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Annual Budget
2017-2018
Annual Budget 2017-18 Tuesday, 18 July, 2017
Annual Budget
2017-18
Table of ContentsIntroduction Page
Mayor's Introduction 4
Elected Members and Executive Leadership Team 5
Budget Certification 6
Key Statistics 7
Consultation and Engagement 7
Our Planning Framework 8
Vision, Mission and Values 9
Service Delivery 9
Executive Summary 10
Financial Summaries
Statement of Comprehensive Income by Nature and Type 21
Statement of Comprehensive Income by Program 22
Statement of Cash Flows 23
Rate Setting Statement 24
Statement of Financial Position 25
Statement of Changes in Equity 25
Statement of Net Current Assets 26
Cash Backed Reserves 28
Page 3 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
The annual rate increase for 2017-18 is 4.5%, fees and charges have increased by an average of 1.4% and the
annual residential rubbish collection charges will increase by $4.50 for the three bin service with no change in
commercial, except for a reduction in the organic waste charges. All properties within the City were revalued
by the State Government agency Landgate, which resulted in some properties, including Carey Park, reducing
in value and a few being valued higher, including Pelican Point.
The past three annual budgets have provided funding to meet operational costs, capital works and providing
for the future. The 2017-18 budget continues that strategy with more support to community-based
organisations than previously provided. These include increasing the operational subsidy of the Bunbury
Regional Entertainment Centre by up to $435,000; providing $20,000 for the Bunbury RSL to assist with the
100 year commemoration of the end of the First World War; $15,000 each to the Clontarf Academy and Girls
Academy; and $10,000 for continuation of the School Chaplaincy program. The annual Christmas Carnival and
Australia Day events require an investment of $412,000.
Our major projects include construction of a new works depot in Picton ($8 million) to replace the ageing
Nuytsia Avenue depot and the waste depot in McCombe Road; completion of the upgrade to the Koombana
Bay Foreshore as part of the Transforming Bunbury Waterfront project ($11.6 million), which is funded by the
State Government; and redevelopment of the Stirling Street Arts Centre with initial stages of $1 million
funded by the city and remaining stages requiring Government funding.
The budget includes $3.7 million for roadworks; $2.4 million for stormwater drainage; $800,000 for marine
wall renewal and jetty repairs in the Leschenault Inlet; and $704,000 for footpath construction, replacement
and maintenance.
The City intends borrowing $4.9 million to assist funding asset expenditure. The total loan borrowings are
within the prudent borrowing range applicable to the Local Government sector. The other main sources of
funding asset investment are Reserve Funds which past Councils have invested in knowing expenditure will be
required at some future date. The City’s finances are in a very sound position.
I commend this budget, which continues to support our community while providing for population growth.
Gary Brennan
Mayor
Mayor's Introduction to the 2017-18 Budget
Page 4 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
THE MAYOR
Gary Brennan
COUNCILLORS
Cr Brendan Kelly (Deputy Mayor)
Cr Murray Cook
Cr Jaysen De San Miguel
Cr Wendy Giles
Cr James Hayward
Cr Judy Jones
Cr Betty McCleary
Cr Joel McGuinness
Cr Sam Morris
Cr Michelle Steck
Cr Karen Steele
Cr Monique Warnock
ACTING CHIEF EXECUTIVE OFFICER
Malcolm Osborne
DIRECTOR CORPORATE AND COMMUNITY SERVICES
Stephanie Addison-Brown
ACTING DIRECTOR PLANNING, DEVELOPMENT AND REGULATORY SERVICES
Felicity Anderson
DIRECTOR WORKS AND SERVICES
Gavin Harris
ADMINISTRATION OFFICES
4 Stephen Street, Bunbury WA 6230
Telephone (08) 9792 7000, Facsimile (08) 9792 7184, TTY (08) 9792 7370
www.bunbury.wa.gov.au
Elected Members and Executive Leadership Team
Page 5 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
THE CITY OF BUNBURY COMPILED THE ANNUAL BUDGET ACCORDING TO SECTION 6.2 OF THE LOCAL
GOVERNMENT ACT 1995
I hereby certify that the budget for the;
a) Municipal Fund and the following Reserve Accounts
· ACDI Equipment Replacement Program
· Airport
· Asset Management and Renewal
· Building Restoration and Maintenance
· Canal Management
· City Arts Collection
· City of Bunbury General Parking
· College Grove Subdivision Amended Joint Venture
· Depot Construction
· Disaster Relief Fund
· Dual Use Path Upgrade Contributions
· Employee Entitlement and Insurance
· Environmental
· Hay Park Regional Athletics Track
· Heritage Building Maintenance
· Infrastructure Development
· Land Subdivision and Development
· Local Planning Policy Framework
· Meat Inspection
· Planning and Development Act Section 152
· Plant and Equipment
· Public Art
· Refuse Collection and Waste Minimisation
· Road Upgrade Contributions
· Town Planning Scheme Land Acquisition and Compensation
· Withers
b) Trust Funds
for the City of Bunbury for the 2017-18 financial year were adopted by the Council at a Special
Meeting held 25 July 2017.
G Brennan
Mayor
M Osborne
Acting Chief Executive Officer
Budget Certification
Page 6 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Key Statistics
"The future is not some place we are going to but one we are creating"
"Bunbury 2030 - Your City, Your Say" was part of a collaborative community engagement and planning initiative
that underpinned the development of our Strategic Community Plan, Corporate Business Plan and Long Term
Financial Plan. This process has helped shape the future of Bunbury and surrounding communities as they
approach what is anticipated to be a continuing period of growth.
