LONG TERM FINANCIAL PLAN (INTERIM) 2012/13 to 2022/23

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1 LONG TERM FINANCIAL PLAN (INTERIM) 2012/13 to 2022/23

2 INTRODUCTION Long term financial planning is a key element of the Integrated Planning and Reporting Framework. It is the mechanism that enables local governments to determine their capability to sustainably deliver the assets and services required by the community. It allows the local government to set priorities, within its resourcing capabilities, to deliver short, medium and long term community priorities. The Long Term Financial Plan (LTFP) is a ten year rolling plan that informs the Shire of Mundaring s Corporate Business Plan to activate Strategic Community Plan priorities. From these planning processes, annual budgets that are aligned with strategic objectives can be developed. A LTFP indicates a local government s long term financial sustainability strategies, allows early identification of financial issues and their longer term impacts, shows the linkages between specific plans and strategies, and enhances the transparency and accountability of the Council to the community. The interim LTFP has been developed in close alignment to the Shire s current Draft Strategic Community Plan document Shire of Mundaring In the short term future it will be directly linked to the Asset Management and Workforce plans. Page 1

3 BACKGROUND: The current plan covers the period The first year of this LTFP is referred to as Year 0. The current LTFP uses the 2012/13 annual budget as the base year, from which future years are projected. Upon the 2013/14 Annual Budget being finalised, the LTFP will be modified to cover the period with 2013/14 becoming the base year ( Year 0 ). Setting Parameters To assist in the preparation of the LTFP, Council has in the past set a framework to ensure a balance is achieved between the provision of services to the community and the long term financial sustainability of the Council. These parameters are outlined below. Plan Framework The following framework is the basis for the preparation of the Long Term Financial Plan 2012/13 to 2022/23: Balanced Budget Ensure Liquidity ratios do not fall below target. Ensure debt servicing and loan repayment costs are within or lower then target. Liquidity Ensure wherever possible that any new initiatives are self-funding or if loan funding is required then revenue/savings from the initiative is capable of discharging the loan over a reasonable period of time, i.e. ensure Council has the capacity to fund identified major projects. Ensure that Reserve and Trust funds are fully cash backed. Sustainability Ensure that the Shire assets are properly maintained and adequate asset replacements are made in terms of the Strategic Community Plan and Asset Management Plan. Review existing services to ensure they meet community needs. Page 2

4 Assumptions In constructing the Long Term Financial Plan, a number of assumptions and variables are applied: 1. Service delivery levels are maintained at current levels (annual service improvements are prioritised and approved separately by Council subject to financial capacity). 2. A 3% increase per annum over the life of the LTFP is applied to operating expenditures/income to allow for inflation and growth with the following exceptions: a. Salaries/Wages to increase 4.35% for 2012/13 and 2013/14 with an estimated increase of 3.5% per annum over the life of the LTFP. This takes into account enterprise bargaining increases, reclassifications and salaries/wages growth. b. Interest expenses are directly related to Shire borrowings and cash flows. c. Rates 6.75% increase with an estimated minimum increase of 6% per annum over the life of the LTFP. Proposed growth in rate base is estimated at 0.75% per annum. d. Fees and Charges are estimated to increase by annual CPI and are reviewed annually by Council. e. Grants/Subsidies are budgeted in accordance with information known at the time of preparing this document. f. Interest revenue is directly related to Shire investments and cash flows. g. An adjustments schedule accounts for any future variations in operating activities (e.g. an adjustment is made to election expenses to reflect that they only occur once every two years and pay periods increase to 27 pay periods every seven years). 3. Revenue from the Investment Property Strategy will begin to be realised from 2012/13 to assist with funding community infrastructure over the next 10 years. 4. Capital grants, subsidies and monetary contributions reflect tied monies received in relation to the purchase/construction of new assets. Page 3

5 Principles Financial sustainability is addressed by employing the following principles: 1. The LTFP is formulated in a manner which addresses the strategies and deployment objectives outlined in the Shire s Strategic Plan, and its accompanying Corporate Business Plan; 2. The LTFP summarises the financial resources that will be generated and consumed by each programme area and major revenue and expenditure category over a ten year period and is further classified as operating or capital; 3. The LTFP provides the financial basis for development of the Strategic Community Plan and the Annual Budget; 4. Revenue sources and expenditures that are not controllable by the Shire and which are prone to significant variation (such as investment earnings due to interest rate variations) are included at long run average numbers as major fluctuations in these will result in significant variations in annual rates and charges; 5. Funding for capital and infrastructure projects is by a combination of revenue sources including operational surplus, rates and service charges, cash backed reserves, asset sales, borrowings and other asset financing arrangements; 6. The LTFP is developed on the basis that intergenerational equity will be maintained, i.e. that the full cost of providing services and the use of community assets will be met equitably by all generations of ratepayers who enjoy the benefits of those services or assets. This means that current generations will not be called upon to fully fund the acquisition of assets or services that will also benefit future generations, or that current generations will not enjoy the consumption of services or assets at less than their real cost, thereby leaving an unfunded financial burden (liability) to future generations. If left unchecked the divergence between cost and revenue growth would result in operating deficits. These deficits should NOT be funded by deferring infrastructure maintenance and renewals expenditure but eliminated using cost or service level reductions, or revenue growth; 7. The LTFP will be reviewed, amended and balanced to the financial resources available in accordance with this policy, Shire s revenue and borrowings and asset financing and re-adopted on a rolling annual basis. Page 4

