Report to the Future Melbourne (Finance and Governance ...

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Report to the Future Melbourne (Finance and Governance) Committee

Agenda item 6.3

2016-17 Third Quarter YTD Financial Performance Report 16 May 2017 Presenter: Phu Nguyen, Chief Financial Officer

Purpose and background

1. The purpose of this report is to inform the Future Melbourne Committee of the financial performance of the Council for the third quarter ending 31 March 2017, in accordance with the Local Government Act 1989 and to provide information on supplementary valuations adopted by the Chief Executive Officer under delegation (refer Attachment 3).

Key issues

2. The preliminary result from ordinary activities for the quarter ending 31 March 2017 shows an underlying surplus on the Income Statement of $15.82 million. This is a favourable variance of $3.11 million against the budgeted underlying surplus of $12.70 million.

3. The most significant revenue variances have occurred in cash development contributions ($4.49 million favourable), rates and charges ($3.42 million favourable), parking fees ($2.40 million favourable) and parking fines ($3.58 million unfavourable). The more significant expenditure variations arose in materials and services ($2.16 million favourable) and employee costs ($3.85 million unfavourable).

4. While the current financial performance is ahead of budget, a significant portion relates to timing differences. Allowing for timing differences, the full year forecast projects a result in line with the budget.

5. A detailed analysis of revenue and expenditure is included in Attachment 2.

Recommendation from management

6. That the Future Melbourne Committee:

6.1. Accepts the quarterly financial performance report as at 31 March 2017.

6.2. Resolves not to refer any matters to the Audit and Risk Committee.

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Text Box

Attachments: 1. Supporting Attachment (Page 2 of 21) 2. Financial Performance Report (Page 3 of 21) 3. Supplementary Valuations (Page 20 of 21) 4. Overview of Supplementary Valuation Returns (Page 21 of 21)

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Supporting Attachment

Legal

1. Section 138 of the Local Government Act 1989 provides that at least every three months the Chief Executive Officer must ensure that a statement comparing the budgeted revenue and expenditure for the financial year with the actual revenue and expenditure to date is presented to the Council.

Finance

2. The financial implications are detailed in the body of the report and attachments.

Conflict of interest

3. No member of Council staff, or other person engaged under a contract, involved in advising on or preparing this report has declared a direct or indirect interest in relation to the matter of the report.

Stakeholder consultation

4. Consultation with the various branches of Council has been undertaken in preparation of this report.

Environmental sustainability

5. The financial performance for the quarter ended 31 March 2017 reflects many activities impacting on environmental sustainability. There is no direct impact on environmental sustainability from the recommendations in this report.

Attachment 1Agenda item 6.3

Future Melbourne Committee 16 May 2017

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FINANCIAL

PERFORMANCE

REPORT

Mar 2017

Attachment 2 Agenda item 6.3


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Executive Summary

Key Financial Implications: The year to date underlying surplus is $15.821 million, which is $3.113 million favourable against budget. The most significant variances are: Materials and Services ($2.161 million Fav) due mainly due to timing of consultancy and

administration costs. Cash Development Contributions ($4.493 million Fav) due to higher public open space

contributions. Rate and charges ($3.420 million Fav) due to higher supplementary rates. Parking fees ($2.400 million Fav) due mainly to higher parking meter revenue. Operating Grants ($1.538 million Fav) due mainly to higher arts and community services grants

revenue. Parking fines ($3.583 million Unfav) due to lower than anticipated parking infringements being

issued. Employee Expense ($3.847 million Unfav) assuming a successful enterprise agreement outcome

and some separation payments during the year. There were also budgeted savings of $4.0 million some of which have been delivered in other expense categories.

Underlying Operating Results

2015-16 2016-17 $000s

Actual Budget Budget Actual Variance

424,786 429,247 Revenue 324,043 331,373 7,330

387,054 402,008 Operating Expenditure 297,787 297,623 16437,732 27,239 Results from Ordinary Activities 26,256 33,750 7,494

(526) 920 Net gain/(loss) on disposal of property, infra, plant and equip 0 6 616,849 0 Fair value adjsutemnets for investement properties 0 0 04,157 0 Contributions - non monetary 0 0 0

58,212 28,159 Profit/(Loss) 26,256 33,756 7,500(24,027) (15,948) Less External Contributions to Capital (13,548) (17,935) (4,387)(16,849) 0 less Gain on Investment Revaluation 0 0 0(4,157) 0 Less Contributed Assets 0 0 013,179 12,211 Underlying Surplus/(Deficit) 12,708 15,821 3,113

Year to Data

Council Works Program The value of works completed is $60.672 million compared to the planned $77.103 million work.

