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Strategic Resource Plan 2014/15 to 2017/18

Melton City Council – Strategic Resource Plan 2014/15 to 2017/18

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EXECUTIVE SUMMARY ………….………….………….………….................... 2

PROJECTED FINANCIAL OUTCOMES

Financial Performance ……………………………………………………………... 3-4

Financial Position ……………………………………………………………........... 5

Cash Flow ……………………………………………………………...................... 6

Capital Expenditure/Borrowing……………………………………...................... 7

Non Financial Resources …………………………………………….................... 8

Assumptions ………………………………………………………......................... 9-12

APPENDIX A: BUDGETED STANDARD STATEMENTS

Budgeted Standard Income Statement …………………………………………... 13

Budgeted Standard Balance Sheet …………………………………………......... 14

Budgeted Standard Cash Flow Statement ………………………………………. 15

Budgeted Standard Capital Works Statement …………………………………… 16

Budgeted Statement of Changes in Equity ……………………………………… 17

Budgeted Statement of Human Resources ……………………………………… 18


11..00 EEXXEECCUUTTIIVVEE SSUUMMMMAARRYY The key elements of Melton City Council’s Strategic Planning Framework are our Council Plan, Strategic Resource Plan and the Annual Budget. In accordance with The Local Government Act 1989, the Strategic Resource Plan must be reviewed and adopted by Council by 30 June 2014. The Strategic Resource Plan provides direction in future service planning and is a critical tool in identifying and managing Council’s financial risks. The Plan informs Council decision-making in areas such as service levels, infrastructure management, rating strategy and investment targets, and then reflects the future impact of those decisions. The Plan also provides the long term, prudent and “sustainable’ financial framework within which Council will develop, consider and adopt the 2014/15 Budget. Within this report there are some specific projects detailed (i.e. Capital Works over the next four years on page 17). It should be noted however; that this financial strategy does not attempt to set in concrete any item in particular; rather, it provides a financial framework that shows the amount of funds Council will have at its discretion over a period. It is in this way that financial modeling can be undertaken as project costs are firmed and submitted to the annual budget process. Council, in adopting a long-term financial strategy (and carrying out regular reviews) is ensuring financial resources are available over the long term. It also reinforces the Council’s ability to renew the required infrastructure and fund new capital works, plus adequately resource the business plans contained in the Council Plan enabling the overarching Council vision to become a reality. Strong financial management has become a necessary ingredient for Local Government and in particular for Melton City Council which is currently in an environment of rapid growth with increasing demand for facilities and services for the growing community. In facing this challenge, Melton City Council will be confronted with some difficult decisions regarding revenue streams particularly rating, borrowing limits, increasing costs and the desire for new and refurbished facilities which will also impact on expenditures over the next few years. The Strategic Resource Plan is based on the following key objectives: -

To build community wealth through the achievement of operating surpluses growth in cash reserves.

To continue to deliver high quality services to the community; To minimize net borrowing in the medium and long term. Council capital works program funding from internally generated funds and moderate

net new borrowings during the currency of this Strategic Resource Plan. To maximise returns on Council’s investments. To maintain a responsible and sustainable asset management program and Early delivery of infrastructure to growth areas.

In turn, specific financial goals have been established to support management and Council decision making, and to track progress against objectives. These goals are:

Improve underlying surplus from annual operations during the currency of this Strategic Resource Plan;

Maintain a balanced, or cash flow positive, annual cash budget; Target a minimum of $21.0 million and above in cash and investment reserves; Maintain a minimum working capital of $1.0 million to $1.5 million Maintain growth in net assets.

Page 2


The Strategic Resource Plan is not a static document, but is reviewed annually as part of Council’s strategic planning and budget process and is updated to reflect changing internal and external circumstances. 2.0 FINANCIAL PERFORMANCE Financial performance refers to the net outcome of all revenues and expenditure from Council’s operating activities during a financial year. It is presented in the Budgeted Income Statement in terms of both an underlying surplus or deficit and also a comprehensive result. The underlying result is the net surplus or deficit for the year adjusted for non cash developer contributions, gains or losses on disposal of assets sold, capital grants and other once-off adjustments. It is a measure of financial sustainability, as it is not impacted by non-recurring or once-off items of revenues and expenses, which can often mask the operating result. The council is in a period of rapid growth and while this is expected to extend well into the next decade, the magnitude and pace of the projected growth poses significant challenges to Council. The projected trend in the underlying surplus illustrated in the chart below, shows the challenges faced by Council’s in terms of maintaining and improving the recurrent service delivery year by year without relying on cash reserves or increased debt. The underlying result is a deficit from 2013/14 through to 2015/16 however, is expected to improve significantly in 2017/18 during the currency of this Strategic Resource Plan.