Residents of the City were asked to imagine what the places they live in could look like in the future and what
people want in their communities.
The City conducted an extensive community engagement process and a series of workshops with the outcomes
of these workshops combined with previous planning studies forming the basis for development of strategic
objectives and actions outlined in the City's strategic planning documents.
The region is poised for significant growth in coming decades and the City and its community partners are
committed to ensuring that consultation and engagement is a vibrant and successful process.
"Bunbury 2030 - Your City, Your Say" was about responding to growth opportunities in a positive manner and
connecting the region's proud past with its future.
Ongoing workshops will be undertaken during the life of our Strategic Community Plan to ensure continuing
input from all stakeholders.
Consultation and Engagement
- John H. Schaar
Page 7 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
The City's strategic management planning documents include:
> Strategic Community Plan
> Integrated Financial Plan (incorporating the Corporate Business Plan and Long Term Financial Plan)
> Asset Management Plan
> Workforce Plan
The following diagram depicts our strategic planning and performance management framework and describes
the linkages between all relevant planning documents.
Our Planning Framework
Page 8 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Vision
Bunbury will continue to be recognised as the capital City of the South West region, with a strong and
diverse economy offering a safe, friendly and vibrant lifestyle within an attractive natural and built
environment.
Mission
We will engage with the community to ensure we provide services and facilities that improve the
quality of life of our residents and visitors.
Core Values
We will act in accordance with the following values in all of our decisions and actions:
● Leadership - empowering people to take responsibility for what they do and to strive to set an
example for others to follow
● Integrity - establishing trust through openness and honesty
● Accountability - for our actions and performance
● Respect - for others by listening, understanding and responding appropriately
● Innovation - continually improving our services and processes through creative and progressive
thinking and action
● Teamwork - communicating and working cooperatively for the mutual benefit of all
Service Delivery
It is proposed that existing service levels will be reviewed for all operational activities in the short term,
however the strategic objectives contained in our Strategic Community Plan aspire to setting appropriate
levels of service in the longer term whilst moving toward achieving annual operating surpluses each year
to fund the provision of new and replacement infrastructure.
Service levels will be reviewed on an ongoing basis and the impact of ongoing growth will be monitored
and assessed.
Page 9 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
The 2017-18 Annual Budget has been prepared in accordance with the requirements of the Local Government
Act 1995, the relevant Australian Accounting Standards and the Local Government Financial Management
Regulations.
This Budget is focused on maintaining the level of services that the community continues to expect.
Total budgeted expenditure for 2017-18 is $90.8 million. This comprises of $39.7 million of capital works, $48.8
million of operating expenditure (excluding depreciation) and $2.3 million for debt reduction. This is funded
from the following sources of revenue: $37.2 million from general rates, $17.0 million from operating revenues
(grants, fees and charges etc.), $12.5 million from unspent grants previously received, $7.1 million from the
disposal of assets, $5 million transferred from cash reserves, $4.9 million from new loan borrowings, $4.3
million from capital grants, $2.0 million in carried forward project funds and $0.8 million from a decrease in
surplus funds.
Rates
A proposed property rate yield increase of 4.5% is necessary to meet the operating and capital expenditure in
the 2017-18 draft budget. This includes a 1% for the upgrade and renewal of the City’s aging infrastructure
assets. The minimum rate will be $1,131, with average residential rates of $1,481. Details of rating
information are provided within the ‘Notes to and Forming Part of the Budget’.
Budget Highlights
Highlights of how our community will benefit from this year’s budget are outlined below. Some projects are
partially funded by grants or other sources of funding.
Koombana Bay Foreshore $11.6M
Works continue on Stage 1 of the $12.8M Transforming Bunbury’s Waterfront project in 2017-18; a joint effort
between the City and South West Development Commission and funded through the State Government’s
Royalties for Regions Growing Our South Initiative. Work is expected to be completed in December 2017.
Key facts about the Koombana Bay revitalisation include:
• Construction of 100 extra parking bays, taking the total to almost 400
• Improved traffic access, including left turn only from Anchorage Cove to Koombana Drive
• A pedestrian promenade along the beach
• Revamped kiosk and public amenities
• Improved beach access, including disabled access
• Amphitheatre and shaded areas
• Extensive landscaped areas overlooking the beach, including the relocation of car parks closer to
Koombana Drive
• Removal of the old train line
• Construction of an accessible playground (additional $600k funded from LotteryWest)
Construction of New Depot to Replace the Existing Depot $8M
The City will move into a new purpose-built depot in around 12 months following the $2.4M purchase of the
five hectare depot site at 10 Sutherland Way, Picton in 2016-17. The new depot will replace the 50-year-old
facility in Carey Park and will combine the City’s Works and Services and Waste operations. The Waste
department currently operates from a City-owned site in Halifax. Relocating the depot will allow the current
Carey Park site on Nuytsia Avenue to be rezoned for housing, which is currently under way as part of the
Racecourses Local Area Plan. The City will also begin the process to dispose of the waste site on McCombe
Road.