6 Key Outcomes The key outcomes of the Long Term Financial Plan are detailed below. Overview The major issues arising from current forward estimates contained in the Long Term Financial Plan include: Funding Capacity Capacity to fund Shire s Strategic Community Plan to achieve the Community Vision is limited due the well documented limits on sources of funding placed on local government. These include: 1. an over reliance on rate revenue (an average of 59% over the life of the plan); 2. high level of government regulated fees for statutory services; and 3. diminishing level of federal funded untied grant (distributed by Grants Commission). Issues facing Mundaring include: 1. Changing community expectations. 2. Achieving asset sustainability given Shire s high level of property, road and storm water drainage ownership. Note: Local Government has the highest level of asset ownership of the three levels of government. 3. Cost Shifting, e.g. Landfill levy 4. Impact of urban infill on road and storm water infrastructure. 5. Lack of community infrastructure. 6. Impact on Mundaring employment and development opportunities due to transport and sewerage limitations. 7. Urban renewal planning across the Shire required due to aging infrastructure and urban infill. 8. Aging community. The issue of revenue capacity for Local Government has been the subject of several recent reviews including: 1. Systemic Sustainability Study (2006); 2. Amendment of the Local Government (Administration) Regulations 1996 requiring each local government to adopt a Strategic Community Plan and a Corporate Business Plan; and 3. Metropolitan Local Government Review. Page 5

7 Annual Budget 1. The Annual Budget is prepared using the same principles and guidelines as the Long Term Financial Plan, with adjustments being made for any new information or issues that have come to light since adoption of that plan; 2. The Annual Budget will include forecast year end information for the prior financial year and annual budget estimates for the specific financial year covered by the budget; 3. Over time as data, systems and processes improve, budget development will be undertaken using a rolling budget methodology with forward estimates which will enable Council and the Community to better assess the future full year impacts of budget decisions; 4. The Annual Budget will, in addition to estimating financial resources required, show where practicable and reliably measurable, other applicable resource inputs, e.g. labour, contract and materials as well as outputs and outcomes to enable measurements of efficiency and effectiveness to be conducted as well as enabling users to make value for money judgements; 5. Revenue from rates, service charges and fees for services will need to reflect the full cost of services and asset consumption; 6. Shire shall use it best endeavours to adopt the Annual Budget in June of each year so as to ensure that the cash flow of the Shire is maintained and investment revenue opportunities are maximised; 7. Re-allocation of budget resources during the year and surplus loan funds on completion of works shall be dealt with in accordance with the provisions of the Local Government Act 1995 and applicable regulations with such amendments being approved by an Absolute Majority resolution/decision of the Council. Page 6

8 Funding Allocation Prioritisation Methodology As there are many competing demands for limited financial and physical resources, the Shire recognises the importance of establishing an enterprise wide prioritisation methodology that enables the effective allocation of those resources. To ensure statutory compliance, acceptable levels of risk, good stewardship of community assets for all generations and equity and long term financial viability, assessment of funding requests are based on the following key principles and prioritised in the following manner: Activities required to ensure compliance with statutory obligations or standards; Risk mitigation activities or projects that are required to reduce extreme or high level risks (as determined by using the Shire Risk Assessment Matrix or another agreed risk assessment method) to, as far as practicable, an acceptable level; Current operational funding for programmes, unless the operational need for any of those programmes has been superseded; Maintenance of existing assets (infrastructure) in a manner that will maximise their useful life and ensure they remain fit for purpose; and New programmes or assets required to meet demonstrable organisational or community needs as identified through community and corporate planning activities, and Council decisions based on advice of technical/professional staff. Asset Management The existence of asset management plans for key infrastructure assets is a necessary predecessor to the Shire s LTFP to support planning and decision-making processes. This long-term planning for the infrastructure assets allows the Shire to understand the future financial commitments, and to develop strategies that address key strategic issues such as the Shire s approach to service provision and service levels, its debt borrowing policy and revenue policy - including its rating methodology. The Shire needs to clearly understand what its future commitments are in order to prepare budgets properly. Financial Projections The Long Term Financial Plan projections have been prepared in accordance with the Local Government Act 1995 and in a format that conforms to the Local Government (Financial Management) Regulations 1996 and Australian Accounting Standards. This allows projections to feed into the statutory format of the Annual Budget and key performance measures in the LTFP to be compared with Annual Page 7

