Budget On-Target In Latrobe CityLatrobe City’s mid-year budget review has identified that the municipality is on-target By Latrobe Shire - 18th February 2003 - Back to News Latrobe City’s mid-year budget review has identified that the municipality is on-target to comply with the financial parameters adopted by Council in the 2002/ 03 financial year.
Latrobe City’s Chief Executive Officer, Richard Hancock, explained that the mid-year budget review is undertaken to make various minor adjustments to the original budget as a result of the first six months of the financial year.
"This year there are a small number of minor changes to recurrent program spending from a combination of Council resolutions requiring some additional expenditure, additional IT expenditure following a series of intensive reviews, and also successful applications for additional government subsidies that needed to be taken into account. There are several capital works projects originally scheduled in 2002/03 that will now be completed in 2003/04 for a variety of reasons," Mr Hancock said."
The report tabled at the Special Council Meeting held in the Kernot Hall Foyer on Monday 17 February also identified that significant progress has been made in respect of the Council’s Capital Works program.
An independent report by the Council’s Audit Committee endorsed the budget review and noted that the Key Service Delivery Outcomes six monthly report to December 2002 was a highly informative and valuable document, for both the Council and the community. The Audit Committee also noted the quality of the documentation and the depth of information provided.
"The Key Services Delivery Outcomes Report identifies the progress that has been made by Latrobe City in delivering the outcomes that were forecasted when the budget was set. This document has been reported on a quarterly basis and provides Councillors and the community with a report of actual performance, and the progress that has been made towards achieving identified and planned outcomes," Mr Hancock said.
The Mid Year Budget Review identified that the Council’s Debt Management Strategy has been retained and forecasted debt servicing costs are consistent with the adopted budget.
"Overall the budget review is a very pleasing result," Mr Hancock concluded.
Source: www.gippsland.com Published by: news@gippsland.com
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