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Table of Contents

Page Income Statement 4 Balance Sheet 5 Cash Flow Statement 7 Revenue Details 9 Expense Details 12 Council Works – Expenditure 15 Investment Portfolio Performance 16 Cash Development Contributions 17

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$ Thousands Period: Mar-17

2015-16 2016-17Actual Budget Budget Actual Variance

REVENUE

243,689 257,695 Rates and charges 195,298 198,718 3,420Statutory fees and fines

41,573 42,641 Parking fines 31,984 28,401 (3,583)8,755 10,057 Other 7,910 8,074 164

User fees48,386 46,098 Parking 35,281 37,681 2,40017,370 17,753 Other 13,024 11,964 (1,060)8,783 9,482 Grants - operating 7,319 8,857 1,538

11,533 8,748 Grants - capital 8,260 7,860 (400)4,503 3,884 Contributions - monetary 2,934 4,202 1,2689,615 7,000 Cash Development Contributions 5,250 9,743 4,493

Other income2,311 424 Interest 286 1,566 1,2803,667 4,050 Dividends 50 38 (12)9,484 7,659 Investment property/market rentals 5,804 5,553 (251)4,056 3,739 Intercompany revenue - Citywide 2,538 862 (1,676)4,027 3,340 Intercompany revenue - Queen Vic Market 3,270 3,268 (2)6,778 6,474 Sales & recoveries 4,652 3,963 (689)

256 202 Project income 185 623 438424,786 429,247 Total Revenue 324,043 331,373 7,330

EXPENDITURE

143,292 151,660 Employee benefit expense 111,874 115,721 (3,847)159,761 163,042 Materials and services 119,756 117,595 2,161

5,331 5,594 Bad and doubtful debts 4,173 4,415 (242)58,785 61,164 Depreciation and amortisation 45,873 45,195 678

897 1,310 Borrowing Costs 1,043 704 3396,097 6,251 Other expenses 3,569 2,755 814

12,891 12,987 Grants and contributions 11,499 11,238 261387,054 402,008 297,787 297,623 164

(526) 920 Net gain/(loss) on disposal of property, infra, plant and equip 0 6 616,849 0 Fair value adjsutemnets for investement properties 0 0 04,157 0 Contributions - non monetary 0 0 0

58,212 28,159 26,256 33,756 7,500

(24,027) (15,948) Less External Contributions to Capital (13,548) (17,935) (4,387)(16,849) 0 less Gain on Investment Revaluation 0 0 0(4,157) 0 Less Contributed Assets 0 0 013,179 12,211 Underlying Surplus/(Deficit) 12,708 15,821 3,113

Profit/(Loss)

Year to Data

Total Operating Expenditure

Income Statement

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Period: Mar-17

Prior Year Current Movement2015-16 Mar-17 2016-17Actual Actual Actual

AssetsCurrent Assets

88,110 Ref 1 Cash and cash equivalents 132,157 44,04726,625 Ref 2 Trade and other receivables 76,513 49,8887,087 Other assets (273) (7,360)

121,822 Total Current Assets 208,397 86,575

Non current assets0 Ref 3 Non Current Trade and Other Receivables 2,501 2,501

31,395 Investment in subsidiaries and trust 31,395 03,703,982 Ref 4 Property, infrastructure, plant and equipment 3,711,038 7,056

208,020 Ref 4 Investment property 208,377 35714,353 Ref 4 Intangible assets 12,030 (2,323)

3,957,750 Total Non-Current Assets 3,965,341 7,591

4,079,572 TOTAL ASSETS 4,173,738 94,166

LiabilitiesCurrent Liabilities

(47,553) Ref 5 Trade and other payables (98,922) (51,369)(6,718) Ref 6 Trust funds and deposits (15,494) (8,776)

(31,959) Provisions (32,224) (265)(86,230) Total Current Liabilities (146,640) (60,410)

Non- current Liabilities(3,314) Provisions (3,314) 0

(30,000) Interest-bearing loans and borrowings (30,000) 0(33,314) Total Non-Current Liabilities (33,314) 0

(119,544) TOTAL LIABILITIES (179,954) (60,410)

3,960,028 NET ASSETS 3,993,784 33,756

Equity(1,959,010) Accumulated Surplus (1,987,439) (28,429)(2,001,018) Reserves (2,006,345) (5,327)(1,962,181) Asset revaluation reserve (1,962,181) (0)

