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Committee Resolved FPCO/2024/00045
Officer recommendations accepted without change
Part C
That the Finance
and Performance Committee:
1. Receives the information in the Financial
Performance Report - June 2024.
2. Approves operational carry forward requests from 2023/24 of a net
$13.9 million (as detailed in Attachment B), to enable completion of projects
in 2024/25 or later.
3. Approves net capital bring backs to 2023/24 of $2.8 million (as
detailed in Attachment C) to cover work completed in 2023/24 partly offset by
carry forwards to enable completion of capital projects in 2024/25 or later,
noting that:
a. Excluding the $17.5
million carry forward for Te Kaha, the net bring back is $20.3 million.
b. a net $4.4 million
comes from 2024/25.
c.
a net $35.9 million moves to 2025/26, and notes
substitutions may need to be considered as part of the 2025/26 Annual Plan to
ensure affordability and deliverability in that year.
4. Approves net capital revenue and funding carry forwards of $3.2
million, and on-lending carry forwards as detailed in Attachment C.
5. Confirms the following treatment for the 2023/24 operating surplus
of $20.4 million:
a. Notes $7.36
million, being higher than budgeted subvention receipts received in the 23/24
financial year, was applied to reduce 2023/24 borrowing as resolved with the
adoption of the 2024/34 LTP.
b. $0.5 million of
unspent weather event contingency budget to be transferred and added to the
$1.1 million sitting in the Adverse Event fund, which will provide $1.6
million for any future weather event that exceeds, the normal annual budget
provision of $0.5 million, and also provide $6.0M for commercial contingencies which may be subject to balance date
adjustments.
c. The balance of
$6.5 million be applied to the repayment of rates funded debt.
Councillor MacDonald/Councillor McLellan Carried
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