‐$3.3

‐$7.5

‐$3.5

$0.4

$5.9

‐10

‐8

‐6

‐4

‐2

0

2

4

6

8

$ (M

illions)

Financial Year

Underlying Operating Result in $ Millions

The comprehensive surplus or deficit is the total after accounting for both operating and non operating items. These include gain/loss on sale of assets, capital grants and contributed assets.

Page 3


Council’s comprehensive surplus is projected to increase from a forecast surplus of $66.9 million in 2013/14 to $75.3 million by 2017/18.

$66.9

$56.9$63.2 $67.1

$75.3

0

20

40

60

80

100

120

140

$ Millions

Financial Year

Operating Results ‐ (Comprehensive Result)in $ Millions

Total revenue is projected to increase from a forecast $186.5 million in 2013/14 to $218.5 million by 2017/18. This is an increase of over $32.0 million or 17.1% compared to 2013/14 forecast results. Other assumptions built in for revenue and operating expenditure are discussed in detail under Section 8, Assumptions on Pages 10 to 13.

$186.5 $186.1$196.6 $205.0

$218.5

0

50

100

150

200

$ (M

illions)

Financial Year

Operating Revenue in $ Millions

Page 4


3.0 FINANCIAL POSITION Financial Position refers to a “snap shot” of all assets (what Council owns) and Liabilities (what Council owes) at the end of the financial year. It is presented as the Budgeted Balance Sheet and the reported net assets (i.e. Assets less liabilities), representing the net worth, or value of Council. The Current (Liquidity) Ratio (or Current assets over Current Liabilities) measures the liquidity situation of Council, or our ability to meet short term (less than twelve months) financial obligations. Throughout the planning period, Council’s liquidity ratio exceeds the target ratio between of 1.25 to 2.5.

$1,288 $1,347 $1,410$1,475

$1,553

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$ Millions

Financial Year

Financial Position ‐ Net Assets in $ Millions

Council’s net assets will increase in value from a forecast $1.288 billion in 2013/14 to $1.553 billion by 30 June 2018. This is a net increase of $265 million reflecting the net outcome of annual capital expenditure, contributed assets, asset disposals, depreciation including the impact of biennial revaluation.

Page 5


4.0 CASH FLOW Cash flow refers to the inflows and outflows of cash during the financial year in the performance of all activities. The Budgeted Cash Flow Statement presents this information in three main areas – operating activities (i.e. normal receipts and payments from operations), investing activities (addition and disposal of non current assets) and financing activities (loan borrowings and repayments). The statement explains the reasons for movement in cash reserves between the start and end of year. The Council cash holding during the planning period is illustrated in the attached chart. Cash and equivalents at end of the year depends heavily on the level of capital expenditure budgeted in each year. The projected balances are based on the assumption that the Capital expenditure budgeted for the year will be completed before the end of the financial year.

$33.4

$21.2

$31.5

$40.5

$54.6

0

20

40

60

$ Millions

Financial Year

Cash & Investments$ Millions

The 2013/2014 Strategic Resource Plan is framed around having sufficient cash reserves to cover restricted assets which are primarily developer contributions, construction retentions, maintenance bonds and also a working capital limit of $1.5 million to $2.0 million to meet day to day needs. This however will be a significant challenge in 2014/15 with a budgeted capital works effort of $47.2 million financed with a minimum level of debt in terms of Council’s strategy of minimizing borrowings. This strategy, whilst generally resulting in a reduction in debt servicing costs, does mean the depletion of cash and investment reserves in the short term, being used as an alternative funding source to maintain a robust capital works program. Cash and investment balances are nevertheless expected to improve significantly during the currency of the Strategic Resource Plan.

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5.0 CAPITAL EXPENDITURE Capital expenditure refers to Council’s expenditure in constructing, renewing, expanding or upgrading its physical assets (infrastructure, facilities etc.) to meet the community’s service needs. Capital expenditure is added to Council’s non-current assets value on the Statement of Financial Position at the end of the financial year, and represents a significant component of council’s annual cash outflows. Council’s Strategic Resource Plan ensures that a significant proportion of cash flow from operating activities is directed to the capital works program over the next 4 years.

