TOWN OF VICTORIA PARK FOR THE YEAR ENDED 30 JUNE 2023 9. FINANCIALLY BACKED RESERVES (a) Financially Backed Reserves - Movement 2022/23 Budget Opening Balance $
Restricted by legislation (a) Underground power reserve
(b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w)
Restricted by council Building renewal reserve Community art reserve Drainage renewal reserve Ed Millen site reserve Furniture & equipment renewal reserve Future fund reserve Future projects reserve Harold Hawthorne - Carlisle Memorial reserve Information technology renewal reserve Insurance risk reserve Land asset optimisation reserve Other infrastructure renewal reserve Parks renewal reserve Pathways renewal reserve Plant and machinery reserve Renewable energy reserve Roads renewal reserve Urban forest strategy reserve Waste management reserve Parking benefits reserve Employee entitlements reserve COVID-19 recovery reserve
2022/23 Budget Transfer to $
2022/23 Budget Transfer (from) $
2022/23 Budget Closing Balance $
2021/22 Actual Opening Balance $
6,130,647
3,322,987
(2,945,446)
6,508,188
14,353,196
6,130,647
3,322,987
(2,945,446)
6,508,188
14,353,196
1,623,088 680,324 283,165 2,034,205 666,848 11,232,444 192,736 185,542 1,037,599 460,002 1,687,846 1,299,319 2,479,900 1,629,458 834,002 281,216 6,047,826 122,335 1,088,187 200,000 100,000 0
62,612 3,958 2,184 2,217,280 5,136 2,043,799 3,553 1,420 107,012 3,557 3,842,758 2,591 8,737 50,244 503,185 2,175 8,259 255,711 8,125 51,544 100,772 0
(295,000) (30,000) 0 (4,200,000) (158,000) (3,400,000) 0 0 (186,220) 0 0 (785,000) (1,348,222) (1,591,377) (599,000) (100,000) (3,432,743) 0 0 0 0 0
1,390,700 654,282 285,349 51,485 513,984 9,876,243 196,289 186,962 958,391 463,559 5,530,604 516,910 1,140,415 88,325 738,187 183,391 2,623,342 378,046 1,096,312 251,544 200,772 0
1,728,745 663,116 402,806 2,031,840 703,146 17,404,689 192,556 183,409 1,200,557 459,467 1,685,884 712,302 2,558,224 1,629,016 575,043 280,889 4,404,978 1,001,624 1,049,635 0 0 1,621
34,166,042
9,284,612 (16,125,562) 27,325,092
38,869,547
40,296,689
12,607,599 (19,071,008) 33,833,280
53,222,743
2021/22 Actual Transfer to
2021/22 Actual Transfer (from)
$
$
8,353,773 (16,576,322) 8,353,773 (16,576,322)
81,840 19,708 359 2,365 787 911,088 180 2,133 1,293 535 1,962 635,485 1,676 442 700,444 327 1,710,034 711 38,552 200,000 100,000 0 4,409,921
2021/22 Actual Closing Balance $
6,130,647 6,130,647
(187,497) 1,623,088 (2,500) 680,324 (120,000) 283,165 0 2,034,205 (37,085) 666,848 (7,083,333) 11,232,444 0 192,736 0 185,542 (164,251) 1,037,599 0 460,002 0 1,687,846 (48,468) 1,299,319 (80,000) 2,479,900 0 1,629,458 (441,485) 834,002 0 281,216 (67,186) 6,047,826 (880,000) 122,335 0 1,088,187 0 200,000 0 100,000 (1,621) 0 (9,113,426) 34,166,042
12,763,694 (25,689,748) 40,296,689
2021/22 Budget Opening Balance $
2021/22 Budget Transfer to
2021/22 Budget Transfer (from)
$
$
2021/22 Budget Closing Balance $
14,353,196 14,353,196
8,312,252 (16,512,274) 8,312,252 (16,512,274)
6,153,174
1,728,745 663,116 402,806 2,031,840 703,146 17,404,690 192,556 183,408 1,200,557 459,467 1,685,885 712,302 2,558,224 1,629,017 575,043 280,889 4,404,977 1,001,624 1,049,635 0 0 1,621 38,869,548
(153,000) 137,500 (152,500) 2,000 (120,000) 77 6,000 (2,000,000) (37,085) 2,000 1,045,487 (7,088,972) 0 267,595 0 500 (295,471) 3,000 0 1,200 0 40,277 (377,736) 636,000 3,200 (1,430,000) 90 (1,597,547) (863,495) 700,900 0 800 1,711,782 (3,339,602) (880,000) 1,400 0 2,600 0 200,000 0 100,000 (1,248) 456 4,862,864 (18,336,656)
1,713,245 512,616 282,883 37,840 668,061 11,361,205 460,151 183,908 908,086 460,667 1,726,162 970,566 1,131,424 31,560 412,448 281,689 2,777,157 123,024 1,052,235 200,000 100,000 829
53,222,744 13,175,116 (34,848,930)
31,548,930
6,153,174
25,395,756
(b) Financially Backed Reserves - Purposes
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w)
In accordance with Council resolutions in relation to each reserve account, the purpose for which the reserves are set aside are as follows: Anticipated Reserve name date of use Purpose of the reserve Ongoing To be used to assist in funding initiatives associated with the installation of underground power and associated works. Underground power reserve Ongoing Building renewal reserve To be used to assist in funding renewal initiatives associated with Council's buildings. Ongoing To be used to assist in funding the purchase and placement of art for the Council and community. Community art reserve Ongoing Drainage renewal reserve To be used to assist in funding renewal initiatives associated with Council's drainage. Ongoing Ed Millen site reserve To be used to assist in improving and/or maintaining the Edward Millen Site, including the associated grounds. Ongoing To be used to assist in funding renewal initiatives associated with Council's furniture and equipment. Furniture & equipment renewal reserve Ongoing To be used to assist in funding initiatives and purchases that diversify the revenue streams of Council. Future fund reserve Ongoing To assist in funding 'new' and 'upgrade' capital initiatives that are generally significant in nature. Future projects reserve Ongoing To assist in funding major appliances/equipment and structural repairs at these Council responsibility facilities. Harold Hawthorne - Carlisle Memorial reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's information technology. Information technology renewal reserve Ongoing To be used to assist in meeting any expense outlays in the event of significant insurance claims. Insurance risk reserve Ongoing To be used to hold proceeds from, and meet expenses towards, Land Asset Optimisation Strategy initiatives. Land asset optimisation reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's other infrastructure. Other infrastructure renewal reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's parks. Parks renewal reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's pathways. Pathways renewal reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's plant and machinery. Plant and machinery reserve Ongoing To assist in investigating and funding renewable energy initiatives within the District. Renewable energy reserve Ongoing To be used to assist in funding renewal initiatives associated with Council's roads. Roads renewal reserve Ongoing To be used to assist in funding initiatives associated with the Urban Forest Strategy. Urban forest strategy reserve Ongoing To be used to assist in funding waste management and waste minimisation initiations Waste management reserve Ongoing To be used to accumulate funds including those from Parking Operations surpluses ; alleviating the impacts of intergenerational equity in funding majo Parking benefits reserve Ongoing To be used to fund the Towns Long Service Leave, Annual Leave and Personal Leave requirements and is maintained by an annual contribution to th Employee entitlements reserve 30/06/2022 To be used to assist in the funding future programs and projects to support the community and local businesses during COVID-19 recovery. COVID-19 recovery reserve
ANNUAL BUDGET 2022-2023 TOWN OF VICTORIA PARK
27
