431,050Add back Depreciation (23,586,547) (14,535,005) (14,284,912) (250,093) (Loss) / Profit on Disposals (371,231) (17,233) 156,101 (173,334)

125,477,822 82,287,805 77,280,182 5,007,623

Net Surplus/(Deficit) from Operations (23,990,733) (12,010,739) (6,215,629) 5,795,110

Investing ActivitiesCapital Expenditure (102,778,555) (74,195,851) (48,440,917) 25,754,934 Repayment of Borrowings (5,610,409) (3,430,777) (3,430,777) - Transfers to Reserves (20,633,894) (6,737,086) (3,285,973) 3,451,113

(129,022,858) (84,363,714) (55,157,667) 29,206,047

Financing ActivitiesTransfer from Reserves 27,711,426 19,448,977 17,148,013 (2,300,964)Proceeds from Borrowings 23,788,520 23,788,520 23,788,520 - Proceeds from Disposal of Assets 1,184,950 1,284,950 1,201,531 (83,419)Capital Grants 3,130,872 1,514,883 1,209,700 (305,183)

55,815,768 46,037,330 43,347,764 (2,689,566)

Net Surplus/(Deficit) before Rates (97,197,823) (50,337,123) (18,025,532) 32,311,591

Add: Opening Funds 31,534,716 31,534,716 27,417,973 (4,116,743)

Less: Closing Funds 1,476,643 48,256,143 76,523,824 28,267,681

Amount Sourced from Rates 67,139,750 67,058,550 67,131,383 72,832

58,527,863 58,491,248

Net Cash on HandCash On Hand 123,005 3,866,421 3,260,411 (606,010)Money Market Investments 108,234,585 112,068,475 136,681,029 24,612,554 Funds on Hand 108,357,590 115,934,896 139,941,440 24,006,544

Analysis of Funds on HandReserves 59,878,048 57,140,595 47,865,871 (9,274,724)Provisions 11,605,238 10,616,281 10,045,602 (570,679)Carry forwards - 14,853,542 16,499,524 1,645,983 Restricted Grants not yet utilised 632,996 324,747 690,750 366,003 General Funds 36,241,308 32,999,732 64,839,693 31,839,961

Funds on Hand 108,357,590 115,934,896 139,941,440 24,006,544

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MAPS MARCH / 2. FAS February 2013.pdf

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EXPLANATORY NOTES – FINANCIAL ACTIVITY STATEMENT BACKGROUND

Regulation 34 of the Local Government (Financial Management) Regulations 1996 was amended effective from 1 July 2005.

The amendment prescribes a monthly Financial Activity Statement (FAS) reporting the sources and application of funds, as set out in the Rate Setting Statement which is included in the Annual Budget.

PURPOSE

The FAS reports the actual financial performance of the City in relation to its adopted budget, which has been structured on financial viability and sustainability principles.

The FAS is intended to act as a guide to Council of the impact of financial activities and the reasons for major variances to the annual budget estimates.

PRESENTATION

Regulation 34 prescribes the minimum detail to be included in the FAS. These are listed below. - Annual Budget estimates, and approved revisions to these, are to be included for comparison purposes. - Actual amounts of income and expenditure to the end of the month of the FAS. - Material variances between the comparable amounts and commentary on reasons for these. - The net current assets at the end of the month to which the FAS relates.

An explanation of the composition of the net current assets at the end of the month to which the FAS relates; less committed and restricted assets.

Councils are given the option of adopting a format which is considered most appropriate to their needs. These options are listed below. - According to nature and type classification, - by program, or - by business unit.

It is recommended that while the information presented by cost objects (programs and activities) or by cost centres (business units) are useful for expense allocation and cost centre accountability purposes, they are less informative and difficult to comprehend in matters of disclosure and less effective in cost management and control.

The FAS has therefore been presented in the format using nature and type classification as the most meaningful disclosure to the Council and public.

