Shire of Ashburton. Long Term Financial Plan

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1 Shire of Ashburton Long Term Financial Plan

2 Preface Acknowledgement Development of this plan has been supported by the Department of Local Government and Communities and funding from the Royalties for Regions Country Local Government Fund, which is administered by the Department of Regional Development. Adoption Date: 18 March 2015 Shire of Ashburton If you seek further information of have any questions relating to this Plan please contact: The Shire of Ashburton P O Box 567 TOM PRICE WA 6751 Ph: Fax: Document Management Version: 1.0 Status: Final Release Date: 20 March 2015 Document Location: S:\Paul\Clients\Current\ashburton\2012\LTFP\LTFP - Ashburton - Final Chartered Accountants Shire of Ashburton Long Term Financial Plan

3 Contents Foreword... 4 Executive Summary... 5 Introduction... 6 Strategic Planning and Policies... 7 Scenario Modelling... 8 Risk Management... 9 Assumptions, Risk, Uncertainty and Sensitivity Monitoring and Performance Workforce Planning Financial Summary Forecast Capital Projects Vision, Objectives and Services Forecast Financial Statements Forecast Significant Accounting Policies 2015 to Other Matters Statement 1. Forecast Statement of Comprehensive Income 2015 to 2030 by Nature or Type Statement 2. Forecast Statement of Comprehensive Income 2015 to 2030 by Program Statement 3. Forecast Statement of Financial Position 2015 to Statement 4. Forecast Statement of Changes in Equity 2015 to Statement 5. Forecast Statement of Cashflows 2015 to Statement 6. Forecast Statement of Funding 2015 to Statement 7. Forecast Statement of Net Current Asset Composition 2015 to Statement 8. Forecast Statement of Fixed Asset Movement 2015 to Statement 9. Forecast Statement of Fixed Asset Funding 2015 to Statement 10. Forecast Ratios 2015 to Chartered Accountants Shire of Ashburton Long Term Financial Plan

4 Foreword Shire President I am very pleased to present to the Community the Shire of Ashburton Long Term Financial Plan for the period 2015 to The plan is part of the Shire s ongoing commitment to an integrated approach to planning for the District s future. It provides the Council and the community with a picture of the Shire s long term financial circumstances and assists us to meet our strategic outcomes and objectives. The Shire will encounter many challenges and opportunities over the next 15 years. Changes in population levels and demographics bring with them changing community needs and expectations. The Council will require a clear understanding of its capacity to meet these service expectations as it maintains a strong focus on sound financial management. The Council welcomes community participation as we plan for a promising future of our District. I invite members of the Community to contact the Council staff or a Councillor if they have any questions. Regards Chief Executive Officer The Shire of Ashburton s Long Term Financial Plan is an important financial tool as we strive to achieve the strategies set out in the Council s Strategic Community Plan. The plan will be used with the corporate business plan, asset management plans and workforce plan to achieve our goals and drive the Shire in achieving its vision of The Shire of Ashburton will be a vibrant and prosperous place for work, leisure and living. The Shire has recently devoted significant resources into improving its strategic planning in line with the State reform agenda for local government. We have also investigated ways to improve services to the Community by resource sharing and collaboration with neighboring local governments. This work continues as we constantly seek to improve our systems and service delivery. The staff have worked closely with the Council to prepare this plan and to highlight the financial issues that will require decisions in the future. I thank the staff for their effort in producing this comprehensive document. Best Wishes Shire President Cr Kerry White Chief Executive Officer Neil Hartley Chartered Accountants Shire of Ashburton Long Term Financial Plan

5 Executive Summary Planning for a Sustainable Future The Shire of Ashburton is planning for a positive and sustainable future. The Shire seeks to maintain, and where possible, improve service levels into the future while maintaining a healthy financial position. Assumptions The plan has been prepared based on the following broad assumptions: The Shire aims to maintain its current service levels and, where financially prudent, increase services. The level of grants and contributions for capital projects and operations will decrease significantly after the initial two years. Assets are expected to be adequately maintained and continue to provide existing levels of service. Financial Summary Operations The plan predicts an overall negative net result from operations over the period. A significant amount of external grants and contributions are forecast to be received to fund the development of Onslow to accommodate the increased activity from natural gas production. It is anticipated increased rating and user charges will provide a source of sustainable revenue going forward after the period of expansion. Rates Rates revenue is forecast to increase in line with inflation of 2.7% per annum from a base level aligned to the adopted budget. Grants Grants and contributions toward operations are expected to be $7.2m in year one and then increase in line with inflation. Capital Grants and Contributions are forecast to be $19.1m in year one decreasing to $10.4m in year two before again falling to $2.9m in year five and to $1.5m by year six. Financing Reserves are forecast to increase from $27.6m to $30.2m over the fifteen years while borrowings will increase initially to $7.9m before being fully repaid by 30 June This will strengthen the Shire s financial position at the end of the forecast period. Strategic Financial Issues The Shire has responsibility for the maintenance of a large asset base including a significant road network. To assist with this task the Shire receives external grants from the National and State Government. Without this source of revenue the Shire would be faced with the prospect of a substantial rate increase to maintain its current service levels. Major Projects Council has an extensive capital expansion program with resources being utilised for the construction of new assets along with maintenance and renewal of existing assets. The construction of the Paraburdoo Community Hub and the Onslow Swimming Pool (including housing) are two large projects in the first two years of the Plan. Significant renewals of buildings and roads are also provided for within the plan. Chartered Accountants Shire of Ashburton Long Term Financial Plan

