Annual Report 2014–15


Financial Performance Indicators



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Financial Performance Indicators

For the year ended 30 June 2015

Dimension

Indicator

Measure

Results
2015

Forecasts 2016

Forecasts 2017

Forecasts 2018

Forecasts 2019

Comments

Operating position

Adjusted underlying result

Adjusted underlying surplus (or deficit)

[Adjusted underlying surplus (deficit)/ Adjusted underlying revenue] x100



6.24 per cent

3.72 per cent

2.94 per cent

4.32 per cent

5.27 per cent

No material variations.

Liquidity

Working capital

Current assets compared to current liabilities

[Current assets / Current liabilities] x100


163.60 per cent

40.59 per cent

77.68 per cent

57.38 per cent

30.27 per cent

The settlement of the Munro site in 2015–16 will have a material impact on the City of Melbourne's cash balance. The Council's cash balance will be impacted by the timing of QVM Renewal project expenditure in the four-year forecast.

Liquidity

Unrestricted cash


Unrestricted cash compared to current liabilities

[Unrestricted cash / Current liabilities] x100



81.38 per cent

0 per cent

34.63 per cent

14.83 per cent

0 per cent

The settlement of the Munro site in 2015–16 will have a material impact on the City of Melbourne's cash balance. The Council's cash balance will be impacted by the timing of QVM Renewal project expenditure in the four-year forecast.

Obligations

Loans and borrowings

Loans and borrowings compared to rates

[Interest bearing loans and borrowings / Rate revenue] x100


0 per cent


0 per cent

0 per cent

0 per cent

0 per cent

The City of Melbourne has no borrowing as at 30 June 2015, and any future borrowings are projected to be fully paid by 30 June each year.

Obligations

Loans and borrowings

Loans and borrowings repayments compared to rates

[Interest and principal repayments on interest bearing loans and borrowings / Rate revenue] x100



0 per cent

16.64 per cent

16.14 per cent

15.63 per cent

14.98 per cent

The increase from 2016 onwards is due mainly to the borrowing facility required for settlement of the Munro site and ongoing working capital requirements.

Obligations

Indebtedness

Non-current liabilities compared to own source revenue

[Non-current liabilities / Own source revenue] x100



0.77 per cent

0.76 per cent

0.77 per cent

0.78 per cent

0.78 per cent


No material variations.

Obligations

Asset renewal

Asset renewal compared to depreciation

[Asset renewal expenses / Asset depreciation] x100



73.54 per cent

101 per cent

90.43 per cent

90.37 per cent

90.21 per cent

The increase of asset renewal in 2015–16 is mainly due to carry-forward capital works from 2014–15.

Stability

Rates concentration

Rates compared to adjusted underlying revenue

[Rate revenue / Adjusted underlying revenue] x100



57.71 per cent

61.12 per cent

60.83 per cent

61.34 per cent

62.11 per cent

No material variations.

Stability

Rates effort

Rates compared to property values

[Rate revenue / Capital improved value of rateable properties in the municipality ] x100


0.26 per cent

0.27 per cent

0.26 per cent

0.26 per cent

0.26 per cent

No material variations.

Efficiency

Expenditure level

Expenses per property assessment

[Total expenses / Number of property assessments]



$3,954

$3,915

$3,800

$3,630

$3,545

No material variations.

Efficiency

Revenue level

Average residential rate per residential property assessment

[Residential rate revenue / Number of residential property assessments]



$1,086

$1,105

$1,071

$1,091

$1,100

No material variations.

Efficiency

Workforce turnover


Resignations and terminations compared to average staff

[Number of permanent staff resignations and terminations / Average number of permanent staff for the financial year] x100



11.91 per cent

12.38 per cent

12.44 per cent

12.69 per cent

12.93 per cent

No material variations.

Definitions

"adjusted underlying revenue" means total income other than—

(a) non-recurrent grants used to fund capital expenditure; and

(b) non-monetary asset contributions; and

(c) contributions to fund capital expenditure from sources other than those referred to in paragraphs (a) and (b)

"adjusted underlying surplus (or deficit)" means adjusted underlying revenue less total expenditure

"asset renewal expenditure" means expenditure on an existing asset or on replacing an existing asset that returns the service capability of the asset to its original capability

“current assets” has the same meaning as in the AAS

"current liabilities" has the same meaning as in the AAS

“non-current assets” means all assets other than current assets

"non-current liabilities" means all liabilities other than current liabilities

“non-recurrent grant” means a grant obtained on the condition that it be expended in a specified manner and is not expected to be received again during the period covered by a council's Strategic Resource Plan

"own-source revenue" means adjusted underlying revenue other than revenue that is not under the control of council (including government grants

"population "means the resident population estimated by council

“rate revenue” means revenue from general rates, municipal charges, service rates and service charges

"recurrent grant "means a grant other than a non-recurrent grant

"residential rates" means revenue from general rates, municipal charges, service rates and service charges levied on residential properties

"restricted cash" means cash and cash equivalents, within the meaning of the AAS, that are not available for use other than for a purpose for which it is restricted, and includes cash to be used to fund capital works expenditure from the previous financial year

"unrestricted cash" means all cash and cash equivalents other than restricted cash.


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