(23,091) Public Open Space reserve (31,266) (8,175)(9,273) QVM renewal reserve (6,028) 3,245(6,473) Other reserves (6,870) (397)

(3,960,028) TOTAL EQUITY (3,993,784) (33,756)

Balance Sheet$ Thousands

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Balance Sheet

Comparison to prior Year June 2016 Actual

1. Cash assets have increased by $44.047 million due mainly to timing of capital works expenditure.

2. Trade and other receivables are higher by $49.888 million due mainly to higher rates receivable ($45.082 million) and fire service levy receivables ($8.575 million), which are offset by income in advance rates and fire service levy payable.

3. Non-Current Trade and Other Receivables increased by $2.501 million due to funding to Sustainable Melbourne Fund.

4. Total Fixed Assets including Property, Plant and Infrastructure assets, investment property and Intangible assets have increased by $5.090 million due to capital works ($51.616 million), which is partially offset by fixed asset depreciation ($45.195 million) and proceeds of sale of asset ($1.348 million).

5. Trade and other payables are higher by $51.369 million due mainly to income in advance rates increased by $63.649 million which is offset by decrease in accrued expense.

6. Trust funds and deposits are higher by $8.776 million due to Fire Services Levy collected for the State Government.

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Statement of Cash Flows

$Thousands Period: Mar-17

2015-16 2016-17

Actual Actual

Cashflows from Operating Activities

Receipts242,552 Rates and charges 220,035

50,328 Statutory fees and fines 37,036

101,134 User fees 57,678

10,247 Grants - operating 8,857

11,533 Grants - capital 7,860

14,118 Contributions - monetary 13,945

2,312 Interest 1,566

3,667 Dividends 38

24,229 Other receipts 14,269

460,120 361,283

Payments(141,365) Employee Costs (115,456)

(210,292) Materials & Services (124,690)

(19,228) Other Payments (19,112)

(370,885) (259,258)

89,235 Net Cash Inflow / (Outflow) from Operating Activities 102,025

Cashflows from Investing Activities(146,899) Payments for property, infrastructure, plant & equipment (56,826)

3,453 Proceeds from sale of property, infrastrucutre, plant & equipment 1,348

(143,446) Net Cash Inflow / (Outflow) from Investing Activities (55,478)

Cashflows from Financing Activities30,000 Proceeds from borrowings 0

0 Loan to SMF (2,501)

30,000 Net Cash Inflow / (Outflow) from Financing Activities (2,501)

(24,211) Net Cash Inflow/ (Outflow) from all Activities 44,047

83,110 Cash at beginning of the financial period 88,110

101,519 Cash at the end of Mar-17 132,157

(18,409) Movement in cash equivalents 44,047

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Period: Mar-17

2015-16 2016-17Actual Actual

62,157 Net Surplus/(Deficit) from operations 33,757

Add Back Non-Cash Items57,684 Depreciation/Amortisation 45,195

(364) Fair value adjustments for investment property 0(1,382) Profit/(loss) on disposal of property, plant and equipment (6)

(11,562) Contributions - Non-monetary assets 0657 Writedown on Investment 0

107,190 Operating Surplus/(Deficit) before Non cash items 78,946

(12,635) Net Movement in Working Capital 23,077

(87,302) Capital Expenditure (56,822)0 Loan to SMF (2,501)

1,927 Proceeds from sale of assets 1,348

9,180 Net Cash inflow/(outflow) 44,047

$ Thousands

Statement of Cash Flow (reconciliation)

On a year-to-date basis Council had a total cash inflow of $44.047 million. This is comprised of:

An operating surplus before non-cash items of $78.946 million;

Proceeds from sale of assets of $1.348 million;

A Loan to Sustainable Melbourne Fund of $2.501 million;

An outflow associated with capital expenditure of $56.822 million; and

An inflow from working capital of $23.077 million.