6 Introduction Planning Framework This Long Term Financial Plan has been prepared to achieve compliance with the Local Government (Administration) Regulations Development of the plan has also been influenced by the Department of Local Governments and Communities Framework and Guidelines for Long Term Financial Planning. Key Statistics: Shire of Ashburton 2015 Number of Elected Members 9 Number of Staff Annual revenue 1 $77,789,793 Rates revenue 1 $24,562,810 Number of Electors 2 2,980 Number of Dwellings 900 Distance from Perth (km) 1,577 Community The Shire of Ashburton is located in the resource rich Pilbara region of Western Australia comprising 100,959 km 2 from reef to range. The main population centres are the towns of Onslow, Pannawonica, Paraburdoo and the administration centre Tom Price. Bindi Bindi, Wakthuni, Bellary, Youngaleena and Ngurawaana aboriginal communities are also located within the Shire. A large scale Liquefied Natural Gas (LNG) and mining projects within the Shire result, in a significant Fly In Fly Out (FIFO) population. Compared to the State population average, the Shire has a substantially higher percentage of working adults and a lower percentage of residents in other age groups as reflected in the adjacent chart. 1 (Shire of Ashburton, 2014) 2 (West Australian Electoral Commission, 2015) Chartered Accountants Shire of Ashburton Long Term Financial Plan

7 Introduction Area (sq. km) 3 100,959 Population (Est.2013) 5 10,001 Graph 1 Shire of Ashburton Resident Population by Age Group 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Ashburton WA 0.0% 0-4 years 5-14 years years years years years years years years years 85 years and over 3 (Australian Bureau of Statistics, 2015) Chartered Accountants Shire of Ashburton Long Term Financial Plan

8 troduction Strategic Planning and Policies Linkage With Other Plans The Long Term Financial Plan is one component of a number of integrated strategic planning practices the Shire has developed, in response to the Department of Local Government and Communities Integrated Planning and Reporting Framework. This plan includes, and influences, other strategic planning activities as a mechanism to action the strategies contained in Shire s Community Strategic Plan and links to other strategic documents as follows. Strategic Community Plan The Council has developed a Strategic Community Plan that has been prepared to cover at least the next 10 years and sets out the community s goals, aspirations and values. To achieve these goals a series of outcomes and strategies were developed. Many strategies may be required to achieve a single outcome and many outcomes needed to achieve a single objective as represented in the diagram to follow. Strategic Community Plan structure Strategic Outcomes Strategies Community Vision and Aspirations Strategic Objectives Strategies Strategic Outcomes Strategies Strategies The individual strategies all require actions that may require additional human and physical resources. In addition, achieving these strategies may require a series of actions over time as they may not be able to be achieved concurrently taking into account limited financial resources. To achieve the Shire s strategic outcomes requires careful operational planning and prioritisation which is formalised as a Corporate Business Plan. Corporate Business Plan The Corporate Business Plan contains details of the actions and resources (human and financial) to achieve each strategy. It is a rolling four years plan which acts as an organisational guide to the Council and management. The financial capacity to undertake these tasks is evidenced in a long term financial plan for the period. This long term financial planning provides an assurance the actions contained in the Corporate Business Plan can be adequately resources over the next four years and highlight the long term consequences of applying human and financial resource to undertaking various projects. The first year of the Corporate Business Plan will be sliced off to form the draft annual budget for consideration by the Council. Capital Works Plan The Shire has developed a ten year capital works plan. This Plan incorporates expenditure estimates for the main asset classes and is the principal information source for the capital program. Chartered Accountants Shire of Ashburton Long Term Financial Plan

9 $ Millions Scenario Modelling Scenario Modelling Scenarios were developed to test the financial impact of reduced levels of funding for both operations and capital. Scenario modelling was undertaken to consider the impact on the estimated surplus/deficit at 30 June carried forward. To ascertain the effect of reduced funding levels through scenario modelling, rates revenue was reduced in year 1 to $22m from the forecast $24.7m due to a potential decrease in mining camp rates in the first scenario. Halving the contributions towards the Paraburdoo Community HUB (CHUB) and utilising borrowings to fund the project forms the second scenario. All other assumptions remained the same across the three scenarios. Over the 15 years of the plan the reduction in the estimated surplus/(deficit) as a consequence of reduced funding is shown in graph 1. Graph 1 Scenario Comparison Estimated surplus/deficit 0 (5) (10) (15) (20) (25) (30) (35) (40) Base Scenario Scenario 1 - Reduced Rates Revenue Scenario 2 - Reduced Capital Grants and Contributions The adjacent table reflects the impact of a change in funding levels and the total effect of a reduction in funding (other assumptions remaining the same). Estimated Surplus/Deficit June 30 Carried Forward Funding Level Variance from Base Level In Year 15 Scenario 1 Reduced ($35,940,564) Rates Revenue Scenario 2 Reduced ($6,379,160) Capital Funding Year 1 Chartered Accountants Shire of Ashburton Long Term Financial Plan