9 Budgets and Annual Financial Reports. The statements included in this report include: Statement of Comprehensive Income (Nature and Type) The statement shows what is expected to happen during the year in terms of revenue, expenses and other adjustments from all activities. It removes all non-cash items and attempts to predict when payments and receipts will actually occur. No provisions or accruals are included in this statement so that it will give an indication of actual cash or equivalent funds remaining at the end of each year of the LTFP. Cash Flow Statement The statement shows what is expected to happen during the year in terms of cash. The net cash provided by operating activities shows how much cash is expected to remain after paying for the services provided to the community. This can be used to fund other activities such as capital works and infrastructure. The information in this statement assists in the assessment of the ability to generate cash flows and meet financial commitments as they fall due, including debt repayments. The statement reports on cash transactions only. All accounting adjustments, non-cash accruals and provisions are ignored. The net cash position at the end of each year indicates cash available in the bank to fund future capital projects and various other operating programs. Rate Setting Statement The format of the statement varies from the format of the statement prepared in Annual Budgets. In Annual Budgets, the bottom line of the statement is the amount to be made up from rates. However, where a shortfall results, this indicates that the Council is unable to fund the services proposed at the planned rating levels and may need to defer works or services, increase debt or increase rates even further to cover the cost of planned service provision. In the LTFP the Rate Setting Statement shows the accumulated surplus carried forward at the end of each year. Page 8

10 Statement of Financial Position (Balance Sheet) The statement is a snap-shot of the expected financial position of the Shire at the end of the financial year. It reports what is expected to be owned (assets) and what is expected to be owed (liabilities). The bottom line Net Assets represents the net worth of the Shire. The assets and liabilities are separated into current and non-current. Current means those assets or liabilities which will fall due in the next 12 months. Non-current refers to assets and liabilities that are recoverable or which fall due over a longer period than 12 months. The statement is a balance sheet which represents the expected financial position of the Shire at the end of each year covered by the LTFP. Equity Statement The equity statement is another way of looking at the net worth of the Shire, it analyses the various changes that have occurred or are occurring to the equity position over the term of the LTFP. Page 9

11 Key Financial Indicators Several statutory key performance indicators (KPIs) have been prescribed in the Local Government (Financial Management) Regulations 1995 to measure the financial sustainability of local governments. The LTFP has been assessed against these KPIs and will be compared with KPIs measured from the Annual Budgets and Annual Financial Statements to provide clear targets for the Shire to report its progress to the community each year. The following is a brief summary of the indicators and how the Shire of Mundaring compares to the targets recommended by the Department of Local Government (DLG): 1. Current Ratio Description: This is a measurement of the Shire s liquidity and its ability to meet its short term financial obligation out of unrestricted current assets. The Current Ratio is a measure of short term (unrestricted) liquidity - that is, the ability for the Shire to meet its liabilities (obligations) as, and when, they fall due. Provided Restricted Assets are excluded correctly, it is a very useful indicator of the "true" financial position of the Shire, particularly in the short-term (12 months). As a general rule, when the Current Ratio of a local government is calculated at less than 1 (100%), it indicates a short-term funding issue. However, it also needs to be considered in the context of the overall financial position. On occasions, anomalies may arise due to heavy loan repayments in the 12 months following the point of calculation of the current ratio. This will effectively inflate the level of current liabilities, when they are not necessarily due at the point of calculation. They are due over the course of the next 12 months and, in accordance with budgeting protocol, are budgeted to be funded from sources in the following financial year. Measure: Current Assets less Restricted Assets Current Liabilities less Current Liabilities associated with restricted assets less Long Term Borrowings Target: Ratio target is greater than or equal to 1:1. Page 10

12 2. Operating Surplus Ratio Description: This is an indicator of the extent to which operating revenues raised are sufficient to cover all operational expenses only or are available for capital funding purposes or other purposes. The operating surplus ratio is the operating surplus (deficit) expressed as a percentage of total operating revenue. A positive ratio indicates that surplus revenue is available which may be used to support the funding of capital expenditure or used to offset past or future operating deficits. If the surplus is not required for this purpose in a particular year, it can be held to support future capital expenditure funding as a financial asset, used to offset past deficit funding or, where possible, used to reduce current debt levels. Measure: Operating revenue less operating expenditure Own Source Revenue Target: Ratio target is between 0% and 15%. 3. Own Source Revenue Coverage Ratio Description: This is an indicator of the Shire s ability to cover its costs through its own revenue efforts. The Own Source Revenue Coverage Ratio is a ratio to assess the degree of dependence upon revenues from rates and other sources excluding external grants. The higher the ratio, the higher the dependency on own source revenue (controllable) and the less dependency on government grants (uncontrollable). Local Governments with a higher own source revenue coverage ratio find it easier to cope with unforeseen funding requirements and have more flexible budget options. This is because they have greater control over their own revenue. A basic result for this ratio is between 40% and 60%, an intermediate result is between 60% and 90% and an advanced result is greater than 90%. The challenge every local government faces is how to continue to improve this Ratio in the face of ever decreasing alternative funding sources (e.g. Financial Assistance Grants). If this ratio slips it may indicate that the local government is becoming more reliant on external funding sources, which are becoming less reliable, although large grants or contributions of a once-off nature will affect this ratio. Measure: Rates, fees & charges, reimbursements & recoveries, interest Total Operating Expenses Target: Ratio target is greater than or equal to 75%. Page 11