Executive Summary
Page 10 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Redevelopment of the Stirling Street Arts Centre $2M
The redevelopment of the Stirling Street Arts Centre is dependent on State Government grants of $1M which
have not been confirmed. The redevelopment will consist of the following:
• 2 new studio spaces
• 1 meeting room
• New toilets
• Administration space - offices and storage
• Reception and retail display space
• New kitchen
Road Works $3.7M
Renewal and upgrade of the City’s road network including: commence the four year project to realign and
widen Ocean Drive (Hastie St to Hudson Rd), upgrade the intersection of Parade Rd and Knight St to a
roundabout, reconstruct roundabout Strickland Street and King Rd, reseal Old Coast Rd Pelican Point (Hamilton
Rd to Australind Bypass), and reconstruct pavement Halifax Dr (Monkhouse St to Shanahan Rd).
Stormwater Drainage $2.4M
Renewal and upgrade of the stormwater drainage network including construction of stormwater quality and
capacity improvements to Horseshoe Catchment East Bunbury, and renewal of the pump station Stubbs Close.
Marine $800K
Renewal of foreshore marine walls on the Leschenault Inlet and jetty repairs.
Footpath Construction, Replacement and Maintenance $704K
The footpath program continues in 2017-18 including replacing and developing new dual-use paths throughout
the City.
Landscape, Parks, Gardens and Entry Statements $436K
The budget includes $436K to improve the City’s Landscape, Parks, Gardens and Entry Statements.
Waste Operations Better Bins Grant - Waste Complementary Measure Plan $412K
This project is funded by the Waste Authority through the Waste Avoidance and Resource Recovery Account
and will see $412K spent over the next two years. Some of the areas that will be targeted include:
• City website update
• Training and education
• Kitchen caddies for households
• Ongoing Radio, newspaper and social media advertising to increase community awareness and
knowledge of correct use of the 3-Bin system
• Development of short video clips for use on social media
• Development and printing of information packs for new residents
• Development of information packs for new mothers
• School based training
• Resident Information seminars
• Online waste education program development
• App research and development for phones
• Static information bays in our public buildings
This will build on the existing work done to date. The key aim of the project is to maintain minimal
contamination and increase the diversion of waste from landfill towards improved public health, environmental
and financial outcomes for the community.
Executive Summary - continued
Page 11 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Community Projects
Include:
• Replacement of playground equipment and upgrade to Kelly Park $318K
• Additional Family and Accessible Change Facilities at the South West Sports Centre $295K
• Replace Bunbury Wildlife Park volunteer and staff facilities, animal hospital, toilets, feed store and
preparation area $214K
• Remove liner and tile Leisure Pool and the South West Sports Centre $195K
• Construct an accessible ramp to the Back Beach $160K
• Landscaping adjacent to the Bunbury City Surf Life Saving Club $160K
• Implement Withers Local Area Plan Strategies $150K
• Reseal Soccer Club car park Hay Park $100K
• Upgrade facilities to progress towards the goal of becoming the Most Accessible Regional City in
Australia $100K
• Community Grants Funding $95K
• Support Club Development $80K
• Support Koombana Bay Sailing Club CSRFF application to refurbish male toilets and change room
facilities $50K
• Develop a Greater Bunbury Youth Strategy Plan $40K
• Urban Food Garden $40K
• Reconciliation Action Plan initiatives $30K
• Minor Community Grants $10K
• Conduct Grandfamilies Fun Day $6K
Art, Culture and Events
Include:
• Conduct Christmas Carnival and Australia Day events $412K
• Events Grants $285K
• Seed funding for events $60K
• Arts and Culture grants $20K
• Quick Response Place-Making grants $20K
• Bunbury Regional Entertainment Centre Fly-Tower and equipment $519K
• Support Bunbury Regional Entertainment Centre $435K
• Support the Stirling Street Arts Centre (operating and capital) $86K
• Support King Cottage Museum $31K
• Support ANZAC Day Working Group $20K
• Support Bunbury Band $6K
Loan Borrowing
This Budget proposes to borrow $4.9M for the following projects: construction of a new depot ($3M),
development of a water playground ($1.0M) and the redevelopment of the Stirling Street Arts Centre ($900K).
Loan details are outlined in the ‘Notes to and Forming Part of the Budget’.