10 Risk Management Risk Management The Shire provides a diverse range of services and facilities to the general public which exposes it to risks. As part of the implementation of Integrated Planning and Reporting the Shire formalised its risk based management practices to improve the management of identified risks. The CEO undertook a review of Risk Management in 2014 in accordance with Local Government (Audit) Regulation 17, a number of improvements were identified as part of this review. The Shire has a practice of conducting a regular review of insurance levels of its assets by the Chief Executive/Directors to ensure the level is adequate to protect the Shire s assets. The Shire s insurer is LGIS. Recent amendments to applicable Financial Management Regulations requires the investment of surplus funds (including cash reserves) to be in Term Deposits held by Authorised Deposit taking Institutions or Treasury Bonds The Shire seeks to engage experienced and qualified personnel in areas of high risk and provide them with appropriate ongoing training and equipment to ensure they are able to undertake their roles with minimal risk to the Community and the Shire. Certainty of Assumptions Included in the following pages is a detailed analysis of the assumptions used in the preparation of this Plan and the level of risk associated with each assumption. The impact of the assumptions on issues identified as carrying a high risk have been separately disclosed as has the sensitivity of movements in these assumptions on the financial forecasts set out in this plan. Sensitivity Analysis Where it has been assessed a high level of uncertainty applies to the assumption outcomes, sensitivity analysis has been used to help quantify the potential financial impact of a change in the assumption. Those assumptions with a high level of uncertainty and a higher dollar value represents the greatest risk. A movement in the assumption may result in unexpected and detrimental consequences. The details of this analysis are shown adjacent to each assumption on the following pages. Chartered Accountants Shire of Ashburton Long Term Financial Plan

11 Assumptions, Risk, Uncertainty and Sensitivity Revenue Assumptions, Risks, Uncertainties and Sensitivity. Disclosure/Assumption District Growth in Population: A linear relationship between rates and population is assumed. Rates Level Increase: Annual rates increases have been based on an inflation rate of 2.7% This will be reviewed annually. Operating Grants and Contributions Increase in line with inflation forecast. Non-Operating Grants and Contributions: $19.1m in year one, $10.4m in year two to provide for expansion of infrastructure. Thereafter reduced to $2.9m before decreasing to $1.5m in year 6 and dropping to nil in year 13. Fees and Charges: Excepting airport fees and charges, annual increases have been based on an inflation rate of 2.7%. Airport fees and charges are forecast to decrease over the first three years as construction activity in Onslow decreases. Interest Earnings: To remain in line with Reserve Cash levels with a forecast investment interest rate of an average 2.5% per annum. Assessed Financial Risk Medium Impact for High Financial Risk Assumptions The level of population growth and development activity is difficult to forecast and carries a high level of uncertainty. Level of Uncertainty High Financial impact and sensitivity for assumption with high level of uncertainty Rates - $239,852 in the first year of the plan per 1% movement in population. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. High High The road maintenance program and general operations of the Shire are dependent on the level of Financial Assistance Grants. Changes in the levels of these grants would impact directly on the Shire s ability to meet projected service levels. The Capital works program is highly dependent on grants and contributions from both the Government and large corporations. Changes in these levels would impact directly on the amount spent on capital projects and ultimately Medium Medium ± $1.31m to the value of operating grants and contributions per 1.0% movement in the value over the life of the plan. ± $487,000 to the value of nonoperating grants and contributions per 1.0% movement in the value over the life of the plan. impact on service levels. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. Low Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. Chartered Accountants Shire of Ashburton Long Term Financial Plan

12 Assumptions, Risk, Uncertainty and Sensitivity Disclosure/Assumption Other Revenue: Increased in line with inflation after the first year. Profit on Asset Disposal: Profit on asset disposal results from a misallocation of depreciation over the life of the asset. As the level of depreciation is considered appropriate no profit on asset disposals has been included. Assessed Financial Risk Impact for High Financial Risk Assumptions Level of Uncertainty Financial impact and sensitivity for assumption with high level of uncertainty Low Not assessed as high financial risk. Low Not assessed as high level of uncertainty. Low Not assessed as high financial risk Low Not assessed as high level of uncertainty. Chartered Accountants Shire of Ashburton Long Term Financial Plan

