| Standard statement of income - comparison report |
|
|
| Ref. |
Item |
Commentary |
| 1 |
Grants and subsidies (revenue) – operational |
Additional grants and contributions received in relation to:
- aged care
- Arts House special projects
- general purpose operating grants
- Office of Knowledge Capital
- Signal Box refurbishment project.
|
| 2 |
Grants and subsidies (Revenue) – capital and asset contributions |
Additional external contributions received in relation to:
- Docklands childcare project
- City and North Melbourne libraries
- public open space
- Arts House Meat Market.
|
| 3 |
Sales and recoveries |
The favourable variance results from additional recoveries received for work undertaken in relation to:
- general valuation fee from the State Revenue Office
- insurance recovery from previous claims
- legal cost recoveries from Court proceedings and debt collection services
- property valuation information
- cost recoveries from events.
|
| 4 |
Finance income |
The favourable variance is due to higher investment interest generated in the first half of the financial year and a dividend distribution from Sustainable Melbourne Fund trust. |
| 5 |
Intercompany revenue |
The favourable variance is mainly due to a special dividend from Melbourne Wholesale Fish Market (MWFM) from the proceeds of the compulsory acquisition by the State of a portion of the MWFM site. |
| 6 |
Financial and insurance cost |
Lower insurance premiums and improved debt collection resulted in favourable finance costs. |
| 7 |
Grants and contributions (expense) |
Council’s donation for to the Victorian bush fire appeals was unbudgeted. |
| 8 |
Depreciation and amortisation |
This favourable variance is related to the capital works program not being fully spent and a revaluation adjustment to infrastructure assets in the prior year, resulting in lower depreciation actuals. |
| 9 |
Maintenance costs |
Additional external contributions were received for maintenance works which were not budgeted. |
| 10 |
Net gain/(loss) on asset disposal |
The disposal of the Drill Hall resulted in a loss that was unbudgeted. |
| 11 |
Contributed assets |
Contributed infrastructure assets from the Docklands development (including first- time recognition of land under roads) and contributed assets from the Commonwealth Games village was not budgeted. |
| 12 |
Transfer assets to external parties |
Park assets and land on Gosch’s paddock transferred to external parties was unbudgeted. |