13 4. Debt Service Ratio Description: This is an indicator of the Shire s ability to produce enough cash to cover its debt payments from uncommitted or general purpose funds available for operations. Local governments with a higher proportion of revenues from rates (rate coverage ratio) can also effectively operate at higher Debt Service Ratios as they are more able to generate revenue (via rates increases) to cope with the debt burden. Consequently, the effect of any borrowing increases in any particular year should be considered when formulating funding options for future years as the longer term, cumulative effect of repayments are often ignored. Measure: Operating Revenue less Operating Expenditure except Interest Expense and Depreciation Principal and Interest Expense Target: Ratio target is greater than or equal to Asset Sustainability Ratio Description: This is an indicator of the extent to which assets managed by the Shire are being replaced as these reach the end of their useful lives. This ratio indicates whether the Shire is renewing or replacing existing physical assets at the same rate at which they are wearing out. On occasions, the Shire will accelerate or reduce asset expenditures over time to compensate for prior events, or invest in assets by spending more now so that it costs less in the future to maintain. If capital expenditure on renewing or replacing assets is at least equal to depreciation on average over time, then the Shire is ensuring the value of its existing stock of physical assets is maintained. If capital expenditure on existing assets is less than depreciation then, unless the Shire s overall asset stock is relatively new, it is likely that it is under spending on renewal or replacement. This is likely to result in additional maintenance costs for assets that have exceeded their useful life that exceed the costs of renewal and replacement. This situation could progressively undermine a local government s financial sustainability as it is confronted with failed assets and significant renewal and replacement costs that cannot be accommodated without sudden large rate increases. The ratio expresses net capital expenditure on renewal and replacement of existing assets as a percentage of depreciation costs. This measure assists in identifying the potential decline or improvement in asset condition and standards. A percentage less than 100 on an ongoing basis indicates that capital expenditure levels are not being optimised so as to minimise whole of life cycle costs of assets or that assets may be deteriorating at a greater rate than spending on their renewal or replacement. Page 12

14 Local governments should be replacing or renewing assets at the appropriate times. Achievement of the asset sustainability ratio target means that the Shire is reasonably preserving the stock of existing assets because renewal or replacement activity approximately matches the consumption of its asset stock for the period. A ratio greater than 110% indicates that the Shire may be over investing in renewal and replacement of its asset base. A ratio of less than 90% indicates that the Shire may be under investing in renewal and replacement of its asset base. Measure: Capital Renewal Expenditure Depreciation Expense Target: Ratio target is between 90% to 100%. 6. Asset Consumption Ratio Description: This ratio highlights the aged condition of the Shire s physical asset. The Asset Consumption Ratio expresses the total carrying value of depreciable assets as a percentage of the total reported value of depreciable assets before accumulated depreciation. This ratio shows the written down current value of the Shire s depreciable assets relative to their as new value in up to date prices. This ratio seeks to highlight the aged condition of the Shire s stock of physical assets. If a local government is responsibly maintaining and renewing and replacing its assets in accordance it asset management plan, then the fact that its Asset Consumption Ratio may be relatively low and/or declining should not be a cause for concern - providing it is operating sustainability. Measure: Depreciated Replacement Cost of Assets (Written Down Value) Current Replacement Cost Target: Ratio target is between 50 to 75%. 7. Asset Renewal Funding Ratio Description: This is a measurement of the Shire s liquidity and its ability to meet its short term financial obligation out of unrestricted current assets. The Ratio is a measure of the ability of the Shire to fund its projected asset renewals and replacements in the future. The LTFP makes annual provisions to renew assets where their condition has degraded beyond an objective threshold. This requirement will vary from year by year, potentially creating different short term and long term renewal funding needs. Page 13

15 A ratio of between 95 and 105% indicates that the Shire s LTFP makes adequate provision to maintain existing levels of service and renew or replace assets. The % measurement is a suitable target if the Asset Sustainability Ratio falls within the 90 to 100% target and the Asset Consumption Ratio falls within the target range of 50 to 75%. A ratio between 50 and 75% indicates that the Shire may not be making adequate provision for the future renewal or replacement of its asset base. Measure: Net Present Value of Planned Renewal Expenditure Net Present Value of Asset Management Plan Projections Target: Ratio target is between 95% and 105%. The Shire is currently developing its Asset Management Plans. As this ratio relies on data that will be calculated in developing the Asset Management Plans this ratio cannot be reliably calculated at this point in time. CONCLUSION: The development of Shire's Long Term Financial Plan will play an integral part in the Shire maintaining financial sustainability. Council will consider the content of the LTFP when considering the Annual Budget for 2013/14 and subsequent years. It is expected that adopted budgets will be closely aligned with the proposals in the LTFP and assumptions underpinning this plan. Some minor review of the LTFP will occur each year as budgets are prepared, to account for performance information and changing circumstances. A full review will be undertaken in conjunction with consultation outcomes of the Strategic Community Plan. Council is confident that the LTFP will allow the Shire to set priorities within its resourcing capabilities to sustainably deliver the assets and services required by the community. Page 14

