HURSTVILLE CITY COUNCIL
CIVIC CENTRE, MACMAHON STREET, HURSTVILLE.
__________________________________
SUMMARY OF ITEMS CONTAINED IN THE
DIVISIONAL MANAGER - BUSINESS AND FINANCIAL SERVICES' REPORT
TO THE MEETING OF THE FINANCE COMMITTEE
TO BE HELD ON 14TH JUNE, 2000
02:01 Financial Statements (Form 2) As At 2nd June, 2000 (F/00008)
(Appendix "A" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C Long)
02:02 Council Investments as at 2nd June, 2000 (F/00026)
(Report by Manager - Management Accounting, Mrs C Long)
02:03 Job Cost Report - Expenditure to 2nd June, 2000 (F/00017)
(Appendix "B" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C. Long)
02:04 Report on Rate Collection for the Period 1/07/1999 to 2/06/2000 (R/00631)
(Report by Manager - Rates, Mr W. Wood)
02:05 Stores & Materials - Surpluses and Deficiencies as at 12th May, 2000
(Report by Manager - Purchasing & Supply, Mr P Crutchley)
:95 Appendix "A" - Financial Statement (Form 2A)
:96 Appendix "B" - Job Cost Report
:99 Appendix "C" - Stocktake Reconciliation Variances
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . BUSINESS & FINANCIAL SERVICES |
DIVISIONAL MANAGER - BUSINESS AND FINANCIAL SERVICES'
REPORT NO.1 TO THE FINANCE COMMITTEE
TO BE HELD ON 14TH JUNE, 2000
REPORT NO.1 TO THE FINANCE COMMITTEE
TO BE HELD ON 14TH JUNE, 2000
The General Manager
Hurstville City Council
The Civic Centre
HURSTVILLE
Dear Sir,
Hereunder is my report No.1 to be submitted to the Finance Committee:-
02.01 FINANCIAL STATEMENTS (FORM 2) AS AT 2ND JUNE, 2000 (F/00008)
(Appendix "A" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C Long)
Financial Statement submitted to the Finance Committee as previously required under Ordinance No. 26, Clause 18(a) for the Committee’s information.
| HURSTVILLE CITY COUNCIL RECOMMENDATION NO: .01 BUSINESS & FINANCIAL SERVICES |
HEADING: Recommendation FINANCIAL STATEMENTS (FORM 2) AS AT 2ND JUNE, 2000 (F/00008)
(Appendix "A" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C Long)
RECOMMENDATION
- THAT the Financial Statement be received and noted.
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . BUSINESS & FINANCIAL SERVICES |
02.02 COUNCIL INVESTMENTS AS AT 2ND JUNE, 2000 (F/00026)
(Report by Manager - Management Accounting, Mrs C Long)
The following tables give details of Council's funds invested as at 2nd June, 2000.
Certificate of Investment
- The following investments have been made in accordance with Section 625 of the Local Government Act, 1993 and Regulations and in accordance with Council's Investment Policy.
Date Invested | With Whom Invested | Amount $ | Yield % | Days | Due Date |
| (a) Term Deposits |  | | | | |
| (b) Commercial Bills | | | | | |
| 07.04.00 | CST | 5,093,508.40 | 6.00 | 60 days | 06.06.00 |
| 07.04.00 | HKB | 2,000,000.00 | 5.96 | 60 days | 06.06.00 |
| 26.04.00 | NAB | 4,952,233.33 | 6.07 | 58 days | 23.06.00 |
| 26.04.00 | ANZ | 4,946,530.04 | 6.07 | 65 days | 30.06.00 |
| 12.05.00 | CITI | 2,523,768.54 | 6.15 | 32 days | 13.06.00 |
| 12.05.00 | ANZ | 2,984,041.51 | 6.10 | 32 days | 13.06.00 |
| 15.05.00 | NAB | 4,974,934.50 | 6.13 | 30 days | 14.06.00 |
| 29.05.00 | WPC | 3,941,285.64 | 6.25 | 87 days | 24.08.00 |
| 29.05.00 | CBA | 4,922,559.37 | 6.31 | 91 days | 28.08.00 |
| 31.05.00 | ANZ | 2,461,997.55 | 6.26 | 90 days | 29.08.00 |
| 02.06.00 | CITI | 3,029,987.66 | 6.25 | 60 days | 01.08.00 |
| | | | | |
| Total | | 41,830,846.54 | | | |
| (c) Treasury Bonds | NSW Treasury | 0 | | | |
| (d) Money on Overnight Call | | 1,099,876.52 | | | |
| (e) Promissory | Notes | 0 | | | |
| Total Investments | | 42,930,723.06 | | | |
- Summary of Investments
| (a) | Fixed Deposits | |
| (b) | Fixed Rate Bills | |
| Commercial Bills | 41,830,846.54 |
| (c) | Treasury Bonds/Inscribed Stock | |
| (d) | Money market | 1,099,876.52 |
| (e) | Promissory Notes | |
| Total | 42,930,723.06 |
Financial Institution Exposure Analysis
| ANZ | 10,392,569.10 |
| Westpac | 3,941,285.64 |
| Commonwealth | 6,022,435.89 |
| National | 9,927,167.83 |
| St George | 0.00 |
| Colonial State | 5,093,508.40 |
| Citibank | 5,553,756.20 |
| Hong Kong | 2,000,000.00 |
| Total | 42,930,723.06 |
| HURSTVILLE CITY COUNCIL RECOMMENDATION NO: .02 BUSINESS & FINANCIAL SERVICES |
HEADING: Recommendation COUNCIL INVESTMENTS AS AT 2ND JUNE, 2000 (F/00026)
(Report by Manager - Management Accounting, Mrs C Long)
RECOMMENDATION
- THAT the report be received and noted.