13 Assumptions, Risk, Uncertainty and Sensitivity Expenditure Assumptions, Risks, Uncertainties and Sensitivity. Disclosure/Assumption Employee Costs: Increased in line with inflation with adjustments for additional staff required for new facilities. Materials and Contracts: Increased in line with inflation with adjustments for expenditure related to additional services as identified in the Corporate Business Plan. Utilities: Increased in line with inflation after the first year. Depreciation: Depreciation has been calculated using an average depreciation rate based on historical depreciation rates. Insurance: Increased in line with inflation after the first year. Other Expenditure: Increased in line with inflation after the first two years. Loss on Asset Disposal: A loss on asset disposal results from a misallocation of depreciation over the life of the asset. As the level of depreciation is considered appropriate in the Plan no loss on asset disposals has been included in the plan. Assessed Financial Risk Impact for High Financial Risk Assumptions Level of Uncertainty Financial impact and sensitivity for assumption with high level of uncertainty Medium Not assessed as high financial risk. Low Not assessed as high level of uncertainty. High The road maintenance program and general operations of the Shire are dependent on levels of Federal Financial Assistance Grants. Changes in the levels of these grants would impact directly on the Shire s ability to meet projected service levels. Medium ± $3,067,930 to the value of materials and contracts per 1% movement in the value over the life of the plan. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. Low Not assessed as high financial risk. Low Not assessed as high level of uncertainty. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty. Low Not assessed as high financial risk. Low Not assessed as high level of uncertainty. Chartered Accountants Shire of Ashburton Long Term Financial Plan

14 Assumptions, Risk, Uncertainty and Sensitivity Assets Assumptions, Risks, Uncertainties and Sensitivity Disclosure/Assumption Assessed Financial Risk Impact for High Financial Risk Assumptions Revaluations: In line with annual inflation. Low The revaluation of assets to their fair value may result in changes in asset ratio analysis and depreciations leading to a change in the net result. The revaluation of assets will not have an impact on Cashflows. Impairment of Assets: No impairment of assets has been assumed over the life of the Plan. Impairment of assets usually occurs due to unplanned or unforeseen events such as natural disasters. Infrastructure Assets: Expenditure is in accordance with the Asset Management Plan (AMP) renewal schedule. Property Plant and Equipment (PPE): Building expenditure in accordance with the capital works plans. Plant expenditure is based on the Plant Replacement Program. Department of Fire and Emergency Services (DFES) vehicles have not been included in the Plan as the timing of purchases is uncertain and the net cash flow effect is nil. High A widespread major impairment event may result in a requirement for high levels of expenditure to maintain service levels. High The Capital works program is highly dependent on capital grants and contributions. Changes in these levels would impact directly on the amount spent on capital projects and ultimately on service levels. Medium Not assessed as high financial risk as the frequency of capital grants for buildings is not considered as pervasive as roadwork s and plant and equipment replacement is not influenced by external grant funds. Level of Uncertainty High Medium High Medium Financial impact and sensitivity for assumption with high level of uncertainty ± $1,935,693 to the value of property plant and equipment per 1% movement in the value over the life of the plan. ± $1,926,733 to the value of infrastructure assets per 1% movement in the value over the life of the plan. Unable to be quantified. ± $487,000 to the value of infrastructure assets per 1% movement in the capital grants and contributions received over the life of the plan. Not assessed as high level of uncertainty. Chartered Accountants Shire of Ashburton Long Term Financial Plan

15 Assumptions, Risk, Uncertainty and Sensitivity Liabilities Assumptions, Risks, Uncertainties and Sensitivity. Disclosure/Assumption Borrowings: New borrowings of $4.3m, taken up in year one to fund the Onslow Administration Centre and the Parabudoo CHUB. Employee Entitlements: It has been assumed the Shire will be in a position to meet its obligations in relation to employee entitlements. Equity Risks, Uncertainties and Sensitivity Disclosure/Assumption Cash Backed Reserves: It has been assumed the Shire will invest cash reserves in term deposits with banking institutions and these funds will be available for use during the term of the Plan. Revaluation Reserves: Increasing in line with inflation based revaluation. Assessed Financial Risk High Impact for High Financial Risk Assumptions If the Shire is not able to secure borrowings in the future the likely impact will be the cancellation or postponement of related asset acquisitions leading to a reduction in service levels over the short to medium term. Level of Uncertainty Low Financial impact and sensitivity for assumption with high level of uncertainty Not assessed as high level of uncertainty Medium Not assessed as high financial risk Low Not assessed as high level of uncertainty Assessed Financial Risk Impact for High Financial Risk Assumptions Level of Uncertainty Financial impact and sensitivity for assumption with high level of uncertainty Low Not assessed as high financial risk Medium Not assessed as high level of uncertainty Low The revaluation of assets to their fair value may result in changes in asset ratio analysis and depreciations leading to a change in the net result. The revaluation of assets will have no impact on Cashflows. High ± $1.85m to the value of the revaluation reserves over the life of the plan per 1% movement in inflation over the life of the plan. Chartered Accountants Shire of Ashburton Long Term Financial Plan

16 Assumptions, Risk, Uncertainty and Sensitivity Other - Assumptions, Risks, Uncertainties and Sensitivity. Disclosure/Assumption Ownership of Strategic Assets: The Shire has not planned for the ownership of any strategic assets to be transferred to other parties over the term of the Plan. Inflators: Forecast inflation at 2.7% per annum. Commercial Activities: The Shire has no plans to undertake new significant commercial activities during the period of the Plan. General Economic Forecasts for State: The economic forecast for the State is closely linked the success of the mining industry and demand for minerals, this is currently forecast to decline. Assessed Financial Risk High Impact for High Financial Risk Assumptions Any significant changes to the ownership of strategic assets would require an amendment to this Plan and depending on the circumstance, would be subject to community consultation. Level of Uncertainty Financial impact and sensitivity for assumption with high level of uncertainty Low Not assessed as high level of uncertainty. Medium Not assessed as high financial risk. High ±$7.7m to operating revenue per 1% movement in the inflators from year 3 over the life of the plan. ±$8.4m to operating expenditure per 1% movement in the inflators over the life of the plan. Medium Not assessed as high financial risk. Low Not assessed as High level of uncertainty. Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty Chartered Accountants Shire of Ashburton Long Term Financial Plan

