About our finances
Here we have key information about our financial performance.
You will find out about our income and spending during 2020-21.
Our income
Our total income for the year was $238.374 million.
There was an increase in income of $17.965 million (or 8.2%) compared to 2019-20. This was largely due to an increase in grant funding. This came from the State Government for the Working for Victoria program.
Our major source of income is rates and charges. This includes:
- general rates
- waste management charge
- special rates and charges
- supplementary rates
- rate adjustments
- interest on rates.
In 2020-21, this generated $163.998 million or 68.8% of our total income.
Other major sources of income include:
- government grants of $38.218 million (or 16.0% of total income)
- user fees and statutory fees and fines of $16.695 million (or 7.0% of total income).
Our expenses
Our total operating expenses for the year were $208.982 million.
The largest part of this was the cost of employing our staff. This was $104.255 million or 49.9% of our total expenses. In 2020-21, this included $13.632 million of staffing costs related to the State Government-funded Working for Victoria program.
The next biggest cost was material and services of $63.925 million (30.6% of total expenses).
$238M
Income in 2020-21
$209M
Operating expenses in 2020–21
$29M
Surplus for 2020–21
Operating expenditure profile for 2020-21
A surplus for the year
We are reporting an accounting surplus of $29.392 million for the financial year.
This accounting surplus is not spare funds which build up in the bank. It funds other items on our balance sheet. This includes our capital works program and loan repayments.
Other funds are directed to reserves. Reserves are committed to future capital works expenditure or other important one-off items.
Our Comprehensive income statement (PDF 69Kb) has more detail about our income and expenses.
We also have a Balance sheet (PDF 77Kb) that gives details of our assets, liabilities and reserves.
Capital expenses
Our total completed capital expenditure for the year was $38.811 million. We spent another $29.868 million on works in progress.
Capital expenditure is when we spend money to renew, improve or build new assets. This is for things like roads, buildings or infrastructure. They help us achieve our strategic objectives and support the delivery of services.
Our total spending on completed capital works was $11.531 million above the depreciation for the year.
Top 5 capital works by category delivered in 2020-21
The graph above shows the top 5 categories of capital works we delivered in 2020-21. Below you can find the full list of capital works.
| Asset class | Amount |
|---|---|
| Buildings | $14.247m |
| Roads | $6.771m |
| Footpaths and cycleways | $5.388m |
| Drainage | $3.477m |
| Bridges | $2.473m |
| Other infrastructure | $2.356m |
| Plant, machinery and equipment | $1.853m |
| Library collection | $1.000m |
| Land | $0.659m |
| Computers and telecommunications | $0.438m |
| Fixtures, fittings and furniture | $0.151m |
COVID-19
The COVID-19 pandemic again had a big impact on our finances. There were extra costs because of the pandemic and we lost income as well.
We expected some of these impacts and allowed for them in the budget. These included:
- infringements loss of $1.5 million
- deferral of rates revenue/interest-free period of $1.0 million
- waiver of 6 months of health registration fees for food businesses of $0.5 million
- parking income loss of $0.1 million.
Restrictions in place after September 2020 had more financial impacts not budgeted for. These included:
- increased costs of $1.8 million for the closure of leisure centres
- further infringement loss of $1.5 million
- waiver of the remaining 6 months of health registration fees for food businesses of $0.5 million
- a $0.2 million loss in venue hire income
- $0.1 million decrease in revenue due to the waiver of sporting fees
- further parking income loss of $0.1 million.
We also waived $65,726 of rental income from sporting, retail and commercial tenants in our buildings. We did this to recognise how they were being affected by the pandemic.
You can read more about the impact of COVID-19 on our services during the year in the COVID-19 section of this report.
More detail
If you want to read more about our finances, you can download our Full Financial Report (PDF 1.3Mb). We prepared this report under relevant accounting standards and legislative requirements.
These statements are detailed and can be hard to understand. There is a simple summary at the start of the Financial Report that explains the terms used. It also talks about the different types of statements in the report and what they mean.
If you have questions about the report, you can ask us. We can help explain it to you. You can contact us using the details on our Contact us page.