16 FINANCIAL STATEMENTS Statement of Comprehensive Income Actual 2010/11 Actual 2011/ / / / / / / / / / / /23 Revenue Rates 19,001,610 21,438,041 22,581,731 24,052,149 25,618,327 27,286,511 29,063,344 30,955,906 32,971,735 35,118,863 37,405,841 39,841,781 42,436,373 Grants & Subsidies - Operating 5,604,106 7,106,597 3,551,761 4,861,148 5,006,982 5,157,192 5,311,907 5,471,265 5,635,403 5,804,465 5,978,599 6,157,957 6,342,695 Fees & Charges 6,255,909 6,835,377 6,969,779 7,294,777 7,511,677 7,735,069 7,965,149 8,202,117 8,446,178 8,697,545 8,956,438 9,223,081 9,497,706 Contributions, Reimbursements & Donations 1,800,685 1,792, , , , , , , , , , , ,212 Interest Earnings 1,431,940 1,333,089 1,038,000 1,117, , , , ,173 1,111,287 1,307,450 1,539,846 1,576,835 2,023,796 Other Revenue 913,795 1,319,643 2,403,221 2,747,360 3,443,923 3,871,219 3,941,305 4,059,544 4,181,331 4,306,771 4,435,974 4,569,053 4,706,125 Total Income 35,008,045 39,825,039 36,879,492 40,417,593 42,709,471 45,238,248 47,552,618 50,075,362 52,745,942 55,647,101 58,741,065 61,805,806 65,456,908 Expenditure Employee Costs (11,148,608) (12,168,907) (13,875,954) (14,530,234) (15,099,951) (15,691,748) (16,306,474) (17,589,614) (17,608,264) (18,297,190) (19,012,771) (19,678,218) (20,366,956) Materials & Contracts (13,102,585) (14,180,738) (16,964,184) (17,581,402) (18,167,124) (18,738,092) (19,384,266) (20,153,963) (20,614,880) (21,235,646) (22,243,056) (22,659,548) (23,493,958) Utility Charges (925,812) (976,167) (1,157,856) (1,274,332) (1,401,765) (1,471,853) (1,545,446) (1,622,718) (1,703,854) (1,789,047) (1,878,499) (1,934,854) (1,992,899) Interest on Loans (362,431) (350,410) (339,000) (641,563) (627,022) (1,166,054) (1,134,499) (1,103,797) (1,073,927) (1,044,864) (1,016,589) (989,078) (962,312) Depreciation (7,445,864) (7,505,816) (8,484,329) (10,042,826) (10,267,698) (10,059,435) (10,144,523) (9,907,138) (9,853,295) (9,672,215) (9,543,510) (9,590,467) (9,401,462) Insurance (617,470) (680,460) (820,281) (869,438) (912,910) (958,555) (996,897) (1,036,773) (1,078,244) (1,121,374) (1,166,229) (1,212,878) (1,261,393) Other (1,809,080) (2,075,001) (2,465,719) (2,606,793) (2,557,443) (2,704,592) (2,716,207) (2,867,693) (2,883,724) (3,040,235) (3,061,442) (3,223,286) (3,389,984) Total Expenditure (35,411,850) (37,937,499) (44,107,323) (47,546,588) (49,033,913) (50,790,330) (52,228,312) (54,281,696) (54,816,188) (56,200,571) (57,922,096) (59,288,328) (60,868,964) Increase / (Decrease) (403,805) 1,887,540 (7,227,832) (7,128,995) (6,324,442) (5,552,082) (4,675,694) (4,206,335) (2,070,246) (553,470) 818,969 2,517,478 4,587,944 Non Operating Grants & Contributions 1,832,058 2,038,833 2,269,141 2,337,215 2,407,332 2,479,552 2,553,938 2,630,556 2,709,473 2,790,757 2,874,480 2,960,714 3,049,536 P & L on Fixed Assets disposed (4,924) 15,621 6,034,500 2,384, Change in Equity Joint venture 1,166,184 1,733, Net Results 2,589,513 5,675,794 (4,958,690) 1,242,721 (1,532,611) (3,072,530) (2,121,756) (1,575,778) 639,227 2,237,287 3,693,449 5,478,192 7,637,480 Change in Revaluation of Non Current Assets 707,421 6,740, Other Income / expenditure Net Result Comprehensive Income / (Loss) 3,296,934 12,416,741 (4,958,690) 1,242,721 (1,532,611) (3,072,530) (2,121,756) (1,575,778) 639,227 2,237,287 3,693,449 5,478,192 7,637,480 Page 15