17 Assumptions, Risk, Uncertainty and Sensitivity Disclosure/Assumption General Economic Forecasts for Region: Historically, the region s economy is heavily dependent on mining activities and this remains the assumption for the term of this Plan. A significant increase in Oil and Gas activity is forecast to require additional community assets in Onslow. Assessed Financial Risk Impact for High Financial Risk Assumptions Level of Uncertainty Financial impact and sensitivity for assumption with high level of uncertainty Medium Not assessed as high financial risk. Medium Not assessed as high level of uncertainty Chartered Accountants Shire of Ashburton Long Term Financial Plan

18 Monitoring and Performance Monitoring The plan will be the subject of a desktop review each year to take into account changing circumstances and a full revision is scheduled every two years in line with the review of the Strategic Community Plan. Monitoring of the Shire s financial rigidity and financial position is undertaken by preparing and monitoring various ratios. Performance Assessment A series of performance indicators in the form of financial ratios are utilised to assess the financial performance of the Shire. To maintain comparability across the Industry these ratios and their respective target ranges have been derived from the Department of Local Government s Model Long Term Financial Plan and Regulation 50 of Local Government (Financial Management) Regulation Graphs of these financial ratios are presented on the following pages together with the formula used to calculate the ratio, a brief description of what the ratio indicates and an assessment of the impact of the ratio on the Shire s future. Ratio Targets The Department of Local Government Advisory Standard 4 provides target levels for each of the ratios. These target levels are represented on the ratio graphs as a red or green line. The red line represents the level at which a basic standard is met, the green line representing the level at which an advanced standard is met. 4 Department of Local Government, Integrated Planning and Reporting, Advisory Standard,2012 Chartered Accountants Shire of Ashburton Long Term Financial Plan

19 Monitoring and Performance Current Ratio current assets minus restricted assets current liabilities minus liabilities associated with restricted assets Indication: A measure of the Shire s immediate liquidity and the capacity to meet short term financial obligations from unrestricted current assets. Commentary: As expected for a Shire with a forecast balanced surplus position, the ratio is less than 1.0. Movements in the ratio are a result in movements in the current portion of long term liabilities. Operating Surplus Ratio operating revenue minus operating expense own source operating revenue Indication: A measure of the extent to which own source revenues raised cover operational expenses. Commentary: The ratio reflects changes in forecast revenue and expenditure from Onlsow Airport. The ratio is not considered to indicate a threat the Shire s long term financial position but does indicate the Shire s reliance on external grants and contributions. Graph 1 Forecast Ratio Analysis Current Ratio Graph 2 Forecast Ratio Analysis Operating Surplus Ratio 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% % % % % Chartered Accountants Shire of Ashburton Long Term Financial Plan

20 Monitoring and Performance Own Source Revenue Coverage Ratio own source operating revenue operating expense Indication: A measure of the extent of the Shire s ability to cover costs using only discretionary revenue. Commentary: The ratio is above the advanced range. The range is above the acceptable range throughout. The ratio decreases due to changes from Onslow airport operations. Graph 3 120% 100% 80% 60% 40% 20% 0% Forecast Ratio Analysis Own Source Revenue Coverage Ratio Debt Service Coverage Ratio annual operating surplus before interest and depreciation principal and interest Indication: A measure of the extent of the Shire s capacity to generate sufficient cash to cover debt payments. Commentary: The ratio is above the ideal range throughout the plan fluctuating as existing borrowings are paid off and the operating result changes. Graph Forecast Ratio Analysis Debt Service Coverage Ratio Asset Consumption Ratio depreciated replacement cost of assets current replacement cost of depreciable assets: Chartered Accountants Shire of Ashburton Long Term Financial Plan

21 Monitoring and Performance Indication: A measure of the extent to which assets managed by the Shire are being replaced as they reach the end of their useful lives. Commentary: The ratio above the ideal range and decreases into the acceptable range over time, limited reliance should be placed on the ratio due to possible changes to the estimated replacement cost of assets with the mandatory introduction of fair value for all asset classes. Graph % 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Forecast Ratio Analysis Asset Consumption Ratio Asset Sustainability Ratio capital renewal and replacement expenditure depreciation expense Indication: A measure of the aged condition of the Shire s physical assets. Commentary: The ratio is trending towards the ideal range to peak in after which the ratio trends down due to limited grant funding for road renewals. To achieve the ideal target levels the Shire needs to increase renewal expenditure which is reliant upon receiving increased levels of Capital grants and contributions for its funding. Graph % % 80.00% 60.00% 40.00% 20.00% 0.00% Forecast Ratio Analysis Asset Sustainability Ratio Asset Renewal Funding Ratio NPV of planned capital renewals over10 years NPV of required capital expenditure over 10 years Chartered Accountants Shire of Ashburton Long Term Financial Plan