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YTD Revenue Summary


AnnualBudget REVENUE Budget Actual Variance

257,695 Ref 3.1 Rates and charges 195,298 198,718 3,42042,641 Ref 3.2 Parking fines 31,984 28,401 (3,583)10,057 Ref 3.3 Other statutory fees and fines 7,910 8,074 16446,098 Ref 3.4 Parking Fees 35,281 37,681 2,40017,753 Ref 3.5 Other user fees 13,024 11,964 (1,060)9,482 Ref 3.6 Grants - operating 7,319 8,857 1,5388,748 Ref 3.7 Grants - capital 8,260 7,860 (400)3,884 Ref 3.8 Contributions - monetary 2,934 4,202 1,2687,000 Ref 3.9 Cash Development Contributions 5,250 9,743 4,493

25,889 Ref 3.10 Other Income 16,784 15,873 (911)429,247 Total Revenue 324,043 331,373 7,330

Year to Date

22,000

44,000

66,000

88,000

110,000

220,000

0Rates andcharges

Parking fines Other statutoryfees and fines

Parking Fees Other userfees

Grants -operating

Grants -capital

Contributions -monetary

CashDevelopmentContributions

Other Income

Actual Budget

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Analysis of Revenue Variances

Budget $324.043m Actual $331.373m Variance $7.330m Favourable

3.1 Rate and charges 1.8% Variance $3.420m Fav

This favourable variance is due to higher supplementary rates (permanent difference).

3.2 Parking fines -11.2% Variance ($3.583m) Unfav

This unfavourable variance is due mainly to lower than anticipated parking infringements being issued (permanent difference).

3.3 Other statutory fees and fines 2.1% Variance $0.164m Fav

This favourable variance is due mainly to $0.889 million higher than anticipated volumes of planning permit applications (permanent difference) which is offset 0.665 million lower general fines revenue for local laws (permanent difference).

3.4 Parking fees 6.8% Variance $2.400m Fav

This favourable variance is due to:

$1.952 million higher parking meter revenue as a result of lower than anticipated removal of parking spaces associated with tram stop platform works, landscaping works and increased revenue from construction zones (partly timing difference);and

$0.640 million higher than expected reserved parking demand (permanent difference).

The above favourable variance is partially offset by $0.192 million lower than anticipated City Square car park revenue as an impact of the Melbourne Metro Rail project (permanent difference).

3.5 Other user fees -8.1% Variance ($1.060m) Unfav

This unfavourable variance is due mainly to $0.872 million lower volumes of building service revenue (timing difference) and $0.246 million lower child care revenue (permanent difference).

This favourable variance is due mainly to:

$0.549 million grants for Arts House and Meat Market (permanent difference);

$0.220 million grants for White Night "Swing Time" and Fun Run (permanent difference); and

$0.101 million higher community services grants including family services, library services and IMAP project (permanent difference).

This unfavourable variance is due to $0.400 million Roads to Recovery fund received later than expected (timing difference).

This favourable variance is due mainly to $1.441 million external contributions (timing difference) and $0.235 million contribution from Vic Road in relation to tree removal (partly timing difference) which is offset by $0.302 million lower than expected events related commercial sponsorship (permanent difference).

3.6 Grants - operating 21.0% Variance $1.538m Fav

3.7 Grants – capital -4.8% Variance ($0.400m) Unfav

3.8 Contributions - monetary 43.2% Variance $1.268m Fav

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Analysis of Revenue Variances

Budget $324.043m Actual $331.373m Variance $7.330m Favourable

This favourable variance is due to higher public open space contributions (permanent difference).

Other Income is made up of a number of different revenue categories. Major variances between actual and budget have occurred in the following categories:

Interest revenue favourable $1.280 million; Sales & Recoveries unfavourable $0.688 million; and Intercompany revenue unfavourable $1.677 million.

The main variances in each category are listed below. Interest (favourable $1.280 million) This favourable variance is due mainly to higher investment income as a result of cash holdings being higher than budget (permanent difference). Sales & Recoveries (unfavourable $0.688 million) This unfavourable variance is due mainly to $0.889 million valuation information revenue from SRO (timing difference). Intercompany Revenue (unfavourable $1.677 million) This unfavourable variance is due mainly to lower revenue from subsidiaries (permanent difference).

3.9 Cash development contributions 85.6% Variance $4.493m Fav

3.10 Other income -5.4% Variance $0.911m Unfav

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YTD Expense Summary


AnnualBudget Budget Actual Variance

EXPENDITURE

151,660 Ref 4.1 Employee benefit expense 111,874 115,721 (3,847)163,042 Ref 4.2 Materials and services 119,756 117,595 2,161

5,594 Ref 4.3 Bad and doubtful debts 4,173 4,415 (242)61,164 Ref 4.4 Depreciation and amortisation 45,873 45,195 6781,310 Ref 4.5 Borrowing Costs 1,043 704 3396,251 Ref 4.6 Other expenses 3,569 2,755 814

12,987 Ref 4.7 Grants and contributions 11,499 11,238 261402,008 Total Expenditure 297,787 297,623 164

Year to Date

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Employeebenefit expense

Materials andservices

Bad anddoubtful debts

Depreciationand amortisation

Borrowing Costs Other expenses Grants andcontributions

Actual Budget

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Analysis of Expense Variances

Budget $297.787m Actual $297.623m Variance $0.164m favourable

This favourable variance assumes a successful enterprise agreement outcome and some separation payments during the year. There were also budgeted savings of $4.0 million some of which have been delivered in other expense categories.