17 Cash Flow Actual 2010/11 Actual 2011/ / / / / / / / / / / /23 Opening balance 19,940,262 16,825,580 15,921,833 12,342,176 5,463,196 6,443,884 7,877,333 9,963,457 12,225,749 16,149,008 20,796,913 21,536,705 30,475,929 Cash Flow from operating activity Receipts Rates 18,550,746 21,306,046 22,578,002 24,048,345 25,614,447 27,282,553 29,059,308 30,951,789 32,967,536 35,114,579 37,401,472 39,837,325 42,431,828 Grants - Operating 5,671,984 7,132,488 3,731,761 5,044,748 5,194,254 5,348,209 5,506,745 5,669,999 5,838,112 6,011,228 6,189,497 6,373,073 6,562,114 Fees & Charges 6,585,252 6,985,637 7,170,228 7,499,235 7,720,224 7,947,787 8,182,122 8,423,428 8,671,916 8,927,798 9,191,296 9,462,636 9,742,053 Contributions, Reimbursements & Donations 459,507 1,083, , , , , , , , , , , ,592 Interest Earnings 1,350,844 1,238,089 1,038,000 1,117, , , , ,173 1,111,287 1,307,450 1,539,846 1,576,835 2,023,796 Other Income 913,796 1,319,643 2,403,221 2,747,360 3,443,923 3,871,219 3,941,305 4,059,544 4,181,331 4,306,771 4,435,974 4,569,053 4,706,125 GST Refund 1,388,763 1,392,219 1,429,888 1,384,415 1,412,104 1,440,346 1,469,153 1,498,536 1,528,507 1,559,077 1,590,258 1,622,063 1,654,505 Total Operating Receipts 34,920,892 40,457,864 38,706,100 42,206,663 44,534,322 47,099,596 49,451,193 52,011,908 54,721,219 57,661,885 60,796,144 63,901,987 67,595,012 Payments Employee Costs (11,074,935) (11,990,704) (13,991,663) (14,530,234) (15,099,951) (15,691,748) (16,306,474) (17,589,614) (17,608,264) (18,297,190) (19,012,771) (19,678,218) (20,366,956) Materials & Contracts (13,361,476) (15,808,954) (18,292,839) (18,963,203) (19,576,562) (20,175,718) (20,850,645) (21,649,669) (22,140,501) (22,791,779) (23,830,311) (24,278,548) (25,145,338) Utility Charges (981,812) (1,032,167) (1,217,856) (1,335,532) (1,464,189) (1,535,525) (1,610,392) (1,688,963) (1,771,424) (1,857,968) (1,948,798) (2,006,559) (2,066,039) Interest on Loans (362,431) (350,410) (339,000) (641,563) (627,022) (1,166,054) (1,134,499) (1,103,797) (1,073,927) (1,044,864) (1,016,589) (989,078) (962,312) Insurance (677,470) (740,460) (820,281) (869,438) (912,910) (958,555) (996,897) (1,036,773) (1,078,244) (1,121,374) (1,166,229) (1,212,878) (1,261,393) Other (1,969,080) (2,235,001) (2,805,002) (2,952,862) (2,910,433) (3,064,641) (3,083,457) (3,242,289) (3,265,811) (3,429,965) (3,458,966) (3,628,760) (3,803,568) Total Operating Payments (28,427,204) (32,157,696) (37,466,641) (39,292,832) (40,591,066) (42,592,243) (43,982,364) (46,311,105) (46,938,170) (48,543,140) (50,433,665) (51,794,042) (53,605,606) Net Operating Cash Inflows/(Outflows) 6,493,688 8,300,168 1,239,459 2,913,831 3,943,256 4,507,354 5,468,829 5,700,803 7,783,049 9,118,745 10,362,479 12,107,945 13,989,406 Cash Flow from Investing & Financing Activities Receipts Grants - Non Operating 1,832,058 2,038,833 2,269,141 2,337,215 2,407,332 2,479,552 2,553,938 2,630,556 2,709,473 2,790,757 2,874,480 2,960,714 3,049,536 Borrowings 0 0 1,500,000 1,500,000 1,500,000 8,000, Proceeds from Disposal of Fixed Assets 262, ,343 6,454,550 6,765,900 3,154, , ,100 2,382, , , , , ,420 Total Investing & Financing Receipts 2,094,490 2,547,176 10,223,691 10,603,115 7,061,372 11,249,552 3,352,038 5,013,196 3,510,493 3,733,157 3,730,460 3,899,314 3,945,956 Payments Repayment of Borrowings (150,884) (161,711) (173,315) (209,217) (244,148) (454,035) (441,748) (429,793) (418,162) (406,846) (395,836) (385,124) (347,000) Purchase of Fixed assets (6,435,123) (7,390,956) (14,869,492) (20,186,709) (9,779,791) (13,869,422) (6,292,996) (8,021,913) (6,952,121) (7,797,151) (12,957,311) (6,682,910) (6,986,141) Payment to Trust Fund (5,116,852) Total Investing & Financing Payments (11,702,859) (7,552,667) (15,042,807) (20,395,926) (10,023,939) (14,323,456) (6,734,744) (8,451,707) (7,370,283) (8,203,997) (13,353,147) (7,068,034) (7,333,141) Net Investing & Financing Cash Inflows/(Outflows) (9,608,369) (5,005,491) (4,819,116) (9,792,811) (2,962,568) (3,073,905) (3,382,706) (3,438,510) (3,859,790) (4,470,840) (9,622,687) (3,168,720) (3,387,185) Cash balance 16,825,581 20,120,257 12,342,176 5,463,196 6,443,884 7,877,333 9,963,457 12,225,749 16,149,008 20,796,913 21,536,705 30,475,929 41,078,150 Page 16