22 Monitoring and Performance Indication: The Shire s financial capacity to fund asset renewal to support existing service levels. (This ratio is based on the ten years forecast expenditure and as such is only able to be calculated of the first five years of the plan). Commentary: The ratio is currently unable to be calculated in the absence of adequate Asset Management Planning information. Graph % 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Forecast Ratio Analysis Asset Renewal Funding Ratio Chartered Accountants Shire of Ashburton Long Term Financial Plan

23 Workforce Planning Workforce Planning The Shire currently employs 185 Full Time Equivalent (FTE) employees to deliver the range of services to the community and to maintain existing assets. The Shire has developed a Workforce Plan that sets out the level of human resources required to achieve the actions set out in the Corporate Business Plan. Additional staffing resources beyond the level from the workforce plan have been modelled into the Long Term Financial Plan. Council encourages work life balance, multi skilling, flexibility and effective application of staff capability. Council s workforce strategies include: Attracting and retaining quality staff members; Building a healthy and safer workplace; Developing a comprehensive workforce plan; and Rewarding successes. Change in Employee Costs Employee costs are forecast to increase over the life of the plan at the rate of inflation and the inclusion of costs reflected in the Workplace Plan strategies. Graph 8 33% 33% 33% 32% 32% 32% 32% 32% 31% 31% 31% 31% Forecast Employee Costs Chartered Accountants Shire of Ashburton Long Term Financial Plan

24 Millions Financial Summary Operations The adjacent graph plots the operating revenues and expenses over the periods as columns and the net result (revenues less expenses excluding asset revaluation changes) as a line. The Shire expects the net result to decrease over the first two years due to decreases in nonoperating grants and contributions. An average annual loss of approximately $1.6 million and totaling $24.7m for the 15 years is forecast. While projecting a steady increase in operating expenses over the period the level of grants and contributions for capital projects results in variations in the net result particularly in the first two years. Changes in the forecast revenue and expenditure from Onslow airport also negatively impact the net result. It should be noted, without the grants and contributions for capital projects the Shire would record a negative operating result for each forecast year, commencing in with negative $3.9m. The Shire is also heavily reliant on receiving $131.2m over the 15 years in untied operating grants, subsidies and contributions to maintain the current level of operations and services. Graph (10) (20) Forecast Revenue, Expenses and Net Result Total revenue Expenses Net Result Chartered Accountants Shire of Ashburton Long Term Financial Plan

25 $ Millions Financial Summary Rates Revenue Rate revenue is forecast to increase with an inflator of 2.7% per annum throughout the plan. Rates are expected to generate $24.8m in increasing to $36.0m in Operating Grants Grants and contribution for operating purposes are planned to increase from $7.2 m with an inflator of 2.7% per annum throughout the plan. There is a high level of uncertainty in relation to this forecast as the actual level of grants allocation has not been determined and is subject to the amount of Federal funds allocated to W.A. Capital grants Revenue from grants and contributions for specific capital projects is forecast to decrease over the initial three years. This trend reflects the uncertainty surrounding the future and extent of capital funding. As with operating grants there is a high level of uncertainty in relation to this forecast. Fees and Charges Forecast changes in passenger numbers at the Onslow Airport are reflected by the decreases in fees and charges over the first two years of the plan with decreasing construction activity in Onslow. Forecast Revenue Rates Operating grants, subsidies and contributions Fees and charges Service charges Interest earnings Other revenue Chartered Accountants Shire of Ashburton Long Term Financial Plan

26 % of Total Operating Expenditure Financial Summary Expenses Proportions The graph adjacent shows the change in the proportion of operating expenditure items over the term of the plan. Materials and contracts are expected to increase in to be 38% of total operating expenditure. The other components are expected to remain relatively stable over the period. Employee costs and materials and contracts remain the dominant operating expenditure components making up 32% and 37% of the costs respectively in the final year of the plan. Graph 10 Forecast Operating Expenditure Forecast Operating Revenue 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Rates 36% 42% 53% 53% 54% 55% 55% 56% 56% 59% 59% 59% 61% 61% 61% Operating grants, subsidies and contributions 11% 13% 16% 16% 16% 17% 17% 17% 17% 18% 18% 18% 18% 18% 18% Fees and charges 25% 25% 22% 22% 22% 23% 23% 22% 22% 18% 18% 18% 19% 19% 19% Service charges 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Interest earnings 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Non-operating grants, subsidies and contributions 0% % 18% 6% 6% 6% 3% 3% 3% 3% 3% 3% 3% 0% 0% 0% Other revenue 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Chartered Accountants Shire of Ashburton Long Term Financial Plan