FORMAT

The FAS is formatted to align with the Rate Setting Statement. The first part deals with operating income and expenditure, excluding rate revenue. The next classification is the amount spent on capital expenditure and debt repayments. The classification ‘Financing Activities’ provides a statement of sources of funds other than from operating or

rates revenue, which are usually associated with capital expenditure. Attached to the FAS is a statement of ‘Net Current Assets’ for the budget and actual expenditure to the end of

the month to which the FAS relates. Opening and closing funds represent the balance of ‘Net Current Assets’, not including any funds which are

committed or restricted. “Committed assets” means revenue unspent but set aside under the annual budget for a specific purpose. “Restricted assets” means those assets the uses of which are restricted, wholly or partially, by regulations or

other externally imposed requirements”, e.g. reserves set aside for specific purposes. To avoid duplication in calculating ‘Closing Funds on hand’, certain balances, such as provisions and

borrowings, are also deducted. The total Closing Funds on hand are to be taken into account when calculating the amount to be raised by rates

each year. The classification “Net Cash on Hand” represents the balances of funds held in cash or invested and the analysis

into those funds reserved, carried forward or remaining unspent at the end of the month to which the FAS relates.

FINANCIAL ACTIVITY STATEMENT FOR THE EIGHT MONTHS TO 28 FEBRUARY 2013

REPORT OF VARIANCES TO BUDGET

C:\Users\GCARLU~1\AppData\Local\Temp\6\notesE16647\5. FAS Comments doc Feb 2013.doc

This report compares actual performance for the eight months to 28 February 2013 with the revised budget approved by Council on 11 December 2012. Operating Revenue Parking fees were ($242,000) below the revised budget figures

mainly affected by the delay in opening Goderich Street car park ($208,000); lower revenue from Convention Centre ($82,000) and Elder Street ($74,000) car parks, partly offset by higher income at Roe Street $45,000 and open air car parks, including events, amounting to $77,000.

Fines continued to exceed budget for the period achieving additional revenue of $277,000 reflecting estimates of parking infringements revenue being understated in the revised budget. These are to be reviewed in the March budget review.

Investment income is $552,000 above budget due to cash holdings being higher than expected and some favorable returns from longer term deposits and the remaining balanced fund.

Community Service Fees were ($75,000) under the revised forecasts mainly for the Citiplace Child Care Centre, due to a reduction in utilisation of the occasional child care service by the Adult Migrant Education Program.

Rentals and Hire Charges showed a lower than budget return of ($81,000) including the Perth Town Hall ($56,000), due to interruptions associated with construction activity on the adjacent site, and Reserve Hire ($40,000) below estimates.

Grants were $394,000 higher than revised budget mainly due to the $500,000 Lotterywest Skyworks grant received earlier than expected and to be updated in the March Budget review.

Other Income was ($58,000) from reduced demand for Recoverable Works.

Operating Expenditure

Employee costs were $953,000 under the revised budget for the period. Staff costs are generally inline with overall estimates with the main differences arising from vacancies in areas of compliance, parking, cultural and community services. These variances are partly due to phasing differences and also dependant on timing of events.

Materials and contracts were substantially under revised budget by $3,565,000 with the principal program being Transport. Areas of underspend include footpaths, roads, overpasses and underpasses,




parking facilities and other transport services $1,658,000. The balance is spread in other areas relating to timing of events such as Skyworks, where some costs incurred are still to be processed, and property and equipment maintenance, professional fees, advertising and promotions.

Utilities were ($118,000) over the revised budget being mainly power costs at various undercover car parks and community facilities such as the City Station Concourse and Loading Dock.

Depreciation and Amortisation is $250,000 below the estimates principally from timing differences in the program for completion of capital works.

Interest Expenses were $133,000 below the revised budget due to capitalisation of interest on the loan during the construction period of the Goderich Street Car Park.

A variance of $173,000 on disposal of assets arose in the eight months, which includes the profit on realisation of investments $171,000.

Other expenditure was $469,000 under the revised budget, principally for donations and sponsorships in areas of marketing promotions, cultural events and economic development.

Investing Activities

Capital expenditure is running behind the program in the revised budget by $25.8 million. Continuing major works include Affordable Housing project; 2-Way Street Modifications in Beaufort Street, Cathedral Square - Library and Plaza projects and the Lift Upgrade at Citiplace Car Park. Projects scheduled include Cathedral Square-Library and Plaza, various infrastructure works, plus fleet and plant replacements.