18 Rates Setting statement Actual 2010/11 Actual 2011/ / / / / / / / / / / /23 Income 16,006,435 18,386,996 14,297,761 16,365,444 17,091,144 17,951,738 18,489,274 19,119,455 19,774,206 20,528,239 21,335,224 21,964,025 23,020,535 Expenditure (35,411,850) (37,937,500) (44,107,323) (47,546,588) (49,033,913) (50,790,330) (52,228,312) (54,281,696) (54,816,188) (56,200,571) (57,922,096) (59,288,328) (60,868,964) Sub Total (19,405,415) (19,550,504) (29,809,562) (31,181,144) (31,942,769) (32,838,592) (33,739,038) (35,162,241) (35,041,982) (35,672,332) (36,586,872) (37,324,304) (37,848,429) Write back depreciation 7,445,864 7,505,816 8,484,329 10,042,826 10,267,698 10,059,435 10,144,523 9,907,138 9,853,295 9,672,215 9,543,510 9,590,467 9,401,462 Grants/Contributions - for the Development of Assets 1,832,058 2,038,833 2,269,141 2,337,215 2,407,332 2,479,552 2,553,938 2,630,556 2,709,473 2,790,757 2,874,480 2,960,714 3,049,536 Funds demand from Operations (10,127,493) (10,005,855) (19,056,092) (18,801,103) (19,267,739) (20,299,605) (21,040,576) (22,624,547) (22,479,214) (23,209,360) (24,168,882) (24,773,122) (25,397,432) Acquisition on non current assets (7,786,299) (8,102,957) (14,869,492) (20,186,709) (9,779,791) (13,869,422) (6,292,996) (8,021,913) (6,952,121) (7,797,151) (12,957,311) (6,682,910) (6,986,141) Funding to Reserves (3,392,356) (3,193,050) (8,528,250) (9,524,750) (6,575,250) (4,850,000) (7,550,000) (7,216,050) (10,243,482) (5,992,336) (6,942,656) (9,494,486) (15,047,870) Debt redemption (150,884) (161,711) (173,315) (209,217) (244,148) (454,035) (441,748) (429,793) (418,162) (406,846) (395,836) (385,124) (347,000) Proceeds from sale of assets 262, ,343 6,454,550 6,765,900 3,154, , ,100 2,382, , , , , ,420 Other Provisions and adjustments 102,799 (215,917) 38, , , , , , , , , , ,000 Closing Funds (surplus)/deficit (4,501,604) (7,688,285) (18,349) (7,667) 788,644 1,134,108 3,711,790 4,423,530 2,991,629 1,282,835 1,527,783 (2,327,905) (1,269,934) Demand from resources (25,593,406) (28,859,432) (36,152,948) (41,813,545) (31,774,244) (37,418,953) (30,665,431) (31,336,133) (36,150,329) (35,030,459) (41,930,923) (42,574,947) (48,001,957) Funding Sources Opening Funds 4,230,743 4,501,604 3,744,695 18,349 7,667 (788,644) (1,134,108) (3,711,790) (4,423,530) (2,991,629) (1,282,835) (1,527,783) 2,327,905 Loan Funds 0 0 1,500,000 1,500,000 1,500,000 8,000, Reserves 2,361,053 2,919,789 8,326,522 16,243,047 4,648,251 2,921,087 2,736,195 4,092,017 7,602,124 2,903,226 5,807,916 4,260,948 3,237,679 Amount made up from Rates 19,001,610 21,438,039 22,581,731 24,052,149 25,618,327 27,286,511 29,063,344 30,955,906 32,971,735 35,118,863 37,405,841 39,841,781 42,436,373 Page 17

