The City of Ryde has spent $123 million this year to provide services to the community aligned with the seven outcomes within City of Ryde’s Community Strategic Plan (CSP). In addition, $52 million has been spent on capital works across the CSP outcomes, including roads, footpaths, open space, sport and recreation, traffic and transport, and stormwater improvements.
Where did our money come from?
The City of Ryde has many sources of revenue to ensure that it is not dependent on one stream of revenue. The main source of income, other than rates, was from capital grants and contributions of $42 million or 24 percent. Income from rates and annual charges contributed $90 million or 51 percent of total revenue. Federal and State Government grants assist us to provide facilities and services in the community. User fees and charges (such as at the Ryde Aquatic Leisure Centre and regulatory/ statutory fees like Development Application fees) are also an important source of income.
2018/19 Total income from continuing operations $177 million
||Rates and annual charges
||User charges and fees
||Interest and investment revenue
||Grants & contributions provided for operating purposes
||Grants & contributions provided for capital purposes
||Net gain from disposal of assets
||Fair value increment on investment properties
Where was the money spent?
In delivering the CSP outcomes, the City of Ryde has spent a combined $175 million on both operating and capital works and services during the year. The two main types of expenses incurred during the year relate to employee costs and materials and contracts. The City of Ryde has continued itss focus on reducing its infrastructure renewal backlog to ensure assets are serviceable.
2018/19 Total expenses $175 million
Council’s financial position
To ensure delivering the Community Strategic Plan outcomes are delivered in a financially sustainable manner, the
City of Ryde needs to ensure its assets and liabilities are managed prudently. Our current financial position shows $1.18 billion of net assets predominately made up of infrastructure assets. Cash reserves are maintained to ensure that the City of Ryde renews or upgrades its assets (through its capital works program) to ensure community expectations are met.
2018/19 Statement of financial position
As part of collecting certain revenue, the City of Ryde is obligated (by legislation or Council resolution) to restrict certain revenue into cash reserves. A summary of these reserves are as below:
2018/19 Reserve $232 million
Council levied $12.2 million in Special Rate Variation (SRV) funds for the 2018/19 financial year of which $3 million remain unspent and restricted at the end of the financial year. A total of $9.9 million was spent on SRV related projects during the 2018/19 financial year in accordance with the purpose outlined in the application determined by IPART. Any unspent funds have been rolled into the following year’s budget and appropriately allocated in Council’s Long Term Financial Plan with no significant variations.