Transfers to Reserves were $3.4 million lower owing to later transfers of monies to the Asset Enhancement Reserve than anticipated, in the revised budget.




Financing Activities

Transfers from Reserves were ($2.3 million) below the revised budget in line with the lower level of on-going capital works being experienced.

Grants were ($305,000) below the budget mainly for various road grants still to be claimed and the Perth Concert Hall.

Amounts sourced from Rates

Rates revenue raised is in line with the revised budget.

Financial A

ctivity

Statemen

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101,48

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50,00

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2012/13

28‐Feb

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Revise

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2012/13

28‐Feb

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Revise

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2012

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165,787

136,071

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46,080

56,344

‐60,234

‐46,038

18,267

20,358

2,316

2,091

101,929

107,187

6,429

32,755

108,358

139,941

Cash Flows from Governm

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Receipts from

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Cash at 1

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Net In

crease (D

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Cash Held

Cash at 2

8 Februa

ry 2013

‐60,00

0‐40,00

0‐20,00

00

20,000

40,000

60,000

80,000

Rates

Fees and

Cha

rges

Interest

Other

Employee

Costs

Materials and

Con

tracts

Interest

Other

Cash Flows from Ope

ratin

g Ac

tivities $'000

s

‐50,0000

50,000

100,000

150,000

200,000

Jul‐1

2Au

gSep

Oct

Nov

Dec

Jan‐13

Feb

Mar

Apr

May

Jun‐13

Mon

thly Cash Movem

ents to

30 June

2013

Cash at E

nd of P

eriod

Net Increase/Decrease

‐50,00

0‐40,00

0‐30,00

0‐20,00

0‐10,00

00

10,000

20,000

30,000

Proceeds from

Dispo

sal of Investm

ents

Proceeds from

Dispo

sal of A

ssets

Purcha

se Plant and

Mob

ile Equ

ipmen

t

Work in Progress

Proceeds from

Borrowings

Repa

ymen

t of B

orrowings

Cash Flows from Investing Ac

tivities $'000

s

Summary Ope

ratin

g Statem

ent

2012

/13

Ori

gin

al

Bu

dge

t $0

00R

evis

ed

Bu

dge

t $0

00s

Act

ual

$00

0sV

aria

nce

$0

00s

165,95

613

7,16

513

8,02

586

0

122,42

380

,691

75,815

‐4,875

43,533

56,474

62,210

5,73

5

2,31

71,42

71,29

4‐133

22,142

14,535

14,285

‐250

19,074

40,512

46,631

6,11

8

1,00

61,55

51,21

0‐345

20,080

42,067

47,841

5,77

3

‐480

‐188

‐15

173

100

171

171

0

00

287

287

00

246

0

00

220

19,700

42,050

48,552

6,23

3

NET

OPE

RATING SURP

LUS

Yea

r T

o D

ate

FE

B-1

3

Ope

ratin

g Re

venu

e

Ope

ratin

g Expe

nses

Earnings before Interest and

Dep

reciation (E

BID)

Interest Expen

se

Dep

reciation

Ope

ratin

g Surplus/(Deficit)