Executive Summary - continued
Page 12 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
40,000
44,000
48,000
52,000
56,000
60,000
64,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Annual operating income ($ 000's)
Base operating income includes rate income, grants and subsidies, contributions, reimbursement and donations, fees and charges,
interest received and other revenue
Non-operating income is excluded from this total
Do
lla
rs (
$0
00
s)
Current Budget Actual
44,148
45,359
)(1,211
46,128
47,019
)(891
48,655
48,109
545
50,351
52,950
)(2,599
52,280
53,599
)(1,318
53,803
56,483
)(2,680
53,973
17/1816/1715/1614/1513/1412/1311/12
Current Budget
Actual
Variance
44,000
48,000
52,000
56,000
60,000
64,000
68,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Annual operating expenditure ($ 000's)
Annual operating expenditure includes employee costs, materials and contracts, utilities, insurance, depreciation, interest on loan
borrowings and other expenses
Do
lla
rs (
$0
00
s)
Current Budget Actual
46,853
46,288
565
50,897
48,964
1,933
56,070
53,557
2,513
57,499
53,043
4,456
58,426
53,363
5,063
58,881
53,723
5,158
60,570
17/1816/1715/1614/1513/1412/1311/12
Variance
Actual
Current Budget
Page 13 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
$7,073,729
Asset Disposal
Income
$4,353,995
Capital Grant Income
$876,526
Contributions
Reimbursements
and Donations
$13,124,989
Fees and Charges
$773,611Interest
Earnings
$1,608,315Operating
Grants and
Subsidies
$321,108
Other Revenue
$37,268,337
Rates
Income Sources$65,400,610
10.82%
Asset Disposal
Income
Capital Grant Income
ContributionsReimbursements and
Donations
20.07%
Fees and Charges
1.18%
Interest Earnings2.46%
Operating Grants and
Subsidies
0.49%
Other Revenue
56.98%
Rates
Income SourcesPercentage
Page 14 of 33
6.66%
1.34%
Annual Budget 2017-18 Tuesday, 18 July, 2017
$1,894,076
Consultants
$11,701,546
Depreciation on
Non Current
Assets
$25,693,473
Employee Costs
$587,239
Insurance
Expenses
$721,354
Interest Expenses
Materials and
$14,143,995
Contracts
Other Expenses
$3,126,659
Utility Charges
Operating Costs$60,570,079
3.13%
Consultants
19.32%
Depreciation on
Non Current
Assets
42.42%
Employee Costs
0.97%
Insurance
Expenses
1.19%
Interest Expenses
23.35%
Materials and
Contracts
4.46%
Other Expenses
5.16%
Utility Charges
Operating CostsPercentage
Page 15 of 33
$2,701,737
Annual Budget 2017-18 Tuesday, 18 July, 2017
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Annual operating surplus (deficit) ($ 000's)
Operating surplus (deficit) measures the financial sustainability of the Council, and is determined by operating revenue less operating
expenditure (excludes non-operating income and expenditure such as capital grants and contributions)
A surplus indicates that the Council has sufficient funds to meet its asset management obligations and has the capacity to repay loan
borrowings without impacting its long term financial sustainability
A deficit indicates that the Council is generating insufficient funds for asset renewal and the repayment of its debt obligations
Do
lla
rs (
$0
00
s)
Current Budget Actual
)(2,705
)(929
)(1,776
)(4,769
)(1,945
)(2,824
)(7,415
)(5,447
)(1,968
)(7,148
)(93
)(7,055
)(6,146
236
)(6,381
)(5,078
2,760
)(7,838
)(6,597
17/1816/1715/1614/1513/1412/1311/12
Variance
Actual
Current Budget
8,000
9,000
10,000
11,000
12,000
13,000
14,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Operating expenditure - depreciation ($ 000's)
Annual operating expenses for depreciation
Do
lla
rs (
$0
00
s)
Current Budget Actual
8,628
9,230
)(602
10,131
9,713
418
12,627
10,840
1,787
12,895
10,948
1,947
11,589
11,589
0
11,137
11,137
0
11,702
17/1816/1715/1614/1513/1412/1311/12
Variance
Actual
Current Budget
Page 16 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
8,000
10,000
12,000
14,000
16,000
18,000
20,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Loan liabilities ($ 000's)
Total current and non-current loan liabilities, including self supporting loans
Do
lla
rs (
$0
00
s)
Current Budget Actual
10,237
9,467
770
11,348
11,348
0
15,888
14,481
1,407
17,846
17,846
0
16,925
16,280
644
16,355
16,435
)(80
17,951
17/1816/1715/1614/1513/1412/1311/12
Variance
Actual
Current Budget
0
4,000
8,000
12,000
16,000
20,000
24,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Reserves ($ 000's)
Total cash backed reserves
Do
lla
rs (
$)
Current Budget Actual
10,599
6,628
3,970
9,135
3,462
5,673
6,751
4,681
2,071
7,332
7,298
35
15,487
16,816
)(1,329
16,532
21,274
)(4,743
16,332
17/1816/1715/1614/1513/1412/1311/12
Variance
Actual
Current Budget
Page 17 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
0
10,000
20,000
30,000
40,000
50,000
60,000
11/12 12/13 13/14 14/15 15/16 16/17 17/18
Annual capital expenditure ($ 000's)
Capital expenditure on capital new (expansion), capital renewal, and capital upgrade projects
Do
lla
rs (
$0
00
s)
Current Budget Actual
36,695
12,830
23,865
40,450
34,904
5,546
27,681
22,215
5,466
25,558
12,297
13,262
17,169
12,775
4,395
30,058
14,269
15,790
26,149
17/1816/1715/1614/1513/1412/1311/12
Current Budget
Actual
Variance
Capital Expenditure by Asset Class
Page 18 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
$25,240,499Capital New
$9,412,069
Capital Renewal
$5,083,710
Capital
Upgrade
Capital Costs$39,736,278
63.5%
Capital New
23.7%
Capital Renewal
12.8%
Capital
Upgrade
Capital CostsPercentage
Page 19 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Financial Statements
Page 20 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Note
Statement of Comprehensive Income
by Nature and Type
Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
Operating Revenue
35,646,231 35,659,228 37,268,3373Rates
2,333,473 3,388,161 1,608,315Operating Grants and Subsidies
745,753 1,289,039 876,526Contributions Reimbursements and Donations
13,938,121 14,547,399 13,124,9894Fees and Charges
782,421 1,254,261 773,61110Interest Earnings
356,671 344,639 321,108Other Revenue
53,802,670 56,482,727 53,972,886
Operating Expenditure
)(1,658,078 )(1,220,759 )(1,894,076Consultants
)(25,033,532 )(23,618,727 )(25,693,473Employee Costs
)(66,620 0 0Contract Employment Expenses
)(13,126,689 )(11,428,470 )(14,143,995Materials and Contracts
)(11,136,744 )(11,136,744 )(11,701,5466Depreciation on Non Current Assets
)(812,278 )(781,451 )(721,35411Interest Expenses
)(2,940,482 )(2,598,514 )(3,126,659Utility Charges
)(747,420 )(727,917 )(587,239Insurance Expenses
)(3,358,733 )(2,210,126 )(2,701,737Other Expenses
)(58,880,576 )(53,722,708 )(60,570,079
Operating Surplus )(5,077,906 2,760,019 )(6,597,193
Non Operating Revenue and Expenses
12,338,323 3,907,293 4,353,995Capital Grant Income
0 174,334 0Interest on Capital Grant
5,452,410 1,070,325 7,073,7295Proceeds from Asset Disposals
)(1,665,257 )(648,286 )(1,314,1235Asset Disposal Values
16,125,476 4,503,666 10,113,601
Net Result 11,047,570 3,516,4087,263,685
Other Comprehensive Income
Changes on revaluation of non-current assets
0 0 0
11,047,570 7,263,685 3,516,408Total Comprehensive Income
This statement is to be read in conjunction with the accompanying notes.