Materials and services are made up of a number of different cost categories. Major variances between actual and budget have occurred in the following categories:

Consultant favourable $3.012 million;

Admin/Supplies favourable $1.598 million; and

Contract payments unfavourable $3.426 million.

The main variances in each category are listed below.

Consultant (favourable $3.012 million)


$1.086 million consulting expenditure related with urban sustainability and smart city (mostly timing difference);

$0.435 million urban strategy action plans expenditure (mostly timing difference);

$0.394 million lower than expected expenditure from servicing commercial sponsorships for events, particularly Melbourne Spring Fashion Week (permanent difference);

$0.160 million retail development activities (mostly timing difference);

$0.249 million promotion and marketing expenditure in library and recreation services (timing difference);

$0.246 million engineering services projects and works (timing difference); and

$0.200 million Dockland events, activations and promotions related expense (partly timing difference)

The above favourable variance is partly offset by $0.259 million higher consultancy expenditure in relation to Arts programs (permanent difference). Admin/Supplies (favourable $1.598 million)


$0.787 million training expenditure across the Council ( timing difference);

$0.225 million carbon offset purchase (timing difference);

$0.352 million research costs (timing difference); and

$0.238 million program marketing costs (timing difference).

Contract payments (unfavourable $3.426 million)

This unfavourable variance is due mainly to higher agency costs and contract variations.

4.1 Employee benefit expense -3.4% Variance $3.847m Unfav

4.2 Materials & Services 4.0% Variance $2.161m Fav

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Analysis of Expense Variances Budget $297.787m Actual $297.623m Variance $0.164m favourable

The favourable variance is due to timing of capitalisation of projects (timing difference).

This favourable variance is due to lower borrowings required from Council’s overdraft facility (permanent difference).

This favourable variance is due mainly to lower land tax (timing difference).

This favourable variance is due mainly to; $0.242 million social long term grants yet to be paid (timing difference); $0.311 million business programs funding including Precincts Program (mostly permanent

difference); $0.200 million special grants for Collingwood Football Club not yet paid (timing difference);and $0.125 million international program funding (mostly permanent difference)

The above favourable variance is partially offset by $0.765 million Arts Investment, Triennial & Annual Grants being paid earlier than expected (mostly timing difference).

4.4 Depreciation and amortisation 1.5% Variance $0.678m Fav

4.5 Borrowing costs 32.5% Variance $0.339m Fav

4.6 Other expenses 22.8% Variance $0.814m Fav

4.7 Grants and contributions 2.3% Variance $0.261m Fav

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2011-12 Council Works Area Full YearActual Budget Actual Variance Budget

Maintenance1,584 Capital Grants 70 51 19 round8,768 Maintenance 8,272 8,442 (170) 11,589

10,352 Total Maintenance 8,342 8,493 (151) 11,589

Capital WorksExpansion 6,016 5,987 29Upgrade 9,738 4,911 4,827

55,466 New Works 15,212 11,376 3,836 33,55548,947 Renewal 37,795 29,905 7,890

104,413 Total Capital Expenditure 68,761 52,178 16,583 33,555

114,766 Total Council Works Program 77,103 60,672 16,431 45,143

Year to Date

Council Works Program Summary

$0.1m

$15.8m

$8.3m

$15.2m

$37.8m

$0.1m

$10.9m

$8.4m

$11.4m

$29.9m

CapitalGrants

Upgrade/Expansion

Maintenance

New Works

Renewal

YTD Actual YTD Budget

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Investment Portfolio Performance 2016-2017 (as at 31 March 2017)

The Investment Portfolio returned $9.803 million for the year to date, below the budgeted $9.436 million. The portfolio returned a yield of 3.28%.