Grants a

nd Con

tributions‐ C

apita

l

DISPO

SAL/WRITE

OFF OF AS

SETS

Profit on

Dispo

sal of Investm

ents

Contrib

uted

Assets ‐ Artworks

Asset R

ecognitio

n ‐ R

od Evans

Contrib

ution of Assets from EPR

ACh

ange

in net assets resultin

g from

ope

ratio

ns after cap

ital

amou

nts a

nd significant item

s

‐ 20,00

0 40,00

0 60,00

0 80,00

0

Rates

Grants a

ndCo

ntrib

ution for N

onCa

pital Purpo

ses

Donatio

ns and

Reim

bursem

ents

Fees and

Charges

Interest and

Investmen

t Incom

e

Other Reven

ue

Ope

ratin

g Re

venu

e YT

D FEB

‐13 $'00

0s

Actual YTD

$

Revised Bu

dget

YTD $

‐ 10,00

0 20,00

0 30,00

0 40,00

0

Employee

Costs

Materials an

dCo

ntracts

Utilities

Insurance

Expe

nses Provisio

n

Other Expen

ses from

Ordinary Activ

ities

Ope

ratin

g Expe

nditu

re YTD

FEB

‐13 $'00

0s

Actual YTD

$

Revised Bu

dget

YTD $

Summary Statem

ent o

f Financial Position

TOTA

L LIAB

ILITIES

NET

ASSETS

Accumulated

Surplus

28-F

eb-1

330

-Jun

-12

Act

ual $

000s

Act

ual $

000s

Total Current Assets

155

,049

1

18,0

38

Total N

on Current Assets

891

,609

8

57,9

63

955

,477

9

06,9

25

TOTA

L AS

SETS

1

,046

,657

9

76,0

01

Total Current Liabilities

35

,699

31,8

17

Total N

on Current Liabilities

55

,482

37,2

59

91

,180

69,0

76

COMMUNITY EQ

UITY

520

,295

4

57,8

81

Asset R

evalua

tion Re

serve

375

,509

3

75,5

09

Reserves (C

ash Ba

cked

)

59,6

73

73

,535

TOTA

L CO

MMUNITY EQ

UITY

955

,477

9

06,9

25

Cash and

Cash

Equivalents $3.3

2.1%

Depo

sits/Prep

aym

ents $4.8 3.1%

Investmen

ts

$136.7 88.2%

Trade and Other

Receivables $8.4

5.4%

Rates R

eceivable

$1.0 0.6%

Work in Progress ‐

Recoverable

Works $0.2 0.1%

Inventories $0.8

0.5%

Curren

t Assets F

eb‐13

($m / % Actua

ls)

Investmen

ts $13.5

1.5%

Prop

erty, P

lant

and Equipm

ent

$798.4 89.5%

Capital W

ork in

Progress $79.7

9.0%

Non

‐Current Assets F

eb‐13

($m / % Actua

ls)

Employee

Ben

efits

$0.9 1%

Provision

s $3.7 7%

Loan

Liability $50.9

92%

Non

‐Current Liab

ilitie

s Feb

‐13

($m / % Actua

ls)

Trade and Other

Payables $19.6

55.1%

Employee

Ben

efits

$10.0 28.1%

Provision

s $0.3

0.8%

Loan

Liability $5.7

16.0%

Curren

t Liabilities F

eb‐13

($m / % Actua

ls)

Ratio

Analysis

Ability to

gen

erate working

cap

ital to meet o

ur com

mitm

ents

Target is greater th

an 2.00

Ability to

fund

cap

ital and

excep

tiona

l expen

diture

Target is greater th

an 1.5

Ability to

redu

ce ra

tes to ratepa

yers

Target is less th

an 40.00

% ‐ Th

e pe

rcen

tage

will dim

inish as th

e bu

lk of the

rates a

re ra

ised

in Ju

ly

Ability to

service loan

s including

prin

cipa

l and

interest

Target is less th

an 10.0%

Ability to

man

age cashflo

wTarget is greater th

an 2.0 m

onths

Ability to

retire de

bt from

read

ily re

alisab

le assets

Taget is greater tha

n 5.0%

Ability to

service de

bt out of total re

venu

eTaget is less th

an 60.0%

Ope

ratin

g Surplus R

atio (R

even

ue YTD

/Ope

ratin

g Surplus Y

TD)

3.26

2.89

Rev

ised

Bu

dge

t 20

12/2

013

FE

B-1

3

Curren

t Ratio (C

urrent Assets m

inus Restricted Assets/Current

Liab

ilitie

s minus Liabilities a

ssociated with

Restricted Assets)

2.34

3.00

Rate Coverage Ra

tio (N

et Rate Re

venu

e/Ope

ratin

g Re

venu

e)52

.38%

49.18%

Deb

t Service Ratio (Interest a

nd prin

cipa

l rep

aymen

ts/A

vailable

Ope

ratin

g Re

venu

e)3.61

%3.81

%

Gross Deb

t to Re

venu

e Ra

tio (G

ross Deb

t / Total Reven

ue)

40.00%

41.05%

Cash Cap

acity

in M

onths (Ca

sh < 90 da

ys invest / (C

ash Ope

ratin

g Co

sts d

ivided

by 7 mon

ths)