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . BUSINESS & FINANCIAL SERVICES |
02.03 JOB COST REPORT - EXPENDITURE TO 2ND JUNE, 2000 (F/00017)
(Appendix "B" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C. Long)
Please see Appendix “B” for details.
| HURSTVILLE CITY COUNCIL RECOMMENDATION NO: .03 BUSINESS & FINANCIAL SERVICES |
HEADING: Recommendation JOB COST REPORT - EXPENDITURE TO 2ND JUNE, 2000 (F/00017)
(Appendix "B" to Divisional Manager's Report No. 1)
(Report by Manager - Management Accounting, Mrs C. Long)
RECOMMENDATION
- THAT the report be received and noted.
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . BUSINESS & FINANCIAL SERVICES |
02.04 REPORT ON RATE COLLECTION FOR THE PERIOD 1/07/1999 TO 2/06/2000 (R/00631)
(Report by Manager - Rates, Mr W. Wood)
Type of Charges Levied | Arrears $ | Current $ | Collections $ | Outstanding Balance $ |
| Combined Rates & Waste Charges | 508,484 | 24,180,103 | (22,044,720) | 922,626 |
| Pension Rebates | | (1,721,241) | | |
| Extra Charges | 126,360 | 70,275 | (70,165) | 126,470 |
| 634,844 | 22,529,137 | (22,114,885) | 1,049,096 |
- Collections to 2nd June, 2000 represent 95.5% of the total amount of Rates and Charges recoverable and 98.2% of the 1999/2000 Rating Levy.
Collections for the equivalent period during the 1998/1999 Rating Period were 95.8% and 98.7%, respectively.
| HURSTVILLE CITY COUNCIL RECOMMENDATION NO: .04 BUSINESS & FINANCIAL SERVICES |
HEADING: Recommendation REPORT ON RATE COLLECTION FOR THE PERIOD 1/07/1999 TO 2/06/2000 (R/00631)
(Report by Manager - Rates, Mr W. Wood)
RECOMMENDATION
- THAT the report be received and noted.
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . BUSINESS & FINANCIAL SERVICES |
02.05 STORES & MATERIALS - SURPLUSES AND DEFICIENCIES AS AT 12TH MAY, 2000
(Report by Manager - Purchasing & Supply, Mr P Crutchley)
The bi-annual stocktake was held on 12th May, 2000. The detailed results are attached as an appendix. A net deficiency of $254.51 was recorded with the respective amounts as follows:
Surpluses …$ 940.02
Deficiencies …$1194.53
Net Deficiency…$ 254.51
A total of 833 stock items were counted and the number of stock discrepancies identified were 97. All the listed variances were recounted during the stocktake to verify the actual count. Overall, the net deficiency represents 0.001 percent of Council’s total warehouse inventory holdings and is acceptable.
Stockholdings continue to be reduced through the monitoring of re-order data to allow smaller stock holdings and a more frequent stock turnover. This is evidenced by comparing the number of items included in the stock count with the previous stocktake in November, 1999, with a result showing 88 items fewer being kept in inventory.
Stock valuations at stocktake for Depot inventory items for the last four stocktakes are:
October 1998
$233,108
May 1999
$239,245
November 1999
$236,685
May 2000
$232,713.
| HURSTVILLE CITY COUNCIL RECOMMENDATION NO: .05 BUSINESS & FINANCIAL SERVICES |
HEADING: Recommendation STORES & MATERIALS - SURPLUSES AND DEFICIENCIES AS AT 12TH MAY, 2000
(Report by Manager - Purchasing & Supply, Mr P Crutchley)
RECOMMENDATION
- THAT the report on results of 12th May, 2000 Warehouse Stocktake, be noted.
THAT authority be given to adjustments to the Stores and Materials Ledger as at 12th May, 2000 in the following amounts:
Surpluses $940.02
Deficiencies $1194.53
Net Deficiency $254.51.
* * * * * *
- Yours faithfully,
D Rosenbaum
Divisional Manager - Business
& Financial Services
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . Appendix for Business and Financial Services |
.95 APPENDIX "A" - FINANCIAL STATEMENT (FORM 2A)
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . Appendix for Business and Financial Services |
.96 APPENDIX "B" - JOB COST REPORT
| HURSTVILLE CITY COUNCIL REPORT ITEM NO: . Appendix for Business and Financial Services |
.99 APPENDIX "C" - STOCKTAKE RECONCILIATION VARIANCES