19 Statement of Financial Position Actual 2010/11 Actual 2011/ / / / / / / / / / / /23 Current Assets Cash and Cash Equivalents 16,825,578 20,120,255 12,342,176 5,463,196 6,443,884 7,877,333 9,963,457 12,225,749 16,149,008 20,796,913 21,536,705 30,475,929 41,078,150 Trade and Other Receivables 1,096,307 1,405,779 1,553, ,343 1,258,343 1,258,343 1,258,343 1,258,343 1,258,343 1,258,343 1,258,343 1,258,343 1,258,343 Inventories 78, ,498 80,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 18,000,744 22,215,532 13,975,987 6,296,539 7,777,227 9,210,676 11,296,800 13,559,092 17,482,351 22,130,256 22,870,048 31,809,272 42,411,493 Current Liabilities Trade and Other Payables (1,480,154) (1,675,154) (1,103,746) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) (1,200,000) Borrowings - Current portion (161,711) (173,315) (209,217) (244,148) (454,035) (441,748) (429,793) (418,162) (406,846) (395,836) (385,124) (347,000) (347,000) Provisions (1,794,416) (2,131,030) (1,818,194) (2,715,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (2,815,828) (3,436,281) (3,979,499) (3,131,157) (4,159,976) (4,469,863) (4,457,576) (4,445,621) (4,433,990) (4,422,674) (4,411,664) (4,400,952) (4,362,828) (4,362,828) Net Current Assets 14,564,463 18,236,033 10,844,829 2,136,563 3,307,364 4,753,100 6,851,178 9,125,102 13,059,677 17,718,592 18,469,095 27,446,444 38,048,665 Non Current Assets Trade and other receivables 701, , , , , , , , , , , , ,000 Investments EMRC 7,623,618 9,357,418 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 7,623,618 Property, Plant and IS Assets 182,255, ,877, ,180, ,392, ,135, ,175, ,525, ,257, ,555, ,737, ,295, ,449, ,137, ,580, ,016, ,563, ,526, ,068, ,108, ,459, ,191, ,489, ,671, ,229, ,383, ,418,488 Non Current Liabilities Borrowings - Long term Portion (4,904,727) (4,731,412) (6,021,906) (7,277,758) (8,323,723) (15,881,975) (15,452,182) (15,034,019) (14,627,173) (14,231,337) (13,846,213) (13,499,213) (13,499,213) Provisions (525,165) (389,267) (793,883) (550,000) (750,000) (750,000) (750,000) (750,000) (750,000) (750,000) (750,000) (750,000) (750,000) Total Net Assets 199,714, ,131, ,592, ,834, ,302, ,229, ,108, ,532, ,171, ,408, ,102, ,580, ,217,941 Equity Reserves (10,224,569) (10,497,830) (11,040,388) (4,322,091) (6,249,090) (8,178,003) (12,991,808) (16,115,841) (18,757,199) (21,846,309) (22,981,049) (28,214,586) (40,024,777) Retained earnings (119,671,148) (125,073,679) (113,732,614) (121,693,631) (118,234,021) (113,232,578) (106,297,018) (101,597,206) (99,595,075) (98,743,253) (101,301,961) (101,546,616) (97,373,905) Asset Revaluation Reserve (69,819,259) (76,560,205) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) (69,819,259) Total Equity (199,714,976) (212,131,714) (194,592,260) (195,834,981) (194,302,370) (191,229,840) (189,108,085) (187,532,307) (188,171,533) (190,408,821) (194,102,269) (199,580,461) (207,217,941) Page 18

20 Equity Statement Actual 2010/11 Actual 2011/ / / / / / / / / / / /23 Retained Surplus Opening Balance 121,746, ,671, ,893, ,732, ,693, ,234, ,232, ,297, ,597,206 99,595,075 98,743, ,301, ,546,616 Net result 2,589,513 5,675,792 (4,958,690) 1,242,721 (1,532,611) (3,072,530) (2,121,756) (1,575,778) 639,227 2,237,287 3,693,449 5,478,192 7,637,480 Transfer from Reserves 2,361,053 2,919,789 8,326,522 16,243,047 4,648,251 2,921,087 2,736,195 4,092,017 7,602,124 2,903,226 5,807,916 4,260,948 3,237,679 Transfer to Reserves (3,392,356) (3,193,050) (8,528,250) (9,524,750) (6,575,250) (4,850,000) (7,550,000) (7,216,050) (10,243,482) (5,992,336) (6,942,656) (9,494,486) (15,047,870) Transfer to trust (3,633,343) Closing Balance 119,671, ,073, ,732, ,693, ,234, ,232, ,297, ,597,206 99,595,075 98,743, ,301, ,546,616 97,373,905 Asset Revaluation Reserve Opening Balance 69,111,835 69,819,258 69,819,256 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 Revaluation Increase (Decrease) 707,421 6,740, Closing Balance 69,819,256 76,560,205 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 69,819,259 Reserves 10,224,571 10,497,830 11,040,388 4,322,091 6,249,090 8,178,003 12,991,808 16,115,841 18,757,199 21,846,309 22,981,049 28,214,586 40,024,777 Total Retained earnings 199,714, ,131, ,592, ,834, ,302, ,229, ,108, ,532, ,171, ,408, ,102, ,580, ,217,941 Page 19

21 KPIs *** years 2010/11 & 2011/12 are Actual Ratios Shire of Mundaring Current Ratio Forecast Target / / / / / / / / / / / / / Page 20

22 15.0% 10.0% Shire of Mundaring Operating Surplus Ratio Forecast Target 5.0% 0.0% 2010/ / / / / / / / / / / / /23-5.0% -10.0% -15.0% -20.0% -25.0% Page 21

23 Shire of Mundaring Own Source Revenue Coverage Ratio Forecast Target 120% 100% 80% 60% 40% 20% 0% 2010/ / / / / / / / / / / / /23 Page 22

24 Shire of Mundaring Debt Service Coverage Ratio Actual Target / / / / / / / / / / / / /23 Page 23

25 Shire of Mundaring Asset Sustainability Ratio Forecast Target 250% 200% 150% 100% 50% 0% 2010/ / / / / / / / / / / / /23 Page 24

26 Shire of Mundaring Asset Consumption Ratio Actual Target 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2010/ / / / / / / / / / / / /23 Page 25

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