27 Financial Summary Capital Works Graph 11 Forecast 15 Year Capital Expenditure The overwhelming majority of the capital expenditure during the forecast period is expended on Buildings. This proportion of expenditure demonstrates the clear priority to expand community buildings and services within the district. In addition, renewal of roads and plant and equipment form a significant portion of the total asset expenditure. Also represented in the capital spending mix are drainage, footpaths, airports and other infrastructure as detailed in the table below. Total Capital Works Expenditure Roads $43,758,299 Roads Seal $3,384,763 Footpaths $1,551,116 Drainage $15,381,041 Infrastructure Other $8,679,421 Airports $4,500,000 Buildings $77,131,547 Plant and Equipment $25,890,255 Total $180,276,442 43% 14% 2% 24% 5% 2% 1% 9% Roads Roads Seal Footpaths Drainage Infrastructure Other Airports Buildings Plant and Equipment Chartered Accountants Shire of Ashburton Long Term Financial Plan

28 Millions Financial Summary Capital Trends Asset Renewal In the first years of the plan there is a mix of capital renewal and new assets. This mix changes to be dominated by renewal of assets for the remainder of the plan with the renewal of road assets being highly reliant on the receipt of grant funding. As asset management planning is developed further the exact asset renewal requirements will be better known. New or expanded assets The Shire is planning for construction of the Paraburdoo CHUB, Onslow Administration Centre, Onslow Swimming Pool and Skate parks funded from capital grants and contributions. These projects are represented in the graph under the heading of PPE expansion, upgrade and new. The peak in the non-operating grants and contributions is as a consequence of these projects. This level of capital spending occurs against a backdrop of reducing borrowings and increasing cash reserve balances. Which will provide the Shire with the capacity to borrow or use reserves in the future for unplanned major capital projects. Graph (5) Forecast Capital Expenditure Infrastructure expansion, upgrade and new Infrastructure renewal PPE expansion, upgrade and new PPE renewal Borrowings Non-operating grants, subsidies and contributions Reserves Chartered Accountants Shire of Ashburton Long Term Financial Plan

29 Financial Summary Financing Graph 13 Forecast Borrowings and Reserves In general, the finances of the Shire are expected to improve over the term with a reduction in the level of borrowings outstanding after an initial borrowing of $2.8m in and an increase in cash savings in the form of reserves as represented in the adjacent Graph 13. Borrowings 35,000,000 30,000,000 25,000,000 A new borrowing of $2.8m for the Onslow Administrative centre is forecast for after which the principal outstanding on borrowings reduces to nil in As existing loans come to an end, no further new borrowings have been specifically identified. This provides the Shire with increasing capacity to borrow in reaction to unplanned events or urgent issues over the life of the plan. 20,000,000 15,000,000 10,000,000 5,000,000 Cash Reserves The balance of cash reserves are forecast to increase over the term of the plan after an initial reduction in the first few years to fund the capital program. A second significant decrease in reserves occurs in to fund renewal of Airport assets. 0 Reserves Borrowings Chartered Accountants Shire of Ashburton Long Term Financial Plan

30 Forecast Capital Projects Capital Projects Buildings Aged Care -Tom Price 1,000,000 Aged Housing 100, , ,000 Building Renewals 942,140 3,171, , , ,410 1,914, ,718 3,016,697 1,591,853 2,126,862 1,877,561 3,027,025 In-kind Assistance for Community Lease & Licence Agreements Onslow Administration Centre 7,600, , ,000 Onslow Infrastructure 1,500,000 1,500,000 1,500,000 Onslow Swimming Pool (including Houses) Paraburdoo Child care 960,000 Paraburdoo CHUB 14,800,000 10,500,000 Staff Housing 2,000,000 2,000,000 2,000,000 Staff Housing Renewals 1,376,370 1,415,601 1,417,590 86,400 1,500,000 1,475,001 1,420,765 1,389,924 TP Admin Office 400,000 Buildings Total 25,860,000 12,600,000 2,100,000 2,468,510 3,321,789 2,203,187 3,492,123 3,783,011 3,332, ,118 3,016,697 3,091,853 3,601,863 3,298,326 4,416,949 Footpaths Footpath Renewals 136,056 61,015 63,613 41,948 45,325 55,692 70,037 90, , , ,788 98,760 Footpaths 100, , ,000 Footpaths Total 100, , , ,056 61,015 63,613 41,948 45,325 55,692 70,037 90, , , ,788 98,760 Infrastructure Other Bridge Renewals 250, ,000 Jetty Renewal 9,421 Onslow Boardwalk 500,000 Onslow Land fill 3,500,000 Onslow Skate Park 1,000,000 Onslow Swimming Pool 500,000 Onslow Underground Power 1,900,000 Paraburdoo Skate Park 900,000 Infrastructure Other Total 6,400,000 1,900, , ,000 9,421 Chartered Accountants Shire of Ashburton Long Term Financial Plan