$36.3

$47.2

$32.3$28.9 $28.3

0

10

20

30

40

50

$ Millions

Financial Year

Capital Expenditure$ Millions

The budgeted capital expenditure in 2014/15 is $47.2 million. An extensive capital works program of over $136.6 million is proposed over the next 4-year period, from 2014/2015 to 2017/18 averaging around $34.2 million each year. The capital works program is funded from general rate revenue, developer contributions, capital contributions, asset sales and net borrowing. 6.0 Borrowings Council’s net borrowing in 2013/14 is a modest $0.615 million and is forecast to deliver a capital works program of $36.3 million by the end of the current financial year. However with a Budgeted Capital works program of $47.2 million in 2014/15 Council has decided to take out new borrowings of $15.0 million and debt repayment of $10.8 million, resulting in a net borrowing of $4.1 million. This is in line with the Council’s borrowing strategy to restrict borrowing to refinancing maturing debt and to marginally increase net borrowing principally to bridge funding gap to finance capital expenditure.

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7.0 NON FINANCIAL RESOURCES In determining the long term financial strategy, the Council has paid due consideration to the need for increasing the level of non financial resources each year such as additional staff numbers, plant, furniture and equipment, facilities and infrastructure that are required to service the growing demand for services in the planning period.

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8.0 ASSUMPTIONS Factors applied in the development of the financial forecasts are summarised below: 8.1 Cash Flow For cash flow projection purposes, collection of revenues and payment of accounts are assumed to hold a pattern similar to previous years and close to 100% of the amount accrued in the year. 8.2 Consumer Price Index (CPI) Consumer Price Index (CPI) over the planning period is projected at rates shown in the table below:

2014/15 2015/16 2016/17 2017/18

CPI (projected) 3.0% 3.0% 3.0%

3.0%

. 8.3 Rates & Charges Income Rates & charges Income are projected to increase during the next four years based on rate increases and growth in assessments as follows:

2014/15 2015/16 2016/17 2017/18 General Rate Increase

4.8% 5.0% 5.0% 5.0%

Growth in Assessments

2.8% 3.0% 3.0% 4.0%

8.4 User Fees & Charges Statutory fees & other fees charges are projected to increase by 3% from 2014/2015 to 2017/18.

2014/15 2015/16 2016/17 2017/18

Statutory 3.0% 3.0% 3.0% 3.0%

Other Fees & Charges

3.0% 3.0% 3.0% 3.0%

8.5 Developer Contributions Developer cash and non cash contributions are projected as follows.

2014/15 2015/16 2016/17 2017/18 Cash Contributions($ Millions)

$9.4 $10.4 $7.1 $7.3

Non Cash Contributions($ Millions)

$48.4 $49.5 $50.9 $55.1

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8.6 Grants and Capital Contributions Specific forecasts have been used for grants and contributions where advice is presently available in 2014/2015, in other years, growth of 5% is applied to operating grants and capital contributions. An annual increase of 5% is projected on Grants Commission funding in the planning period from 2015/16 to 2017/18.

2014/15 2015/16 2016/17 2017/18 Grants Commission

7.8% 5.0% 5.0% 5.0%

Operating Grants 3.0% 3.0% 3.0% 3.0%

Capital Grants ($ Millions)

$5.4

$5.4

$4.6

$4.8

8.7 Proceeds from Asset Sales Significant asset sales revenue has been assumed for the planning period going forward. This includes property sales revenue from joint development agreements entered into by the Council, which will have significant positive cash flow impact on the Council finances over the long term. Asset sales figures shown below also includes sale of Council fleet.

2014/15 2015/16 2016/17 2017/18

Assets Sales ($ Millions)

$1.443m $1.456m $1.469m

$1.528m

8.8 Other Revenue Other Revenue items are expected to increase by 3% from 2013/2014 to 2017/18.

2014/15 2015/16 2016/17 2017/18

Other Revenue 3.0% 3.0% 3.0%

3.0%

8.9 Interest on Investments Investment income is based on projected cash & investment balances available for investment each year. It is recognised that investment income will be based on the average cash funds available throughout the year for investment. This may vary significantly from the end of year cash balance at balance date shown in the Budgeted Cash Flow Statement and the Budgeted Balance Sheet.