Note: Operating Grants and Subsidies. In 2016-17, the City received an advance payment for the 2017-18 Financial
Assistance Grants of $821K
Page 21 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Statement of Comprehensive Income
by Program
Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
Operating Revenue (Refer Notes 1, 2, 3, 4 & 10)
38,052,894 39,069,833 38,824,393General Purpose Funding
544,999 962,689 562,450Governance
345,470 369,986 368,842Law, Order and Public Safety
418,703 464,389 408,983Health
23,500 28,768 23,553Education and Welfare
6,100,914 6,427,324 6,272,986Community Amenities
4,521,517 5,083,611 4,527,238Recreation and Culture
2,172,093 2,140,801 1,143,286Transport
354,913 394,196 427,214Economic Services
1,267,667 1,541,130 1,413,941Other Property and Services
53,802,670 56,482,727 53,972,886
Operating Expenditure (Refer Notes 1, 2, 5, 6, 8 & 9)
)(1,774,187 )(1,130,364 )(1,231,194General Purpose Funding
)(3,953,194 )(3,696,095 )(4,005,603Governance
)(1,360,910 )(1,244,116 )(1,398,177Law, Order and Public Safety
)(1,105,591 )(1,029,206 )(1,105,773Health
)(296,165 )(360,945 )(416,422Education and Welfare
)(8,465,288 )(7,303,041 )(8,906,520Community Amenities
)(15,616,981 )(13,844,045 )(15,800,130Recreation and Culture
)(7,943,653 )(7,332,674 )(7,743,122Transport
)(1,138,447 )(983,626 )(1,503,391Economic Services
)(16,413,882 )(16,017,145 )(17,738,393Other Property and Services
)(58,068,298 )(52,941,257 )(59,848,725
Finance Costs (Refer Note 11)
)(68,727 )(67,627 )(58,554Community Amenities
)(319,184 )(312,488 )(248,129Recreation and Culture
)(172,274 )(162,994 )(163,274Transport
)(252,093 )(238,342 )(251,397Other Property and Services
)(812,278 )(781,451 )(721,354
Non Operating Income and Expenditure
334,370 336,802 163,425Law, Order and Public Safety
566,550 314,192 1,014,800Community Amenities
2,000 29,095 95,000Recreation and Culture
4,577,510 3,139,086 2,579,170Transport
10,645,046 684,491 6,261,206Other Property and Services
16,125,476 4,503,666 10,113,601
11,047,570 7,263,685 3,516,408Net Result
Other Comprehensive Income
Changes on revaluation of non-current assets
0 0 0
11,047,570 7,263,685 3,516,408Total Comprehensive Income
This statement is to be read in conjunction with the accompanying notes.
Page 22 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Note
Statement of Cash Flows Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
Cash Flows from Operating Activities
Receipts
35,646,231 35,659,228 37,268,3373Rates
2,333,473 3,388,161 1,608,315Operating Grants and Subsidies
745,753 1,289,039 876,526Contributions Reimbursements and Donations
13,938,121 14,547,399 13,124,9894Fees and Charges
782,421 1,261,594 773,61110Interest Earnings
356,671 337,306 321,108Other Revenue
53,802,670 56,482,727 53,972,886
Payments
)(24,521,425 )(23,508,049 )(25,155,140Employee Costs (Operating Only)
)(14,851,387 )(12,649,229 )(16,038,071Materials and Contracts
)(2,940,482 )(2,598,514 )(3,126,659Utilities
)(747,420 )(727,917 )(587,239Insurance
)(812,278 )(781,451 )(721,35411Interest Expense
)(3,358,733 )(2,210,126 )(2,701,737Other Expenses
)(47,231,725 )(42,475,286 )(48,330,200
6,570,945 14,007,441 5,642,686Net cash provided by (used in) operating activities 13
Cash Flows from Investing Activities
Capital Receipts
12,338,323 3,907,293 4,353,995 Grants and Contributions for the Development of Assets
174,334 Interest Earnings on Capital Grants and Contributions
5,452,410 1,070,325 7,073,7295Proceeds from the Sale Plant and Vehicles
17,790,733 5,151,952 11,427,724
Capital Payments
)(30,058,405 )(14,283,054 )(39,736,2787Acquisition of Assets
)(30,058,405 )(14,283,054 )(39,736,278
)(12,267,672 )(9,131,102 )(28,308,554Net cash provided by (used in) investing activities
Cash Flows from Financing Activities
Financing
2,305,520 1,353,000 4,900,00015Proceeds from New Debentures
)(2,230,770 )(2,237,766 )(2,351,46315Repayment of Debentures
192,261 117,528 198,25015Proceeds from Self Supporting Loans
267,011 (767,238) 2,746,787Net cash provided by (used in) financing activities
)(5,429,716 4,109,101 )(19,919,081Net increase (decrease) in cash held
39,022,113Cash at the beginning of the year 39,022,113 43,131,214
Cash and cash equivalents at the end of the year 43,131,21433,592,397 23,212,13312
This statement is to be read in conjunction with the accompanying notes.
