Council cashed up $11 million
THANKS to lower expenditure and more revenue than expected by this time, the Southern Downs Regional Council is currently running on a net surplus of $11.7 million.
The forecast net surplus was only meant to be $7.7m by January 31, however, corporate services director Andy Ireland yesterday told SDRC councillors that the total revenue was over-budget by $2.4m.
He said this was mainly due to capital revenue that was $2.2m higher than budget.
Employee costs being under budget by about $700,000 ensured that total expenditure remained under budget by about $1.6m, however, Mr Ireland told the corporate services committee meeting ideally these costs would have been even lower.
There is about $32,000 left in the donations budget and council’s $22m in cash investments returned a healthy interest of $725,290 by January 31.
Capital revenue was only meant to be $642,000 by January 31, however, was a huge $2.4m.
State Government grants were down considerably from a budget forecast of $6m to about $5.4m.
An unexpected higher expenditure in the budget was the depreciation on buildings, which was at $1.4m instead of a forecast $883,043.
Total community equity is up from a forecast $532m to $722m, partly due to a huge rise in cash assets from a forecast $14m to $23m.