2014/15 2015/16 2016/17 2017/18 Interest income ($ Millions)

$1.380m $1.421m $1.464m $1.849m

8.10 Employee Costs Employee costs will increase in line with Council’s Enterprise Bargaining Agreement (EBA) and other payroll related costs. The current EBA allows for wages growth linked to productivity at 3.5% and is effective for a 3-year term ending 30 June 2016. In terms of estimating employee costs beyond the expiry of the current EBA, it has been assumed that the movement in wages will also be around 3.5% per annum and other payroll related charges at 2.5% as detailed below.

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2014/15 2015/16 2016/17 2017/18

EBA 3.5% 3.5% 3.5% 3.5%

Other Increases 2.5% 2.5% 2.5% 2.5%

2014/15 2015/16 2016/17 2017/18 Employee Numbers (EFT)

485.2 505.0 525.0 540.0

8.11 General Expenditure Specific cost forecasts have been used for significant non-discretionary expenditure items in 2014/2015, where such information is presently available. The remaining general operating expenditure items are projected to increase as outlined below:

2014/15 2015/16 2016/17 2017/18 Contracts Payments

7.0% 6.0% 6.0% 6.0%

Contracts & Materials

5.0% 5.0% 5.0% 5.0%

Maintenance Expenditure

5.0 5.0% 5.0% 5.0%

Utilities 6.0% 6.0% 6.0% 6.0%

Other Expenses 3.0% 3.0% 3.0% 3.0%

8.12 Capital Expenditure The Capital works expenditure projections are based on Council’s draft 4 year capital works program, reflecting works carried forward, committed future works, asset refurbishment works, plant replacement program and planned major projects. .

2014/15 2015/16 2016/17 2017/18 Capital Expenditure ($ Millions)

$47.2m $32.3m $28.9m $28.3m

8.13 Borrowing Council’s net borrowing in 2014/2015 is $4.15 million with projected borrowing of $15.0 million and the principal repayment of $10.85 million. As indicated previously Council borrowing strategy in the out years is to restrict borrowing to refinancing maturing debt and marginally increase net borrowing to principally to bridge funding gap to finance capital expenditure.

2014/15 2015/16 2016/17 2017/18 Total Borrowings ($ Millions)

$15.0 $12.0 $6.0

Total Repayment ($ Millions)

$10.85 $6.02 $4.95 $1.34

8.14 Cost of Assets Sold Projected cost of assets sold year-by-year is based on the level of asset sales. The impact of asset revaluation is reflected in the written down value of assets sold.

Page 11


2014/15 2015/16 2016/17 2017/18 Written Down Value of Assets Sold ($ Millions)

$1.20m $1.236m $1.273m $1.324m

8.15 Depreciation The Depreciation charges for the year take into account the impact of capital expenditure, disposals, contributed assets and expected asset life during for the planning period.

2014/15 2015/16 2016/17 2017/18 Depreciation & Amortization ($ Millions)

$22.91m $23.6m $24.3m $25.2m

Page 12


Appendix A 1.0 Budgeted Comprehensive Income Statement

For the year ending 30 June

Budgeted Comprehensive Forecast Budget

Income Statement 2013/14 2014/15 2015/16 2016/17 2017/18

Year Ended 30th June $’000 $’000 $’000 $’000 $’000

Income

Rates and charges 79,559 85,788 93,095 100,443 109,483

Statutory fees and fines 2,212 1,957 2,015 2,076 2,159

User fees 7,660 7,338 7,459 7,712 8,020

Contributions - cash 9,648 9,411 10,385 7,061 7,343

Contributions - non-monetary assets 48,377 49,500 50,985 55,089 57,293

Grants - Operating (recurrent) 21,537 22,240 22,904 23,565 24,507

Grants - Operating (non-recurrent) 681 313 323 332 346

Grants - Capital (recurrent)

Grants - Capital (non-recurrent) 12,132 5,442 5,374 4,600 4,784

Net gain on disposal of assets 1,082 243 220 196 204

Other income 3,661 3,833 3,876 3,956 4,360

Fair value adj. for investmt. property

Share of net P/Lof assoc. and joint ventures

Total Income 186,549 186,066 196,636 205,029 218,498

Expenses

Employee costs 42,085 47,018 48,627 50,510 52,531

Materials and services 51,539 53,831 55,380 57,075 59,358

Bad and doubtful debts 275 300 300 300 312

Depreciation and amortisation 20,792 22,907 23,594 24,302 25,274

Finance costs 1,721 1,482 1,771 1,715 1,513

Utilities & telephone exps 3,271 3,674 3,759 4,010 4,171

Total Expenses 119,682 129,211 133,431 137,913 143,159

Surplus/(Deficit) 66,867 56,855 63,204 67,116 75,339

Other comprehensive income

Items that will not be reclassified to surplus or deficit:

Impairment of fire impacted infrastructure

Net asset revaluation increment /(decrement)Share of other comprehensive income of associates and joint ventures accounted for by the equity method

Total Comprehensive Result 66,867 56,855 63,204 67,116 75,339

Strategic Resource Plan Projections

Page 13


2.0 Budgeted Balance Sheet For the year ending 30 June

Balance Sheet

As at 30 June Forecast Budget Projections

2013/14 2014/15 2015/16 2016/17 2017/18

$’000 $’000 $’000 $’000 $’000

Current assets

Cash and cash equivalents 33,438 21,210 31,544 40,476 54,623

Trade and other receivables 7,841 8,547 7,588 7,892 8,250

Financial assets

Inventories 105 105 95 95 95

Non Current Assets held for resale 828 911 3,789 4,289 4,789

Other assets 250 250 350 450 400

Total current assets 42,462 31,023 43,366 53,202 68,157

Non-current assets

Trade & other Receivables

Property Plant & Equipment 1,277,136 1,352,629 1,408,863 1,464,585 1,526,839

Inventories 205 225 236 248 261

Investment property 6,600 7,260 7,623 8,004 8,404

Intangible assets 4,993 4,666 4,339 4,012 3,685

Other assets 1,320 1,386 1,455 1,528 1,604

Total non-current assets 1,290,254 1,366,166 1,422,516 1,478,378 1,540,793

Total Assets 1,332,716 1,397,189 1,465,882 1,531,580 1,608,950

Current liabilities

Trade and other payables 9,598 10,358 9,840 9,831 9,831

Trust funds & deposits 934 957 889 892 895

Provisions 6,211 6,454 6,648 6,847 7,052

Interest-bearing loans and borrowings 10,850 6,021 4,957 1,340 702

Other current liabilities 75 75 71 68 64

Total Current Liabilities 27,668 23,865 22,405 18,978 18,545

Non-current liabilities

Provisions 2,202 2,227 2,073 2,073 2,023

Interest bearing loans & borrowings 13,747 22,756 29,769 34,429 33,727

Other non current liabilities 1,535 1,350 1,250 1,250 1,250

Total non current liabilities 17,484 26,333 33,092 37,752 37,000

Total Liabilities 45,152 50,198 55,497 56,730 55,545

Net Assets 1,287,564 1,346,992 1,410,385 1,474,850 1,553,405

Equity

Accumulated surplus 843,919 900,773 963,978 1,031,094 1,106,433

Asset revaluation reserve 418,896 418,896 418,896 418,896 418,896

Other reserves 24,750 27,323 27,511 24,860 28,075

Total Equity 1,287,564 1,346,992 1,410,385 1,474,850 1,553,405

Strategic Resource Plan

Page 14


3.0 Budgeted Statement of Cash Flows For the year ending 30 June

As at 30 June Forecast Budget Projections

2013/14 2014/15 2015/16 2016/17 2017/18

$’000 $’000 $’000 $’000 $’000

Cash flows from operating Receipts

General rates 79,593 85,305 93,095 100,443 109,483

Grants Income - Operating & Capital 34,350 27,996 28,601 28,497 29,637

Interest 1,701 1,380 1,421 1,464 1,849

User charges 10,019 9,294 9,474 9,787 10,179

Contributions & Reimbursements 9,648 9,411 10,385 7,061 7,343

Other revenue 3,450 3,935 3,455 3,492 3,011Total Receipts 138,760 137,321 146,431 150,745 161,502

Payments

Employee costs 41,750 47,018 48,627 50,510 52,531

Contractor Payments 25,612 27,301 28,859 30,068 31,271

Utlities, Materials & Services 32,287 32,166 32,017 33,141 33,933

Finance costs

Total Payments 99,650 106,485 109,503 113,720 117,735

Net cash provided by operating activities 39,110 30,837 36,928 37,025 43,767

Cash flows from investing activities

Proceeds from sales of property, plant and equipment 2,232 1,443 1,456 1,469 1,528