Page 23 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Note
Rate Setting Statement Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
3,271,7092,321,428Estimated Surplus (Deficit) July 1 Brought Forward 2,151,889
Revenue (excluding rates)
43,869 44,076 45,861Rates - Specified Area 3
2,333,473 3,388,161 1,608,315Grants and Subsidies - Operating
745,753 1,289,039 876,526Contributions Reimbursements and Donation
13,938,121 14,547,399 13,124,989Fees and Charges 4
782,421 1,254,261 773,611Interest Received 10
356,671 344,639 321,108Other Revenue
16,750,41020,867,57518,200,308
Less Expenditure
)(25,033,532 )(23,618,727 )(25,693,473Employee Costs
)(14,851,387 )(12,649,229 )(16,038,071Materials and Contracts
)(11,136,744 )(11,136,744 )(11,701,546Depreciation 6
)(812,278 )(781,451 )(721,354Interest Expense 11
)(2,940,482 )(2,598,514 )(3,126,659Utilities
)(747,420 )(727,917 )(587,239Insurance
)(3,358,733 )(2,210,126 )(2,701,737Other Expense
)(60,570,079)(53,722,708)(58,880,576
)(40,680,268 )(32,855,133 )(43,819,669Net Operating Result Excluding Rates
Non Cash Revenue and Expenditure
Depreciation 11,136,744 11,701,54611,136,7446
Self Supporting Loan )(80,000
11,136,744 11,056,744 11,701,546
Movement in Non-Current Assets and Liabilities
Repayment of Deferred Debtors
62,100 62,100Adjustment Non Current Provisions and Accruals 62,100
62,10062,100 62,100
Net Non Cash and Movements 11,763,64611,118,84411,198,844
Investing Activities
12,338,323 3,907,293 4,353,995Grants and Contributions for the Development of Assets
5,452,410 1,070,325 7,073,729Proceeds on Disposal of Assets 5
174,334Interest Received on Capital Grants
)(129,142 )(292,303 )(304,807Acquisition of Assets - Employee Costs 7
)(29,833,643 )(13,747,261 )(39,324,020Acquisition of Assets - Material and Contracts 7
)(95,620 )(243,490 )(107,451Acquisition of Assets - Cost Allocations 7
)(28,308,554)(9,131,102)(12,267,672
Financing Activities
192,261 197,528 198,250Loan Repayments - Self Supporting 15
2,305,520 1,353,000 4,900,000Proceeds from New Debentures 15
4,133,418 )(3,110,242 17,520,947Transfers from Restricted Cash
)(2,230,770 )(2,237,766 )(2,351,463Repayment of Debentures 15
20,267,734)(3,797,4804,400,429
)(7,867,243 )(12,928,582 )(8,040,820Net Investing and Financing Activities
Budgeted deficiency before general rates )(36,825,134)(32,343,443)(35,198,878
Estimated amount to be raised from general rates 35,602,362 35,615,152 37,222,4763
Estimated Surplus (Deficit) June 30 Carried Forward 405,584 3,271,709 397,342
This statement is to be read in conjunction with the accompanying notes.
Page 24 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Statement of Financial Position Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
Equity
)(231,934,567 )(240,392,929Retained Surplus
)(21,274,312 )(16,332,358Reserves - Cash Backed
)(327,606,494 )(327,606,494Reserves - Asset Revaluation
)(580,815,372 )(584,331,780TOTAL EQUITY
Current Assets
8,885,316 6,487,182Cash and Cash Equivalents - Unrestricted
34,245,897 16,724,950Cash and Cash Equivalents - Restricted
2,692,818 2,692,818Trade and Other Receivables
52,290 52,290Inventories
45,876,321 25,957,240
Non Current Assets
1,678,116 1,479,866Other Non Current Receivables
240,515,248 233,554,924Property Plant and Equipment
299,288,608 293,233,263Infrastructure
17,504,515 57,240,793Work in Progress
558,986,486 585,508,845
Current Liabilities
)(4,634,289 )(4,634,289Trade and Other Payables
)(3,511,418 )(3,987,651Current Provisions
)(2,223,631 )(2,277,765Current Portion Long Term Borrowings
)(10,369,338 )(10,899,705
Non Current Liabilities
)(16,034 )(16,034Other Non Current Payables
)(489,969 )(552,069Non Current Provisions
)(13,172,095 )(15,666,498Long Term Borrowings
)(13,678,097 )(16,234,600
580,815,372 584,331,780TOTAL NET ASSETS
Statement of Changes in Equity Original Budget
2016-17
Forecast
2016-17
Draft Budget
2017-18
Retained Surplus
Balance 1 July 229,413,598 231,934,567
Transfer (to) / from Cash Backed Reserves )(4,742,716 4,941,954
Net Operating Result 7,263,685 3,516,408
231,934,567Balance 30 June 240,392,929
Reserves Cash Backed
Balance 1 July 16,531,596 21,274,312
Transfer to / (from) Cash Backed Reserves 4,742,716 )(4,941,954
Balance 30 June 21,274,312 16,332,358
Reserves Asset Revaluation
Balance 1 July 327,606,494 327,606,494
Transfer to / (from) Asset Revaluation Reserve
Balance 30 June 327,606,494 327,606,494
Equity Balance 30 June 580,815,372 584,331,780
Page 25 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Statement of Net Current Assets Opening Balance
2016-17
Forecast
2016-17
Draft Budget
2017-18
Current Assets
Cash Unrestricted 5,782,438 8,885,316 6,487,182
Cash Restricted 27,306,514 34,245,897 16,724,950
Trade and Other Receivables 2,364,786 2,692,818 2,692,818
Inventories 62,066 52,290 52,290
35,515,804 45,876,321 25,957,240
Current Liabilities
Provisions (3,951,185) )(3,511,418 )(3,987,651
Trade and Other Payables (3,687,585) )(4,634,289 )(4,634,289
(7,638,770) )(8,145,706 )(8,621,939
27,877,034 37,730,615 17,335,301NET CURRENT ASSET POSITION
LessCash Restricted )(16,724,950)(34,245,897(27,306,514)
Receivables )(199,663(164,936) )(218,160
)(16,943,110(27,471,450) )(34,464,057
ESTIMATED SURPLUS (DEFICIENCY) C/FWD 3,271,708 397,342405,584
The estimated surplus (deficiency) c/fwd in the 2016-17 forecast column represents the surplus (deficit) brought forward
as at 1 July 2017.
