9(2)(b)(ii)
9(2)(b)(ii)
9(2)(b)(ii)
Full Year Budget vs Forecast
Operating Expenditure ($000)
Full year operating expenditure
forecast is
~2% higher than
budget of $134.193m.
Approximately 53% of the costs
134,193
relates to employee related
expenses, 17% relates to
specialist services, 11% relates
to printing, stationery &
postage, 11% relates to
132,000 133,000
134,000
135,000
136,000
137,000
138,000
occupancy co��and the
remaining 8% is for other
■ 2023/24 Budget
■ 2023/24 Forecast
expenses.
End-of-year forecast is
Surplus/ (Deficit) ($000)
expected at
$14.153m
0
deficit as compared to
(2,000)
budgeted deficit of
(4,000)
$11.308m. This is largely
(6,000)
due to number of funding
(8,000)
requests that have been
(10,000)
approved to date, namely:
(12,000)
(11,308)
(14,000)
(16,000)
(14,153)
9(2)(b)(ii)
■ 2023/24 Budget
■ 2023/24 Forecast
FY2024 Budget Risks
Budgeted closing reserves at 30 June 2024 are
$S.096m, comprises of $1.890m discretionary
funds, to be requested through the ELT; $0.985m contingency fund for Executive spending; and
$2.221m agreed level of reserves as approved by the Board.
Of the $1.890m discretionary funds, there have been requests totalling $3.253m, and approvals
by ELT of $2.846m, leaving a deficit of $0.956m against the discretionary fund allocation.
This deficit can be offset by the contingency fund of $0.985m, which allows Reserves of
$2.221m to be maintained, thus this leaves only $0.029m as the remaining balance for
contingency funding.
As the year progresses, we will be able to release funds that have arisen from "permanent
savings". YTD we have
$0.492m permanent savings in employee related expenses (net of
savings associated with EAF and INT). We anticipate this trend will continue through the year
and allow the contingency fund to be replenished.
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