Payments for property, plant and equipment -36,286 -47,176 -32,256 -28,889 -28,294

Net cash used in investing activities -34,054 -45,733 -30,800 -27,420 -26,766

Cash flows from financing activities

Finance costs -1,721 -1,482 -1,771 -1,715 -1,513

Proceeds from borrowings 7,500 15,000 12,000 6,000

Repayment of borrowings -6,885 -10,850 -6,021 -4,957 -1,340Net cash provided by (used in) financing activities -1,106 2,668 4,208 -672 -2,853

Net decrease in cash & cash equivalents 3,950 -12,228 10,336 8,932 14,148

Cash & equivalents at begining of year 29,488 33,438 21,210 31,544 40,476Cash & equivalents at 30 June 33,438 21,210 31,544 40,476 54,623

Page 15


4.0 Budgeted Capital Works Statement

For the year ending 30 June

Budgeted Statement of Capital Forecast Budget Projections

For the years ending 2013/14 2014/15 2015/16 2016/17 2017/18

30th June $’000 $’000 $’000 $’000 $’000

PropertyLand 2,164 170

Total land 2,164 170

Buildings 13,016 31,419 8,880 11,129 10,900

Building improvements

Total buildings 13,016 31,419 8,880 11,129 10,900

Total property 15,180 31,589 8,880 11,129 10,900

Plant and equipment

Plant, machinery and equipment 1,050 1,100 1,100 1,100 1,077

Fixtures, fittings and furniture 95 75 150 150 147

Computers and telecommunications 221 312Library books 320 350 350 350 343

Total plant and equipment 1,686 1,837 1,600 1,600 1,567

Infrastructure

Roads 10,482 6,760 12,037 12,330 12,076

Bridges 700 686

Footpaths and cycleways 195 83 81

Drainage 480 620 330 330 323Recreational, leisure and community facilities 5,970 5,643 8,878 2,677 2,622

Other infrastructure 2,488 531 531 40 39

Total infrastructure 19,419 13,749 21,777 16,160 15,827

Total capital works expenditure 36,286 47,176 32,257 28,889 28,294

Represented by:

Asset renewal expenditure 5,505 4,781 4,894 4,383 4,293

New asset expebditure 26,801 37,370 23,824 21,338 20,898

Asset Upgrade expenditure 2,731 4,329 2,428 2,174 2,129Asset expansion expenditure 1,249 696 1,110 994 974

Total capital works expenditure 36,286 47,176 32,256 28,889 28,294

Strategic Resource Plan

Page 16


5.0 Budgeted Statement of Changes in Equity For the year ending 30 June

Budgeted Statement of Changes in Equity Accumulated Revaluation Other

For the years ending Total Surplus Reserve Reserves

30th June $’000 $’000 $’000 $’000

Year Ended 30th June 2015

Balance at begining of the financial year 1,287,564 843,919 418,896 24,750Adjustments - Changes in accounting policy

Comprehensive result 56,855 56,855

Impairment losses on revalued assets

Other Psp related Transfers -1,945 -1,945

Transfers to reserves 10,612 10,612

Transfers from Reserves -6,094 -6,094

Balance at end of Financial Year 1,346,992 900,773 418,896 27,323



Comprehensive result 63,204 63,204Net asset revaluation Increment/(decrement)

Impairment losses on revalued assets

Other Psp related Transfers -2,272 -2,272



Balance at end of Financial Year 1,410,385 963,978 418,896 27,511






Balance at end of Financial Year 1,474,850 1,031,094 418,896 24,860


Balance at begining of the financial year 1,474,850 1,031,094 418,896 24,860

Adjustments - Changes in accounting policy




Balance at end of Financial Year 1,553,405 1,106,433 418,896 28,075

Page 17


6.0 Budgeted Statement of Human Resources

For the year ending 30 June Budgeted Statement of Forecast Budget

Human Resources 2013/14 2014/15 2015/16 2016/17 2017/18

$’000 $’000 $’000 $’000 $’000

Staff Expenditure

Employee Costs - Operating 42,085 47,018 48,627 50,510 52,531

Employee Cots - Capital

Total Staff Costs 42,085 47,018 48,627 50,510 52,531

Total Staff Numbers

Employees (EFT) 465.2 485.2 505.0 525.0 540.0

Total Staff Numbers (EFT) 465.2 485.2 505.0 525.0 540.0

Strategic Resource Plan Projections

End of Report

Page 18

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