The estimated surplus (deficiency) c/fwd in the 2017-18 budget column represents the surplus (deficit) carried forward as
at 30 June 2018.
Page 26 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves
Page 27 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
ACDI Equipment Replacement ProgramPurpose: For the purchase and upgrade of equipment used by Australian Centre for Digital Innovation
Opening Balance 587,895 660,417587,895 587,895
Transfers to Reserves (Based on Operating Surplus) 72,522 91,67081,300
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 660,417 752,087669,195
AirportPurpose: To receipt funds from airport leases for the future provision of asset management and expansion projects at
the airport
Opening Balance 31,178 70,03231,178 31,178
Transfers to Reserves (Based on Operating Surplus) 123,762 123,786123,786
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(54,315 )(38,320)(108,463
Transfers from Reserves (Loan Principal Repayments) )(30,593 )(30,445)(46,501
Closing Balance 70,032 125,0530
Asset Management and RenewalPurpose: To provide funding for future asset management / renewal programs / projects
Opening Balance 4,447,972 7,040,0424,447,972 4,447,972
Transfers to Reserves (Based on Operating Surplus) 3,095,560 100,000600,000
Transfers to Reserves (Specified Amount) 665,981 163,42584,848
Transfers from Reserves (Operating and Capital Projects) )(1,169,471 )(4,533,786)(1,957,318
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 7,040,042 2,769,6813,175,502
Building Restoration and MaintenancePurpose: For the purchase and upgrade of Council Buildings
Opening Balance 238,254 457,254238,254 238,254
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 219,000219,000
Transfers from Reserves (Operating and Capital Projects) )(104,074)(104,074
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 457,254 353,180353,180
Bunbury Museum and Heritage CentrePurpose: To provide funding for the Museum
Opening Balance 62,438 062,438 62,438
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(62,438)(50,796
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 0 011,642
Page 28 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
Canal ManagementPurpose: To receipt specified area rating from the Pelican Point Canal Development to provide for the ongoing
management and maintenance of the Canal residential and commercial area
Opening Balance 444,146 465,932444,146 444,146
Transfers to Reserves (Based on Operating Surplus) 44,076 45,86143,869
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(22,290)(32,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 465,932 511,793456,015
City Arts CollectionPurpose: For the purchase and upgrade of Council's Art Collection
Opening Balance 38,984 42,48438,984 38,984
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 3,500
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 42,484 42,48438,984
City of Bunbury General ParkingPurpose: To fund motor vehicle parking requirements within the City of Bunbury and promotion of the CBD
Opening Balance 2,083,926 2,057,8042,083,926 2,083,926
Transfers to Reserves (Based on Operating Surplus) 885,748 )(170,566744,917
Transfers to Reserves (Specified Amount) 66,662 6,423,48665,195
Transfers from Reserves (Operating and Capital Projects) )(759,429 )(478,040)(994,304
Transfers from Reserves (Loan Principal Repayments) )(219,103 )(218,049)(218,209
Closing Balance 2,057,804 7,614,6351,681,525
College Grove Subdivision Amended Joint VenturePurpose: To provide funding for the development of land relating to the amended College Grove joint venture
Opening Balance 32,818 33,81232,818 32,818
Transfers to Reserves (Based on Operating Surplus) 903 85029,374
Transfers to Reserves (Specified Amount) 91
Transfers from Reserves (Operating and Capital Projects) )(20,000)(20,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 33,812 14,66242,192
Depot ConstructionPurpose: To provide funding for the purpose of constructing a new depot
Opening Balance 1,585,182 2,992,6821,585,182 1,585,182
Transfers to Reserves (Based on Operating Surplus) 2,120,00060,000
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(712,500 )(2,992,682)(1,585,182
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 2,992,682 060,000
Page 29 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
Disaster Relief FundPurpose: To provide relief of personal hardship and distress arising from natural disasters
Opening Balance 100,000 100,000100,000 100,000
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 20,00020,000
Transfers from Reserves (Operating and Capital Projects) )(20,000)(20,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 100,000 100,000100,000
Dual Use Path Upgrade ContributionsPurpose: To receipt funds received from Council's subdivision conditions for the future provision of dual use path
improvements and path management measures to benefit path infrastructure
Opening Balance 59,746 59,74659,746 59,746
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 59,746 59,74659,746
Employee Entitlements and InsurancePurpose: To provide future funds for employee related entitlements and insurance liabilities
Opening Balance 764,562 979,020764,562 764,562
Transfers to Reserves (Based on Operating Surplus) 124,45866,829
Transfers to Reserves (Specified Amount) 100,000
Transfers from Reserves (Operating and Capital Projects) )(10,000 )(7,000)(14,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 979,020 972,020817,391
EnvironmentalPurpose: For the future provision of environmental management and associated projects
Opening Balance 195,057 189,707195,057 195,057
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 23,90023,900