2%

43%

21%

6%

28%

Asset Allocation ‐ March 2017

Cash at Call

Subsidiaries

Property

Car Parks

Cash Term

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Cash Development Contributions (as at 31 March 2017)

Date Address Amount

14/07/2016 642-650 Queensberry Street, North Melbourne 52,000$ 14/07/2016 11-13 Georges Grove, Parkville 87,500$ 20/07/2016 110-120 Kavanagh Street, South Bank 1,080,000$ 25/07/2016 15-19 Purcell Street, North Melbourne 56,000$ 05/08/2016 35-43 Dryburgh Street, West Melbourne 229,450$ 10/08/2016 398-406 Elizabeth Street, Melbourne 950,000$ 12/08/2016 199-205 Palmerston Street, Carlton 24,000$ 17/08/2016 131-141 Russell Street, Melbourne 780,000$ 29/08/2016 14-18 & 20 Anderson Street, West Melbourne 206,505$ 31/08/2016 130-144 Dudley Street, West Melbourne 600,000$ 13/09/2016 23 Parsons Street, Kensington 56,250$ 14/09/2016 171-175 Rosslyn Street, West Melbourne 98,750$ 04/10/2016 42-48 Balston Street, South Bank 974,280$ 04/11/2016 36-40 La Trobe Street 425,000$ 24/11/2016 690-694 Elizabeth Street 450,000$ 29/11/2016 4 Pridham Street 66,250$ 15/12/2016 323-331 La Trobe Street 511,850$ 19/12/2016 Eporo Tower, 279-289 La Trobe St. 1,129,600$ 18/01/2017 20-40 Rose Lane, 810,000$ 01/02/2017 33-37 Walsh Street, 107,500$ 20/02/2017 106-112 Queensberry St and 12-14 Lt Cardigan St, 250,000$ 01/03/2017 1 Shiel Street 247,100$ 09/03/2017 61-63 Haig Street 550,680$

Total 9,742,715$

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SUPPLEMENTARY VALUATIONS

Supplementary valuations are undertaken for a variety of reasons and these are prescribed in the Valuation of Land Act 1960 (VLA). In February 2013, Council resolved to authorise that future supplementary valuation returns be forwarded to the Chief Executive Officer and subsequently provide a quarterly report to Council.

In the January to March 2017 quarter, there was one supplementary valuation return; the total of this return is as follows;

Date NAV Change Total Rate

Change New Rates Exemptions Objections

16 February 2017 $25,929,100 $361,813 $433,992 ($50,904) ($21,275)

Total $25,929,100 $361,813 $433,992 ($50,904) ($21,275)

The 2016-17 supplementary new rates budget is $6.52 million. The year to date actual for new rates is $8.66 million.

See Attachment 4 for a listing of the significant assessments completed in these supplementary valuation returns. Detailed listings of all supplementary valuation returns are attached to each supplementary return and are available for inspection upon request.

Attachment 3 Agenda item 6.3


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Ref # Address Category Current NAV

Previous NAV

NAV Change

Rate Change

Comments

16 February 2017

2 641-713 Lorimer Street Docklands Vic 3008

Exempt $1,135,000 $1,135,000 - ($50,904.75) Tenant vacated land owned by Statutory Authority, now exempt.

1 162-164 Lorimer Street Docklands Vic 3008

Exempt - $837,500 ($837,500) - Change in assessment to correct error

20 298-336 Victoria Parade East Melbourne Vic 3002

Objection $4,108,000 $4,389,300 ($281,300) ($18,227.07) Valuer General acceptance of recommended valuation

10 Flat 10, 174 George Street East Melbourne Vic 3002

Objection $38,000 $50,500 ($12,500) ($509.38) Valuer General acceptance of recommended valuation

28 864-892 Collins Street Docklands Vic 3008

Supplementary $17,068,900 $745,000 $16,323,900 $255,835.29 Construction of multi-unit development - 578 residential lots, 8 retail lots.

46 555-563 St Kilda Road Melbourne Vic 3004

Supplementary $10,880,500 $1,177,500 $9,703,000 $145,234.55 Construction of multi-unit development - 329 residential units & 1 retail lot.

23 14-20 Anderson Street West Melbourne Vic 3003

Supplementary $930,750 $151,500 $779,250 $11,429.95 Construction of multi-unit development - 45 residential units.

Balance of 114 assessments $3,615,350 $3,361,100 $254,250 $18,954.40

February Total

$37,776,500 $11,847,400 $25,929,100 $361,812.99

Total for third quarter 2016-17 $37,776,500 $11,847,400 $25,929,100 $361,812.99

Overview of Supplementary Valuation Returns Attachment 4 Agenda item 6.3


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