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First Quarter Budget Review 2019/2020

24 October 2019

Today, in the General Council Meeting held in Warwick Council Chambers, Councillors voted in the affirmative to adopt the Amended 2019/20 Budget.

 A comprehensive review of Council’s operational budget and capital works budget for the quarter ended 30 September 2019 has been completed and was today presented during the General Council Meeting.

The approach for the operational budget review was to examine the existing budget but also undertake a detailed analysis of each Department’s patterns of revenue and expenditure to produce a forecasted result of Council’s financial performance for the period ending 30 June 2020.  The Budget funds the delivery of activities identified in the annual Operational Plan which in turn reflects the long term goals identified within the 2019-2024 Corporate Plan.

The first quarter budget review has resulted in an increase in the operating surplus from the original budget of $96K up to $167K.

There has been a reduction in operating revenue of $532K of revenue and correspondingly there has been a reduction in expenditure of $603K.  

Council’s net result after the first quarter budget review resulted in an increase from $13.19M to $16.98M.  This increase of $3.79M was driven by increases in capital grants and also disposal of assets.

The first quarter budget amendments will increase community equity from $815.2M to $846.6M. Total assets will increase from $851.M to $882.2M with current assets of $43.5M and non-current assets of $838.6M.  Total liabilities reduced from $36.2M to $35.6M.

Councillor for Finance, Governance, and The Arts Jo McNally said that it was pleasing to see the forecasted operating surplus grow from $96K to $167K. 

“In addition to improvements on its operating surplus, Council has also been in a position to fund a number of new capital projects, which includes various projects such as:

·         Entry Signage for the Region

·         Upgrades to Leslie Park War Memorial Area

·         Extension to Leslie Dam and Storm King Dam Boat Ramps

·         Upgrades to a number of pump stations

·         Sealing of Oak Avenue, Warwick

·         Sealing of various roads in Wallangarra

“Additionally, a significant and necessary inclusion to the program is the $2.4M Emergency Water Supply Infrastructure project which is currently being constructed in Stanthorpe.  This project will provide drought assistance and has been fully funded by the State Government.

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