Transfers from Reserves (Operating and Capital Projects) )(5,350 )(167,650)(100,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 189,707 45,957118,957
Hay Park Regional Athletics TrackPurpose: To retain funds for the future replacement of the regional athletics track
Opening Balance 300,665 370,665300,665 300,665
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 70,000 70,00070,000
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 370,665 440,665370,665
Page 30 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
Heritage Building MaintenancePurpose: To provide funding for the maintenance of heritage buildings
Opening Balance 27,500 27,50027,500 27,500
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 27,500 27,50027,500
Infrastructure DevelopmentPurpose: To receipt funds specifically raised from the annual rates levied for the renewal and upgrade of existing
infrastructure assets
Opening Balance 0 153,3330 0
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 375,053 725,020354,520
Transfers from Reserves (Operating and Capital Projects) )(221,720 )(750,000)(270,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 153,333 128,35384,520
Land Subdivision and DevelopmentPurpose: To provide funding for land subdivision development
Opening Balance 340,723 340,723340,723 340,723
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 340,723 340,723340,723
Local Planning Policy FrameworkPurpose: To provide funding for Local Planning Policy Framework
Opening Balance 50,000 100,00050,000 50,000
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 50,000 50,00050,000
Transfers from Reserves (Operating and Capital Projects) )(49,825
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 100,000 100,175100,000
Meat InspectionPurpose: To make funds available to enable the monitoring of annual meat inspection income and expenditure to
ensure as far as possible the service is carried out on a self-balancing basis
Opening Balance 73,983 112,63673,983 73,983
Transfers to Reserves (Based on Operating Surplus) 38,653 )(3,83316,724
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 112,636 108,80390,707
Page 31 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
Planning and Development Act Section 152Purpose: To receipt income from the sale of Planning and Development Act Section 152 Public Open Space Reserves to
fund other public open space developments in accordance with the Planning and Development Act
Opening Balance 456,222 541,325456,222 456,222
Transfers to Reserves (Based on Operating Surplus) 85,103
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 541,325 541,325456,222
Plant and EquipmentPurpose: To provide for the purchase of plant and equipment, including office furniture, office equipment, computer
hardware and software
Opening Balance 323,327 516,827323,327 323,327
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 193,500
Transfers from Reserves (Operating and Capital Projects) )(230,568
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 516,827 286,259323,327
Public ArtPurpose: To provide funding for the installation of artworks in public spaces
Opening Balance 135,333 135,333135,333 135,333
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(100,000
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 135,333 35,333135,333
Refuse Collection and Waste MinimisationPurpose: To receipt any annual surplus from Council's waste collection / minimisation program to provide future
funding for Council's sanitation program
Opening Balance 3,544,134 3,212,8553,544,134 3,544,134
Transfers to Reserves (Based on Operating Surplus) 790,642 615,008780,092
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(1,121,921 )(3,289,963)(1,921,985
Transfers from Reserves (Loan Principal Repayments) )(93,916
Closing Balance 3,212,855 443,9842,402,241
Regional MuseumPurpose: To fund Council's contribution toward the establishment of a regional museum
Opening Balance 3,442 03,442 3,442
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(3,442)(3,442
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 0 00
Page 32 of 33
Annual Budget 2017-18 Tuesday, 18 July, 2017
Cash Backed Reserves Forecast Draft Budget
2017-18
Opening Balance Current Budget
2016-172016-17
Road Upgrade ContributionsPurpose: To receipt funds received from Council's subdivision conditions for the future provision of road improvements
and traffic management measures to benefit road infrastructure
Opening Balance 153,730 171,704153,730 153,730
Transfers to Reserves (Based on Operating Surplus) 17,974
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects)
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 171,704 171,704153,730
Town Planning Scheme Land Acquisition and CompensationPurpose: For land acquisitions and compensation payable in respect to the implementation of Council's Town Planning
schemes
Opening Balance 135,000 132,505135,000 135,000
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount)
Transfers from Reserves (Operating and Capital Projects) )(2,495 )(9,725)(12,220
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 132,505 122,780122,780
WithersPurpose: To provide funding for the implementation of the Withers Action Plan
Opening Balance 315,379 309,974315,379 315,379
Transfers to Reserves (Based on Operating Surplus)
Transfers to Reserves (Specified Amount) 149,686
Transfers from Reserves (Operating and Capital Projects) )(155,091 )(86,518)(257,379
Transfers from Reserves (Loan Principal Repayments)
Closing Balance 309,974 223,45658,000
16,332,35821,274,31212,250,07716,531,596TOTAL RESERVES
All of the above reserve accounts are to be supported by money held in financial institutions.
Page 33 of 33