31 Forecast Capital Projects Plant and Equipment Forecast Required Budget 1,617,350 1,227,775 1,763,100 1,444,160 1,564,580 2,201,979 2,543, ,960 2,482,568 1,327,500 1,436,961 Park & Playgrounds 600, , , ,530 Plant & Equipment 1,712,000 1,644,980 1,697,225 Plant Replacement Program Plant and Equipment Total 2,312,000 2,444,980 2,497,225 1,810,880 1,227,775 1,763,100 1,444,160 1,564,580 2,201,979 2,543, ,960 2,482,568 1,327,500 1,436,961 Airports Onslow Airport 1,000,000 2,500,000 1,000,000 Airports Total 1,000,000 2,500,000 1,000,000 Drainage Drainage 1,000,000 1,000,000 1,000,000 Drainage replacement program 1,499,628 1,499,552 1,497,971 1,498,891 1,499,830 1,499,769 1,500, , , , , ,427 Drainage Total 1,000,000 1,000,000 1,000,000 1,499,628 1,499,552 1,497,971 1,498,891 1,499,830 1,499,769 1,500, , , , , ,427 Roads Carpark Renewals 23,735 21,120 74, , ,801 68, ,200 Grading Roads & Areas in Community Reserves Kerb Renewals 82, , , ,706 84, , ,421 97, , , , ,797 Roads 4,500,000 4,200,000 4,400,000 Roebourne -Witternoom Road Reconstruction and Seal 1,800,000 1,800,000 Sealed Road Renewals 1,562, , , , , , ,540 1,968,621 1,828, , , ,150 Unsealed Road Renewals 1,124,300 1,137,000 1,117, ,800 1,017, ,800 1,640, ,000 1,072, ,400 1,130,600 1,085,200 Roads Total 4,500,000 4,200,000 4,400,000 4,569,685 3,859,560 1,800,395 1,467,968 1,937,146 2,187,740 3,024,277 3,026,997 3,300,904 1,356,236 2,105,244 2,022,147 Grand Total 40,172,000 23,244,980 10,297,225 10,484,759 9,969,691 7,328,266 7,945,090 11,329,892 10,277,301 7,933,019 7,823,520 9,160,265 7,014,483 7,170,484 6,740,704 Chartered Accountants Shire of Ashburton Long Term Financial Plan

32 Vision, Objectives and Services Vision The Shires strategic vision adopted in the Strategic Community Plan is: The Shire of Ashburton will be a vibrant and prosperous place for work, leisure and living. Objectives The following key objectives are captures in the Shires Strategic Community Plan and considered within the Long Term Financial Plan: 1. Vibrant and active communities; 2. Economic prosperity; 3. Unique heritage and environment; 4. Distinctive and well-serviced places; and 5. Inspiring Governance. Chartered Accountants Shire of Ashburton Long Term Financial Plan

33 Forecast Financial Statements Nature or Type A number of statements in the plan are disclosed using nature or type descriptors of revenue and expenditure (for example Rates and Employee Costs). This classification is in accordance with Schedule 1 of the Local Government (Financial Management) Regulation 1996 Service Programs The Shire provides a wide variety of services to the community in order to achieve its vision and objectives. The following service program descriptions are used in the plan to represent these services. Objectives Governance General purpose funding Law, order, public safety Health Education and Welfare Housing Services Members of council Governance general Rates Other general purpose funding Fire prevention Animal control Other law, order, public safety Maternal and infant health Preventive services Immunisation Meat inspection Administration and inspection Pest control Other Other health Pre-school Other education Care of families and children Aged and disabled Senior citizens centres Meals on wheels Other welfare Staff housing Other housing Objectives Community amenities Recreation and culture Transport Economic services Other property and services Services Sanitation Household refuse Other Sewerage Urban stormwater drainage Protection of environment Town planning and regional development Other community amenities Public halls, Civic Centre Swimming areas and beaches Other recreation and sport Television and radio re-broadcasting Libraries Other culture Streets, roads, bridges, depots Construction (not capitalised) Maintenance Road plant purchase (if not capitalised) Parking facilities Traffic control Aerodromes Water transport facilities Rural services Tourism and area promotion Building control Saleyards and markets Plant nursery Other economic services Private works Public works overheads Plant operation Salaries and wages Unclassified Town Planning Schemes Chartered Accountants Shire of Ashburton Long Term Financial Plan

34 Forecast Financial Statements Financial Statements The following forecast financial statements have been prepared and are included at the end of the Plan. These forecast statements have been prepared within a framework which accords with the Australia Accounting Standards. Statements of Comprehensive Income Often referred to as the operating statement, it shows the revenues and expenses over the periods classified by two methods (by Program and Nature or Type) to disclose a net result. Statement of Financial Position More commonly referred to as the Balance Sheet, this statement discloses the forecast changes in the balance of assets and liability accounts over the periods. Statement of Changes in Equity This statement discloses the changes in equity over the forecast period. It shows the impact of operations on net assets and the movement in cash backed and revaluation reserves. Statement of Cash flows Represents the forecast cash inflows and outflows and discloses the changes to the balance of cash over the period. Statement of Funding A statement combining operating and capital revenues and expenses and discloses the opening and closing net current budget surplus (deficit) funding position for each year. Statement of Net Current Asset Composition A statement combining Statement showing how the closing estimated surplus/deficit has been calculated. Statement of fixed asset movements A summary of the impact of the plan on the value of fixed assets over the period. It discloses the movements in the net value of property, plant, and equipment and infrastructure. Statement of fixed asset funding A summary of the capital expenditure by asset class and the source of funding for each class. Forecast Ratios The forecast ratios required by the regulations and discussed earlier under monitoring and performance. Chartered Accountants Shire of Ashburton Long Term Financial Plan

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