4.00

4.52

Gross Deb

t to Econ

omically Realisab

le Assets R

atio (G

ross Deb

t /

Econ

omically Realisab

le Assets)

5.00

%6.48

%

‐

1.50

3.00

Dec‐12

Jan‐13

Feb‐13

0.00

%20

.00%

40.00%

60.00%

80.00%

Dec‐12

Jan‐13

Feb‐13

0.00

%5.00

%10

.00%

15.00%

Dec‐12

Jan‐13

Feb‐13

‐ 2.00

4.00

6.00

Dec‐12

Jan‐13

Feb‐13

‐ 2.00

4.00

6.00

Dec‐12

Jan‐13

Feb‐13

0.00

%

10.00%

Dec‐12

Jan‐13

Feb‐13

0.00

%20

.00%

40.00%

60.00%

Dec‐12

Jan‐13

Feb‐13

"Ten

der 0

63‐12/13

Sched

ule of Rates"

Item

Num

berService Descriptio

nUnit

Rate (e

xcl G

ST)

Minim

um Hou

rsRa

te (e

xcl G

ST)

Minim

um Hou

rsRa

te (e

xcl G

ST)

Minim

um Hou

rsRa

te (e

xcl G

ST)

Minim

um Hou

rsRa

te (e

xcl G

ST)

Minim

um Hou

rsRa

te (e

xcl G

ST)

Minim

um Hou

rs

1Labo

ur Business H

ours ‐

Mon

day to Frid

ayPe

r Hou

r$8

8.00

1$1

00.00

1$1

20.00

1$8

2.00

1$7

1.40

3

2Ap

pren

tice Labo

ur Business

Hours ‐ M

onday to Frid

ayPe

r Hou

r$6

0.00

1$6

5.00

1$7

5.00

1$6

4.00

1$5

8.80

3

3Labo

ur After Hou

rs ‐

Mon

day to Frid

ayPe

r Hou

r$1

50.00

3$2

00.00

1$2

00.00

2$1

40.00

3$1

15.00

3

4Ap

pren

tice Labo

ur After

Hours ‐ M

onday to Frid

ayPe

r Hou

r$8

8.00

3$1

50.00

1$1

25.00

2$1

12.00

3$9

4.08

35Labo

ur Saturday

Per H

our

$150

.00

3$2

00.00

1$2

00.00

2$1

40.00

3$1

15.00

36Ap

pren

tice Labo

ur Saturday

Per H

our

$88.00

3$1

50.00

1$1

25.00

2$1

12.00

3$9

4.08

37Labo

ur Sun

day

Per H

our

$150

.00

3$2

00.00

1$2

00.00

2$1

40.00

3$1

15.00

48Ap

pren

tice Labo

ur Sun

day

Per H

our

$88.00

3$1

50.00

1$1

25.00

2$1

12.00

3$9

4.08

49Labo

ur Pub

lic Holiday

Per H

our

$150

.00

3$2

00.00

1$2

00.00

2$1

60.00

3$1

15.00

4

10Ap

pren

tice Labo

ur Pub

lic

Holiday

Per H

our

$88.00

3$1

50.00

1$1

25.00

2$1

28.00

3$9

4.08

4

11Pe

rcen

tage m

ark‐up

on

parts

20%

10%

10%

12%

12%

NO m

inim

um fo

r plann

ed overtim

e

Non

con

form

ing Form

of T

ende

r

Rowson's P

lumbing

Services

Ned

a Utilities

Design Plum

bing

RBT

WA Plum

bing

Solutions

Swift Flow Plumbing

I:\CP

S\Ad

min Services\AG

ENDA

S\Re

ports\MAP

S MAR

CH\Ten

der 0

63‐121

3 Sche

dule of R

ates.xlsx

ctropiano

Typewritten Text

SCHEDULE 3

Finance and Budget Committee Confidential Schedule 4 (Minute FB68/13 refers)

Distributed to Elected Members under separate cover

Bound in Committee Consolidated Confidential Minute

Book

Volume 1 2013

finance and budget committee - city of perth · pdf filei:\cps\admin services\committees\draft...

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